Reinsurance

Climate change drives $268 bn global damage from 2020 natural disasters with 64% uninsured:Aon report

International News       Jan 25, 2021

  Chicago: Aon plc,today launched its global Weather,Climate & Catastrophe Insight: 2020 Annual Report.evaluating the impact of global natural disaster events to identify trends, manage volatility and enhance resilience.  The report reveals that the 416 natural catastrophe events of 2020 resulted in economic losses of $268...

Japan coronavirus vaccination uncertainty casts doubts over Olympics

International News       Jan 23, 2021

Tokyo: Japan is publicly adamant that it will stage its postponed Olympics this summer. But to pull it off, many believe the vaccination of its 127 million citizens for the coronavirus is key. It's an immense undertaking in the best of circumstances and complicated now...

Pay business insurance claims or face enforcement, UK watchdog says

International News       Jan 22, 2021

LONDON: Insurers face enforcement action if they don’t pay up as soon as possible on business insurance claims following a landmark court ruling, Britain’s Financial Conduct Authority said on Friday.The Supreme Court earlier this month ruled that many business insurance policies should cover losses caused...

SCOR develops biometric risk calculator to improve the life underwriting process

International News       Jan 21, 2021

  Paris: SCOR has developed an innovative biometric risk calculator to improve the underwriting process in the life insurance business   Though the life insurance underwriting process is simple and straightforward for healthy customers, it can be long and complicated for those with pre-existing conditions. Underwriters must...

``Reputational risks could result in potentially crippling business outcomes'' :Willis Towers Watson Survey

International News       Jan 21, 2021

  Singapore: In its 2020 Reputational Risk Survey published late last year, Willis Towers Watson, a leading global advisory, broking and solutions company, revealed that 86 percent of clients are concerned about loss of income and a reduced customer base due to reputational risk. In a...

Growth in health and protection biz to soften Covid-19 economic pressures on Indian insurers:Moody's 

Indian News       Jan 20, 2021

  Mumbai: Indian insurers look set to withstand an economic downturn exacerbated by the coronavirus pandemic, with general insurance premium growth remaining in positive territory thanks to persistently strong sales of health and protection cover, said international rating agency Moody's on Wednesday...  ``Resilient sales of health...

Asia piracy incidents hit 5-year high in 2020, shipping insurance rates firm

International News       Jan 19, 2021

Singapore: Sea robbery and piracy related incidents across Asia increased 17% year on year to just under 100 in 2020, amid consistent threat of possible attacks by the Abu Sayyaf Group, or ASG, prompting warnings for enhanced vigilance, an international watchdog monitoring the trend said...

Allianz Risk Barometer 2021: Covid-19 trio tops global and Asia Pacific business risks

Articles       Jan 19, 2021

  A trio of Covid-19 related risks heads up the 10th Allianz Risk Barometer 2021, reflecting potential disruption and loss scenarios companies are facing in the wake of the coronavirus pandemic. Business interruption (#1 with 41% responses) and Pandemic outbreak (#2 with 40%) are this year’s...

Insurers expect to settle over £1.8bn in Covid-19 related UK claims including BI policies

International News       Jan 15, 2021

  London: The UK insurance industry expects to pay out over £1.8bn in Covid-19 related claims across a range of products, including business interruption policies after the UK Supreme Court ruled on Friday that thousands of businesses should be insured for some losses amassed after a...

UK Supreme Court hands businesses victory in COVID-19 insurance ruling

International News       Jan 15, 2021

LONDON: The UK Supreme Court ruled on Friday that thousands of businesses should be insured for some losses amassed after a national lockdown to curb the coronavirus pandemic in a test case that pitched the markets regulator against major insurers. Six of the world’s largest...

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