Reinsurance

Probe finds procedure violations in Pakistan airliner crash, minister says

International News       Jun 24, 2020

ISLAMABAD:  The pilots of the Pakistan International Airlines (PIA) plane that crashed last month were not focussed and they were discussing coronavirus during the flight, the country's aviation minister told Parliament on Wednesday as he pointed out their "overconfidence and lack of concentration" as some...

10,000 passengers join EasyJet lawsuit over Data Breach

International News       Jun 24, 2020

  London:  EasyJet Plc faces a lawsuit over a data breach disclosed last month that potentially exposed private details of 9 million passengers.   More than 10,000 people have joined the suit since it was filed last month, according to law firm PGMBM. Victims are entitled to...

Fidelis, Aon and Marsh develop Marine Cargo Clause aiming to combat modern slavery

International News       Jun 23, 2020

  London: A group of brokers and insurers in the London market has come together to announce a new approach to keeping the products of modern slavery out of the export supply chain.   Fidelis, Aon and Marsh have developed a clause which makes it a condition...

IFC mobilises $2B in credit capacity from insurers to expand lending to FIs

International News       Jun 23, 2020

  WASHINGTON: The International Finance Corporation(IFC),a member of the World Bank Group, has partnered with six global insurance companies to mobilize $2 billion in credit capacity under the Managed Co-lending Portfolio Program (MCPP).   AXA XL, Aspen Insurance, Everest Insurance®, Liberty Specialty Markets, Munich Re and Tokio...

Insurers' debt remains attractive to investors during COVID-19 uncertainty:S&P

International News       Jun 23, 2020

  London: S&P Global Ratings expects the insurance sector to tap the global debt markets and refinance, as needed, its upcoming redemptions in line with investor expectations.   ``We estimate that about $140 billion (or 20% of total outstanding debt) of debt is coming for call or...

Companies hit with $1.8 billion cyber losses,six-fold increase in 2020 :Hiscox study

International News       Jun 22, 2020

  London: Though, the proportion of firms reporting a cyber security event in the past 12 months is down this year from 61% to 39%.the financial impact is many times greater than before, according to an international survey commissioned by insurer Hiscox, .   This year’s figures...

CCRIF pays Guatemala $3.6 mn under its excess rainfall parametric insurance policy

International News       Jun 22, 2020

  Grand Cayman, Cayman Islands:. CCRIF paid the Government of Guatemala approximately US$3.6 million under its excess rainfall (XSR) parametric insurance policy for nine days of rain that occurred during Tropical Storms Amanda and Cristobal. The policy was triggered by rains that started on May 31.  ...

Allianz Global Corporate & Specialty SE realigns key roles in its Board of Management

International News       Jun 19, 2020

  London/Munich/New York : Allianz Global Corporate & Specialty SE, the industrial insurer of the Allianz Group, announces a realignment of its Board of Management focusing on responsibilities for regions and markets as well as for Underwriting and Claims functions.   With effect from July 1, 2020,...

China says one-fifth of Belt and Road projects 'seriously affected' by pandemic

International News       Jun 19, 2020

BEIJING: About 20% of projects under China’s ambitious Belt and Road Initiative (BRI) to link Asia, Europe and beyond have been “seriously affected” by the coronavirus pandemic, an official from China’s Ministry of Foreign Affairs said on Friday.   According to a survey by the ministry,...

Thierry Léger,designated Group Chief Underwriting Officer,Swiss Re

Swiss Re appoints Thierry Léger as Group Chief Underwriting Officer, announces changes to Life Capital Business Unit

International News       Jun 19, 2020

  Zurich: Swiss Re announced today the appointment of Thierry Léger as the Group Chief Underwriting Officer, effective 1 September 2020.   He succeeds Edi Schmid, who has decided to step down from the Group Executive Committee for personal reasons and take on an advisory role.   Thierry...