Reinsurance

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...

EU states step in where trade credit insurers fear to tread

International News       Apr 01, 2020

PARIS/AMSTERDAM/MUNICH: European Union states are giving guarantees to credit insurers in a bid to keep coronavirus-hit companies afloat, as some firms cut cover for trade involving bloc members such as Italy and Spain, sources said. Without insurance, companies can be reluctant to buy or sell...

Covid -19 claims to hit Munich Re's Q1 profitability

International News       Mar 31, 2020

  Munich: Munich Re on Tuesday said in the first quarter of 2020,its  property-casualty reinsurance segment saw a considerable claims burden from losses in connection with the effects of the significantly worsened COVID-19 crisis. The claims expenditure is due mainly to the cancellation and postponement of...

IRDA bans Capital Gearing treaties by insurers

Indian News       Mar 30, 2020

  Hyderabad: Terming any Capital Gearing treaties in various forms including Quota Share Reinsurance Treaty. are of the nature of financial arrangements and not primarily  a risk transfer mechanism,the IRDAI has banned any such fresh treaties by any general insurers with immediate effect.   The insurers have...

How Coronavirus crisis has changed underwriting at Lloyd’s of London

International News       Mar 30, 2020

  Lonon: Thousands of London’s underwriters took their stamps and fountain pens home last week, which they use to sign insurance contracts, but they won’t need them.   Working at home due to the coronavirus lockdown, they have abandoned the normal tools of their trade and are...

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