Reinsurance

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...

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...

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...

Insurers fret as company bosses face coronavirus legal claims

International News       Apr 02, 2020

  LONDON: Insurers are increasingly worried about shareholders, employees or customers bringing coronavirus-related claims against company executives and are considering excluding the virus from policies which protect the bosses, industry sources say.   Two cases have been filed in the United States in recent weeks accusing companies...

Hui Yun Boo, Asia Chief,Munich Re Specialty Group

Munich Re Specialty Group appoints Hui Yun Boo as Asia chief

International News       Apr 02, 2020

  London/Singapore: Munich Re Specialty Group (MRSG) has appointed Hui Yun Boo as Head of Asia, effective April 3rd 2020. Hui Yun will be based in the firm’s Singapore office and will lead Munich Re Syndicate offices throughout the Asia region.   Hui Yun has nearly 30...

Apr1 renewals:Indian market sees Covid-19 exclusions,buyers suffer risk losses,says Willis Re

International News       Apr 01, 2020

  Singapore: Apr 1 renewals in the Indian market has seen majority of buyers suffered risk losses resulting in moderate price increases, according to the latest 1st View renewals report from Willis Re relaesed on Wednesday..   Majority of re/insurance renewals in Indian market happen on Apr...

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