Reinsurance

Covid-19 Pandemic:IRDA further extends grace period for paying life premium till May 30

Indian News       May 11, 2020

  Hyderabad: On a review of the recent situation of lockdown resulting from global pandemic of Covid19 across the country and representations received, IRDAI has decided that, for all life insurance policies where the premium falls due in the month of March 2020, the grace period...

NDMA issues guidelines for restarting industrial activities to avoid Vizag-type tragedy

Indian News       May 10, 2020

  New Delhi: In the wake of the gas leak at a factory in Visakhapatnam, the National Disaster Management Authority (NDMA) has issued detailed guidelines for restarting industries after the lockdown and the precautions to be taken for the safety of the plants as well as...

Munich Re expects Coronavirus-Related claims in excess of $1 Billion during 2020

International News       May 08, 2020

  Munich: Munich Re said on Thursday it expected to receive claims for canceled or postponed events because of the coronavirus crisis in excess of 1 billion euros ($1.08 billion) this year after it posted a 65% drop in first-quarter profit.   The German reinsurer, which joins...

New India Assurance & 3 other insurers gear up to pay claims to LG Polymers gas hit victims

Indian News       May 07, 2020

  Mumbai: State owned New India Assurance(NIA),along with  private sector major HDFC General Insurance,Future Generali General Insurance and Magma HDI General Insurance Company as co- insurer have insured the LG Polymers plant in Vizag,which has been hit by a pre-dawn chemical gas leakage on Thursday,killing 11...

AIG launches Lloyd’s Syndicate 2019, largest Syndicate to reinsure risks from insurer's Private Client Group

International News       May 05, 2020

  London: American International Group, Inc.(AIG) today announced the launch of Lloyd’s Syndicate 2019. This landmark Syndicate, the largest ever to be launched through Lloyd’s, will exclusively reinsure risks from AIG’s Private Client Group (PCG). PCG is an industry-recognized brand with a leading market position in...

RMS unveils high definition models for European severe convective storm

International News       May 05, 2020

  London: RMS, the Newark, Calif.-based risk modeling and analytics firm, announced the release of new European Severe Convective Storm (EU SCS) High Definition Models.The models complement the existing suite of RMS climate peril models for Europe, providing users with a holistic view of climate risk...

Tens or 100s of billions? Insurers consult crystal balls on coronavirus costs

International News       May 04, 2020

  Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment portfolios.   Executives, lawyers and analysts say the cost is sure to...

Trump administration pushing to rip global supply chains from China: officials

International News       May 04, 2020

WASHINGTON: The Trump administration is “turbocharging” an initiative to remove global industrial supply chains from China as it weighs new tariffs to punish Beijing for its handling of the coronavirus outbreak, according to officials familiar with U.S. planning.President Donald Trump, who has stepped up recent...

Warren Buffett says the coronavirus cannot stop America, or Berkshire Hathaway

International News       May 03, 2020

  Billionaire investor Warren Buffett, whose Berkshire Hathaway Inc is being hit hard by the coronavirus pandemic, posting a record quarterly net loss of nearly $50 billion on Saturday said the United States’ capacity to withstand crises provides a silver lining as it combats the coronavirus,...

Covid-19 will make life tough for non-life insurers: experts

Indian News       May 02, 2020

  Chennai: A combination of factors like reduction in premium (new and renewal), constant fixed costs, increase in claims outgo, reduced investment income and the economic slowdown are going to make life tough for non-life insurers, said industry experts.   The situation may also accelerate existing promoters...