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Indian
IRDAI allows auto-renewal of eligible CBRs by insurers
To qualify for auto-renewal of a CBR, the insurer will ensure that...
Second Covid booster unwarranted : Govt sources
"No discussion has been started even in the Immunisation panel...
State-run firms to remain exempt from public shareholding norms: Govt
The exemptions from the minimum public shareholding (MPS) norm will...
DPIIT considering quality control norms for air coolers, bicycles, bottled water dispensers
The items under these orders cannot be produced, sold/traded,...
International
China’s new three-child policy draws scepticism, cost questions
James Liang, a professor at Peking University’s School of Economics and founder of online travel giant Trip.com Group, last month urged China to give parents of each newborn 1 million yuan to lift a fertility rate of just 1.3 children per woman in 2020. That rate is in line with countries such as Japan and Italy and far short of the 2.1 replacement rate.
He said this week that China would need to spend about 5% of GDP, compared with “practically 0% now”, in cash, tax breaks, housing subsidies, daycare, and other incentives to get the fertility rate up to about 1.6, and expects the government soon to step up building day-care centers and kindergartens. Developed counties typically spend 1% to 4% of GDP on such support, he said.
Covid-19 claims cost life reinsurers billions
The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada but claims from other countries including South Africa and in Latin America added to the costs. Life reinsurers only have limited exposure to India.
BI estimates Swiss Re accounted for around 35% of claims followed by Reinsurance Group of America on 27% but the decline in deaths should mean much lower claims for the second half of the year.
Howden launches Parhelion, world’s first fully sustainable insurer
Against the backdrop of an insurance industry starved of truly sustainable capacity, Parhelion’s new and diversified ESG products will meet the risk financing needs of a greener economy.
The new business has been seeded by Howden and will match the surge in institutional capital seeking sustainable investment strategies with the growing demand from corporates looking for an insurance provider to support their journey towards ESG transition and a more resilient future.
At the end of 2020, over $40tn of assets globally were invested in ESG-aligned and sustainable impact strategies, nearly double the amount invested just four years earlier*, but very little has been deployed across the (re)insurance industry.
Tencent-owned startup reinsurer FuSure receives license for Hong Kong operation
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