Reinsurance

Subhash Chandra Khuntia, chairman, IRDAI

  IRDAI chief cautions India Inc on Cyber Risks, 14 general insurers issue 38,000 individual cyber covers

Indian News       Jan 30, 2021

, Mumbai: Despite cyber risks looming large in the Indian economy, only 14 Indian general insurers have issued 38,000 individual cyber covers,said Subhash Chandra Khuntia, chairman, IRDAI Khuntia was addressing `` The Global Cyber Insurance Summit 2021'',the first -ever such international event organised virtually, on...

Subhash Chandra Khuntia, chairman,IRDA 

IRDAI rejects insurance brokers' demand for life time licenses

Indian News       Jan 29, 2021

, Hyderabad: The insurance regulator IRDAI has said no to the demand of insurance  brokers to make their licenses ``in perpetuity''. A perpetual licensing agreement would be valid for an indefinite period of time and would have allowed an insurance broker to use it life...

Insutech Trov to launch cover for fully electric London-based fleet

International News       Jan 29, 2021

  London: Trov, a global leader in insurance technology, today announced that UFODRIVE, a frontrunner in sustainable car rental, have selected Trov's Mobility Insurance Platform for their fleet of fully electric vehicles. The company will benefit from both of Trov's platform components; risk operations technology which...

Life and health insurance most likely products to see long-term benefits from COVID-19:GlobalData survey

International News       Jan 29, 2021

  Singapore: The life and health insurance markets will see the most positive impact from the COVID-19 pandemic, according to a GlobalData poll. The pandemic has caused major disruption to a myriad of businesses, resulting in some insurance lines seeing huge declines in business, but some...

OUTLOOK 2021: Regulatory challenges abound for U.S. insurers as Biden takes over, pandemic rages

International News       Jan 29, 2021

  NEW YORK: U.S. insurers need to brace for a potential increase in federal oversight and climate-related action as President Joe Biden prioritizes pandemic response and environmental action in his first year in office. Insurers will also have to prepare for a year of heightened scrutiny...

MS Amlin Underwriting appoints Chief Risk Officer and Chief Actuary

International News       Jan 28, 2021

  London: MS Amlin Underwriting Limited (MS AUL), the speciality Lloyd’s (re)insurer, today announces the appointment of Vishal Desai as Chief Risk Officer and Catherine Scullion as Chief Actuary, subject to regulatory approval.  Desai, who will report into Johan Slabbert, CEO of MS AUL, brings over...

Global insurance industry cross border deals total $5.27bn in Q4 2020

International News       Jan 28, 2021

  Brookfield Business Partners’ $1.2bn private equity with Genworth MI Canada was the insurance industry’s biggest cross border deal of Q4 2020 as cross border deals worth $5.27bn were announced globally in the quarter, according to GlobalData’s deals database. The value marked a decrease of 42.2%...

Competition Comm rejects complaint against GIC Re on unfair business practices

Indian News       Jan 28, 2021

New Delhi, Jan 29: Competition Commission of India (CCI) has rejected multiple allegations of unfair business practices made against General Insurance Corporation of India (GIC Re), including those relating to premiums. The watchdog considered 'market for provision of reinsurance services in India' as the relevant...

Insurers face 'mind-blowingly' large loss if Olympics cancelled

International News       Jan 27, 2021

  London: Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the Games are due to start, the competition will...

Aon and Willis Towers Watson establish 'One Firm' Vision, Name Executive Committee for proposed combination

International News       Jan 27, 2021

DUBLIN: Aon plc and Willis Towers Watson plc today announced the future leadership team for the firm that will be effective upon the completion of the proposed combination of Aon and Willis Towers Watson. Guided by a one firm mindset, the new leadership team will...