Non-Life

Insurers return part of auto premiums as coronavirus cuts driving

Facts       Apr 09, 2020

Major U.S. insurers are offering credit to auto and motorcycle policyholders following a decline in driving, as most Americans stay at home to help contain the spread of the novel coronavirus.   Following is a list of companies, in alphabetical order, which have offered to return...

Multiple billion-dollar severe weather outbreaks affect the U.S. during March, Aon cat report

International News       Apr 09, 2020

  CHICAGO: The monthly Global Catastrophe Recap report by Aon plc,evaluating the impact of the natural disaster events that occurred worldwide during March 2020,reveals a total economic losses in excess of USD1.1bn, with roughly three-quarters of the total covered by insurance.   Steve Bowen, Director and Meteorologist...

Anamika Roy Rashtrawar,MD & CEO of IFFCO TOKIO General Insurance

Anamika Roy Rashtrawar appointed as the MD & CEO of IFFCO Tokio General Insurance

Indian News       Apr 09, 2020

  New Delhi: Anamika Roy Rashtrawar has been appointed as the MD & CEO of IFFCO TOKIO General Insurance Company with effective from 27th March 2020. Rashtrawar takes over from Warendra Sinha, who retired from the company after leading IFFCO TOKIO successfully for the last three...

Peak Re to acquire Bermuda based ILS asset manager Lutece

International News       Apr 08, 2020

  Hong Kong: Hong Kong based Peak Reinsurance Company (“Peak Re”) on Wednesday has decided to acquier Bermuda based dedicated ILS asset manager Lutece Holdings Ltd and its subsidiary Lutece Investment Management Ltd. (“Lutece”).Lutece Investment Management will be renamed Peak Capital and will become a fully...

Merging PSBs can continue their existing bancassurance partnerships for a year:IRDAI

Indian News       Apr 08, 2020

  Hydearbad: The insurance regulator IRDAI has clarified as to how the existing bancassurance arrangements for the public sector banks(PSBs), who are parts of  the mega merger exercise effected since 1st April, 2020, will function post the merger of these entities.   Earlier, Punjab National Bank (PNB)...

Climate-change effects to drive rising losses from severe weather events:Sigma study

Articles       Apr 08, 2020

  The latest sigma "Natural catastrophes in times of economic accumulation and climate change" says that Swiss Re Institute expects that global warming will lead to growing intensity and frequency of severe weather events, but also to more uncertainty in their assessment.   Economic and insured losses...

Markel International appoints 2 marine underwriters in Asian markets

International News       Apr 06, 2020

  Singapore: Markel International, the specialist insurer, has recently appointed two marine underwriters, Nitin Marathe and Danielle Yu, for the India and Hong Kong office respectively.   Nitin joined Markel India on 24 February, 2020, bringing with him more than 20 years of experience in aviation and...

Coronavirus Pandemic: Short-term closure of plants or premises can pose risks for companies:AGCS Study

Facts       Apr 06, 2020

  Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore: Many companies are having to shutdown their premises temporarily at short notice due to the Covid 19 pandemic. According to the risk consultants of Allianz Global Corporate & Specialty (AGCS), improper action or negligence when decommissioning buildings and production facilities brings risks...

IRDAI asks insurers to follow rules strictly in paying commissions to the intermediaries  

Indian News       Apr 03, 2020

  Hydearbad: Finding fault with the existing systems followed by the insurers for paying of commission or remuneration or rewards to the intermediaries, the insurance regulator IRDAI on Friday has revamped the existing norms for its meaningful and effective compliance uniformly by all insurers from FY...

Chinese insurance industry set for robust growth between 2019-23 despite Covid-19, says GlobalData

International News       Apr 02, 2020

  London: With the regulatory changes and the use of technology, the insurance industry in China is beginning to recover from the losses incurred due to the Covid-19 outbreak. Although the forecast growth rate between 2019 - 2023 has dropped post-Covid19, still, it maintains a strong...

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