Reinsurance

Pressure mounts on U.S. insurers to pay pandemic business loss claims

International News       Mar 28, 2020

U.S. commercial insurers face mounting political pressure to cover claims from businesses that are losing revenue because of coronavirus shutdowns ordered by state and local governments.   Insurers have begun rejecting claims from restaurants and other businesses affected by the coronavirus crisis as more lawmakers consider...

Scor shareholder ups pressure over executive pay, wants AGM postponed

International News       Mar 28, 2020

  PARIS: Investment fund CIAM has urged Scor to postpone next month’s annual shareholders meeting and also criticised the French insurer for making only cosmetic changes to its executive pay policy.   CIAM, which owns more than a 1% stake in Scor, said postponing the AGM would...

Insurance for pandemics would require state help: British trade body

International News       Mar 27, 2020

LONDON: Business interruption insurance is not designed for pandemics, and if Britain wants businesses to have more cover in future for such events, it would require state aid, the Association of British Insurers said on Friday.   Britain’s lawmakers have piled pressure on insurers to show...

IRDAI postpones its move to hike 3rd party motor premium from Apr 1

Indian News       Mar 27, 2020

  Hyderabad: The insurance regulator IRDAI has decided to put off  its proposed annual move to hike the premiums for the mandatory third party motor cover that would have been effective from Apr 1 . ``Validity of premium rates for Motor Third Party Liability Insurance Cover...

GIC Re’s Lloyd’s Syndicate breaks even in the first full year of ops,total prm at £64.57mn in 2019

International News       Mar 26, 2020

London: ``GIC 1947’’, the first Syndicate at Lloyd’s of London set up by the Indian government owned reinsurer GIC Re, has a recorded net profit of £1.326 million during its first full year of operation in 2019. It is the first syndicate in the history...

Bruce Carnegie-Brown, Lloyd’s Chairman,

Lloyd’s gears up to tackle COVID-19 crisis,returns to profitability after 3 yrs 

International News       Mar 26, 2020

  London: Returning to profitability after three years, with a net income of £2.5bn in 2019  Lloyd’s of London has today confirmed that the market is in a strong position to respond to the impacts of COVID-19 and support its customers and business partners.   Announcing its...

Willis Towers Watson develops new feature for tracking pandemic cases against P&C clients’ global assets

International News       Mar 25, 2020

  Singapore: Willis Towers Watson, a leading global advisory, broking and solutions company, today launched a new, real-time, risk and analytics feature as part of its Global Peril Diagnostic modelling tool.   The new feature provides up-to-date information on confirmed global COVID-19 cases alongside clients’ property total...

Coronavirus Pandemic:Tokyo Olympics postponed until 2021

International News       Mar 24, 2020

  Tokyo: The Tokyo Olympics has been postponed until 2021 due to the coronavirus pandemic.   Japan's Olympics committee said the games were now untenable this year after Japanese prime minister Shinzo Abe asked the International Olympic Committee (IOC) on Monday to postpone them due to measures...

Swiss Re, Zurich insurance in talks with Swiss regulator about Coronavirus Impact

International News       Mar 20, 2020

Switzerland’s top insurance companies are in talks with the financial regulator about the impact of the coronavirus outbreak on their capital buffers and their business, according to people familiar with the matter.   The watchdog contacted Swiss Re AG, Zurich Insurance Group AG, Swiss Life Holding...

IFRS 17 to be implemented from Jan 1st, 2023:IASB

International News       Mar 17, 2020

  London: Finally,the International Accounting Standards Board (Board) on Tuesday has decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after January 1st,2023. The Board also decided to extend the exemption currently in place for some insurers...