International News

India's insurance gaps rise, at $27bn it constitutes 1.0% of its GDP :Lloyd's report

  MUMBAI:  India’s overall level of insurance penetration (total insurance premiums as a percentage of GDP) has seen a slight increase of 0.2 per ent  since 2012 but it continues to have one of the highest underinsurance levels globally according to new research from Lloyd’s, and...

Insured Losses from Hurricane Michael To Be Between USD $6.8 Billion and $10 Billion:RMS

Disaster Management, Non Life-News, Reinsurance       Oct 19, 2018

  London: RMS, a global risk modeling and analytics firm, has estimated that the insured loss from Hurricane Michael will be between $6.8 and $10 billion. This estimate represents insured losses associated with wind and storm surge damage across Florida, Georgia, and other parts of the...

Nikolaus von Bomhard to become Munich Re chairman

Reinsurance       Oct 18, 2018

  Munich: Munich Re has nominated former CEO Nikolaus von Bomhard, 62,as new chairman of the supervisory board to succeed Bernd Pischetsrieder.   Bomhard was a member of the Board of Management of Munich Re from January 2000 to April 2017, and took over as its Chairman...

Flexible working may add $376 bn annually to Indian economy by 2030: Study

Economy       Oct 18, 2018

  New Delhi: Flexible working could contribute $376 billion annually to the Indian economy by 2030 as shared office space helps corporates to save cost and boost employee productivity, says a study.   The study, commissioned by global workspace provider Regus, that tracked flexible working in 16...

Insurers call for delay in implementing “IFRS 17” rule by 2 yrs to Jan 2023

Life-News, Non Life-News, Regulation, Reinsurance       Oct 17, 2018

   LONDON:  Insurers from across the world have called for amendments and a two-year delay to a change in accounting rules aimed at increasing visibility of how they earn their money.   Nine national and regional insurance industry bodies from Europe, Canada, Korea, New Zealand, Australia and...

Softbank pushes link-ups as insurance strategy takes shape

Technology       Oct 17, 2018

  LONDON:  Softbank's Vision Fund plans to pump more money into insurance, a sector it sees as both ripe for disruption and a potential booster for its bigger bets in cars, health and financial services, a Vision Fund executive told Reuters.   In the past year, the...

Donald Trump okays $60 billion answer to China’s OBOR

Economy, Non Life-News, Reinsurance, Risk Management       Oct 16, 2018

  Washington: President Donald Trump, seeking to counter China’s growing geopolitical influence, is embracing a major expansion of foreign aid that will bankroll infrastructure projects in Africa, Asia and the Americas — throwing his support behind an initiative he once sought to scuttle.   With little fanfare,...

India attracted $22 bn of FDI flows in first half of 2018, says UN report

Economy       Oct 16, 2018

  United Nations: India attracted $22 billion of FDI flows in the first half of 2018, according to a UN report which states that the global foreign direct investment dropped by 41 per cent in the same period due to tax reforms carried out by the...

Insured losses for Hurricane Michael may touch  $10 Billion:AIR Worldwide 

  BOSTON: Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses resulting from Hurricane Michael’s winds and storm surge will range from $ 6 billion to USD 10 billion.   “Fueled by unseasonably high 84-degree sea surface temperatures in the Gulf of Mexico and unhindered...

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