Reinsurance

Thai Re launches ASEAN’s first reinsurance smart contract platform using IBM’s blockchain and hybrid cloud technology

International News       Jan 06, 2021

  Bangkok: IBM today announced that Thai Reinsurance Public Company Limited (Thai Re), Thailand’s leading technology-driven professional non-life reinsurer, has successfully launched “Insurer Network,” a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud. Available through ThaiRe Innovation Co., Ltd., the Thai Re...

Final industry loss footprint for Australia's 2019/2020 Bushfires at AUD 1,866m: PERILS

International News       Jan 06, 2021

Zurich: PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has today disclosed its fourth and final industry loss estimate for the Australian bushfires of 2019/2020. The final estimate of the insurance market loss is AUD 1,866m. This compares to the third loss estimate...

MS Amlin Underwriting launches Phoenix 1 Re Pte,first locally issued ILS to focus solely on APAC region

International News       Jan 05, 2021

  .London: MS Amlin Underwriting Limited (MS AUL), the Lloyd’s (re)insurer, announced that MS Amlin Asia Pacific Pte. Ltd (MS AAP), its Singapore based operation, has launched a local special purpose reinsurance vehicle (SPRV); Phoenix 1 Re Pte. Ltd. in Singapore, to provide collateralised capacity to...

BMS launches ASIA operations

International News       Jan 05, 2021

  Singapore: BMS Group Limited (“BMS”), the independent specialist insurance and reinsurance broker, today announces the launch of its Asia broking operations, headquartered in Singapore and with proposed operations in Hong Kong pending regulatory approval. BMS Asia will initially focus on M&A insurance broking, enhancing the...

5% obligatory cession for GIC Re in general insurance business to continue in 2021-22:IRDA 

Indian News       Jan 04, 2021

  Hydearbad: The insurance regulator IRDAI, for the Indian general insurance industry, has retained the system of 5 per cent  obligatory cession with the GIC Re in Fy 2021-22.  ``The percentage cession of the sum insured on each general insurance policy to be reinsured with the...

Aviation reinsurance rates rise by up to 250% - report

International News       Jan 04, 2021

LONDON: Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two years ago.The 737 MAX resumed commercial...

Brazil's Braskem settles lawsuits over sinking city for $1.75 bln

International News       Jan 04, 2021

  BRASILIA: Brazilian petrochemical company Braskem SA said on Wednesday it reached a 9.1 billion reais ($1.75 billion) deal to settle lawsuits over cracks and sinking ground near its salt mines in the city of Maceio that requires thousands to be relocated. The settlement adds 1.2...

1 Jan renewals:Reinsurers arrest downward pricing, say no to ongoing Contagious Disease exposures

International News       Jan 04, 2021

  London,Jan 04: Despite the impact of COVID-19 both on working conditions and exposures – and with discussions of the latter largely deferred until after 1 January treaty renewals - reinsurers have largely arrested the persistent downward trends which characterised recent years. Profitability has been a...

Aviation deaths rise worldwide in 2020 even as fatal incidents, flights fall

International News       Jan 02, 2021

  WASHINGTON: The number of people killed in large commercial airplane crashes rose in 2020 to 299 worldwide, even as the number of crashes fell by more than 50%, a Dutch consulting firm said on Friday.Aviation consulting firm To70 said in 2020 there were 40 accidents...

Factbox-Brexit and the City of London: what changes and when

International News       Dec 28, 2020

  London: Britain, which left the European Union in January, loses full access to the bloc under transition arrangements that end at 2300 GMT on Dec. 31. The 27-nation EU is Britain’s biggest financial services customer, worth about 30 billion pounds ($40 billion) a year. The...