International News

Jan 1 rate firming remains moderate :Guy Carpenter

Reinsurance       Jan 18, 2018

New York: According to Guy Carpenter & Company, capital dedicated to reinsurance continued to grow in 2017 despite catastrophe losses.Due to ongoing excess supply and overall market resilience at January 1, rate firming was generally moderate and pricing shifts focused on client-specific justification.   Guy Carpenter’s...

World to be riskier place in 2018: WEF Survey

Risk Management       Jan 17, 2018

London:  The world will see risks related to environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen, a new survey showed today. Referring to contentious issues between various nations, the World...

Ajit Jain,,66,named as vice chairman for insurance operations of Berkshire Hathaway Inc

Ajit Jain’s promotion provides clarity on Buffett succession plans

Reinsurance       Jan 10, 2018

Berkshire Hathaway Inc  on Wednesday promoted two of its top executives, Gregory Abel and Ajit Jain, adding them to its board and cementing their status as the most likely successors to Warren Buffett atop the conglomerate . Jain, 66, Berkshire’s top insurance executive, was named...

Ajay Pandey, MD,Gujarat International Finance Tec-City (GIFT)

Govt  may set up a unified financial regulator at GIFT IFSC

Reinsurance       Jan 08, 2018

Mumbai: The government of India is actively considering to set up a unified financial regulator for  India's only international financial Services centre (IFSC) at Gift City(Gujarat International Finance Tec City (GIFT City).   ``Yes, the government is looking at having a single regulator for all the...

Hackers already targeting Pyeongchang Olympics — researchers

Risk Management       Jan 08, 2018

  Hackers have already begun targeting the Pyeongchang Olympic Games with malware-infected emails which may be aimed at stealing passwords or financial information, researchers said Saturday.   The security firm McAfee said in a report that several organizations associated with the Olympics had received the malicious email...

Hurricanes turn 2017 as worst year for insurers as they lose $135 bn:Munich Re

Disaster Management       Jan 04, 2018

Munich: The hurricane trio of Harvey, Irma and Maria will cost the global insurance industry a record amount in 2017: the final insurance bill for those and other natural catastrophes, including a severe earthquake in Mexico, is expected to come to US$ 135bn – higher...

SCOR completes acquisition of MutRé

Reinsurance       Jan 03, 2018

Paris:  SCOR has completed the increase of its stake in MutRé S.A. to 100%. The finalisation of this transaction took place as indicated in the Group's press release of 17 July 2017.   The acquisition of MutRé, which will have an accretive impact on SCOR's ROE...

Jan 1 Renewals:Reinsurance Pricing ‘Orderly’ Despite Catastrophe Losses

Reinsurance       Jan 03, 2018

  London: Despite the recent catastrophe loss estimates of about $136 billion make 2017 one of the worst loss years on record for the global reinsurance and insurance market, pricing corrections have been more “orderly” than in previous years that had high catastrophe losses as alternative...

GIFT gets major boost as Offshore Insurance Hub

Regulation       Dec 27, 2017

Mumbai: India’s only operational International Financial Services Centre (IFSC) – Gujarat International Finance Tec City (GIFT cITY - gets a major boost with Insurance Regulatory Development Authority of India (IRDAI) issuing enabling regulations for undertaking offshore insurance business from IFSC.   Under the regulations, with a...

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