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Indian
Covid-19: Pressure mounts on India to begin boosters as Omicron spreads
India's drug regulator has so far been reluctant to authorize third...
Of 183 Omicron cases analysed so far, 91% were fully vaccinated: Govt
India has so far reported 358 cases of the Omicron variant, of...
India’s monetary policy financially inclusive by design: RBI DG Patra
Financial inclusion appears to have gone up, with the level of the...
RBI extends card tokenisation deadline by 6 months till Jun-end
Under tokenisation services, a unique alternate code is generated...
International
AXA XL receives green light for first Shanghai domiciled reinsurer
Lloyd’s calls for state-backed ‘Black Swan’ reinsurance
The Black Swan cover could be used to ensure payments after catastrophes such as a cyber attack or solar storm destroying critical infrastructure, as well as for pandemics, Lloyd’s said in a report published on Wednesday.
“Our concern is you solve for pandemic and you don’t solve for the next disaster,” Lloyd’s Chief Executive John Neal told Reuters.
Insurers secure sufficient reinsurance capacity at the 1 July and 1 June renewals:Willis Re
In general,the longstanding underlying issues of rate inadequacy continued to fuel measured rate adjustments in many classes and geographies, led by the U.S. treaty market.Double-digit risk-adjusted reinsurance price increases were seen for loss-hit catastrophe treaties and ranged from +10% to +20% for the programs of Australian and Latin American insurers,to as much as +35% in the Florida homeowner renewals.
Collectively reinsurers are recognising that COVID-19 losses, which currently are reported at about $7 billion, may take several years to settle which will spread out reserving over many quarters.
AGCS embarks on global overhaul to regain profitability and market leadership
Joachim Mueller, AGCS CEO since December 2019, said “We will now focus our entire business under a new strategic direction. We will put technical excellence in underwriting before growth, simplify and strengthen our global model to ensure that we think and act as one team, and become more efficient, leaner and faster – benefitting us and our clients. Our joint ambition is set high: The ‘New AGCS’ will be the market leader in our target segments. We expect to see significant profitability improvements of our underwriting results from 2021 onwards and aim to achieve the full turnaround and transformation of our company by 2024.”
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