G. Srinivasan, director, National Insurance Academy

G Srinivasan panel to study suitability of Surety Bond issuance by Indian insurers

Indian News       Jul 01, 2020

  Hydearbad: Prodded by the the Ministry of Road Transport and Highways((MORTH) the segment regulator IRDAI, on Wednesday, has formed a panel under G. Srinivasan, director, National Insurance Academy, to assess the suitability of the Indian insurance industry or any other sector to offer Surety Bonds...

U.S. commercial automobile insurance segment records decade-worst underwriting loss in 2019

International News       Jul 01, 2020

OLDWICK, N.J: The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report.   Indeed, the U.S. commercial automobile...

AGCS embarks on global overhaul to regain profitability and market leadership

International News       Jul 01, 2020

  London/Munich/New York/Paris/Singapore:: Under its new leadership, Allianz Global Corporate & Specialty (AGCS), the industrial insurer of Allianz Group, announced a comprehensive transformation program, “New AGCS”, to regain profitability and market leadership in the corporate and specialty insurance segment. Supported by a number of new leadership...

Insurers secure sufficient reinsurance capacity at the 1 July and 1 June renewals:Willis Re  

International News       Jul 01, 2020

  Singapore: Insurers were able to secure sufficient reinsurance capacity at the 1 July and 1 June renewals supported by adequate reinsurance capital.The remarkable recovery in investment markets allied with investors’ appetite to support additional capital and debt offerings and reinsurers own prudent risk and cost...

Lloyd’s Chief Executive John Neal

Lloyd's calls for state-backed 'Black Swan' reinsurance

International News       Jul 01, 2020

LONDON:  “Black Swan” reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd’s of London said.   Commercial insurance market Lloyd’s has said insurers worldwide will pay out more than $100 billion in coronavirus-related claims this...

AXA XL receives green light for first Shanghai domiciled reinsurer

International News       Jul 01, 2020

  Singapore: AXA XL today announced its China subsidiary, XL Insurance (China) Company Limited has received green light from China Banking and Insurance Regulatory Commission (CBIRC) to change its business license in China from an insurance license to reinsurance. The new reinsurance legal entity will be...

Millions at risk in Bangladesh as monsoon floods add to coronavirus worries

International News       Jul 01, 2020

  DHAKA: Hundreds of thousands of people in Bangladesh have been marooned and thousands of hectares of farmland submerged, officials said on Wednesday, as floods triggered by monsoon rains ravage the country already grappling with the coronavirus.   Officials said the flooding in Bangladesh was made worse...

Sanjay Datta, chief, claims, underwriting and reinsurance, ICICI Lombard General Insurance

ICICI Lombard's new retail cyber cover to insure financial or reputation losses upto Rs1cr

Indian News       Jun 26, 2020

   Mumbai: ICICI Lombard General Insurance, on Friday, launched its Retail Cyber Liability Insurance policy.   The  policy offers complete protection to individuals and their families against any cyber frauds or digital risks that could result in a financial or reputational loss.The retail cyber insurance product is...

UK financial compensation body has insurers in its sights

International News       Jun 26, 2020

  LONDON: Britain’s financial services compensation body is “keeping an eye” on insurers facing claims from companies whose business has been interrupted by the COVID-19 pandemic, its chief executive told Reuters.   Some insurers have balked at paying out on business interruption claims, and the Financial Conduct...

Devesh Srivastava, CMD, GIC C Re

GIC Re's net profit almost doubles to Rs 1197 crore in Q4 FY 2019-20,Annual gross prm exceeds Rs 51k in 2019-20

Indian News       Jun 24, 2020

  Mumbai: State owned GIC Re at Rs 1,197 crore has seen its net profit almost doubling year on year in Q4 FY 2019-20.In Q4 FY 2018-19, the reinsurer ‘s net  profit stood at Rs 603 crore.   The listed reinsurer’s gross global premium has expanded by...

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