Reinsurance

Munich Re among insurers facing ‘Major’ Beirut blast losses

International News       Aug 13, 2020

Some of the world’s biggest reinsurers are bracing for potential losses running into tens of millions of euros after last week’s explosion that ravaged much of downtown Beirut. Property damage alone from the blast, which killed more than 150 people and triggered the collapse of...

Directors' liability insurance rates surge on virus litigation fears

International News       Aug 12, 2020

  Premiums for directors’ and officers’ liability insurance surged in the second quarter, broker Marsh said on Monday, as insurance underwriters fear the coronavirus pandemic will lead to hefty litigation claims. Premiums for directors’ liability insurance, known as D&O, in Britain rose by more than 100%,...

Companies risk losing a year's profit from collapse of supply chains,says McKinsey

International News       Aug 11, 2020

  Companies risk losing more than 40% of annual profit once a decade in a world threatened by trade wars, cyber attacks, pandemics and climate change, according to McKinsey & Co., which estimates the COVID-19 crisis could top $5 trillion in economic losses worldwide. The New...

Global insurance losses from natural catastrophes and man-made disasters at $ 31 billion in H1 2020:Swiss Re

International News       Aug 11, 2020

  Zurich:  Global economic losses from natural catastrophes and man-made disasters in the first half of 2020 were USD 75 billion, according to Swiss Re Institute's preliminary sigma estimates. That was up from the USD 57 billion for the same period a year earlier, but well...

AXA Considers Sale of Singapore Business as It Seeks to Raise Funds: Sources

International News       Aug 10, 2020

Singapore: AXA SA is considering a sale of its Singapore business as it seeks to raise funds divesting peripheral operations, according to people familiar with the matter. The French insurer is working with an adviser on the potential sale, the people said, asking not to...

UK insurers set for large rise in business interruption claims,says GlobalData

International News       Aug 08, 2020

  London: Business interruption claims will soar in the UK as a result of the COVID-19 lockdown. GlobalData’s revised post-COVID-19 forecasts general insurance DWP to decline by 1.7% in 2020, from 1.9% growth pre-COVID-19, before recovering to steady growth between 2021 and 2023. However, it will...

Australia to spend US$1.2b on cyber security for private sector after rise in attacks

International News       Aug 07, 2020

  Australia will spend A$1.66 billion ($1.19 billion) over the next 10 years to strengthen the cyber defenses of companies and households after a rise in cyber attacks, Prime Minister Scott Morrison said on Thursday. Cyber attacks on businesses and households are costing about A$29 billion...

Morgan Stanley launches Property & Casualty insurance for high net worth clients

International News       Aug 06, 2020

  NEW YORK: Morgan Stanley announced that it has teamed up with industry-leading insurance brokers HUB International, Marsh Private Client Services, and Willis Towers Watson to offer Property & Casualty (P&C) insurance. P&C insurance will be available for Morgan Stanley’s high net worth clients and their...

Container ships sent to Tripoli to keep Lebanon supply lines running

International News       Aug 06, 2020

London: Leading container lines are diverting ships to Lebanon’s smaller terminal of Tripoli after the devastating explosion at Beirut’s port that killed 145 people also paralyzed vital trade. Lebanon, which imports almost all it uses, relies on container ships to bring in everything from refrigerated...

Munich Re hit with Covid-19 losses of $832 million in Q2

International News       Aug 06, 2020

  Munich Re,the largest  global reinsurer, posted a 42% decline in second-quarter net profit, with around 700 million euros ($832 million) in losses related to the coronavirus pandemic in the period. The company,which had already announced preliminary earnings in July, said on Thursday that it would...

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