Reinsurance

Lloyd’s Approves Syndicate-in-a-Box, Picnic Syndicate 2460, to cover Mutuals

International News       Oct 22, 2020

  London: The Council of Lloyd’s granted in-principle approval for the launch of Picnic Syndicate PIC 2460, a syndicate-in-a-box (SIAB), said Asta, the third-party managing agent at Lloyd’s. Picnic will commence underwriting on Jan. 1, 2021 and would initially provide re/insurance support to the innovative mutuals...

Doris Höpke,member of the Board of Management responsible for Europe and Latin America 

Further rate hardening expected,cyber insurance market to surpass $ 7bn in 2020:Munich Re

International News       Oct 21, 2020

  Munich:  Following years of eroding rates caused by excess capacities and low major-loss expenditure, particularly in European markets, low interest rates – likely to remain even lower for even longer due to the coronavirus pandemic – are impacting the profitability of reinsurers.Insurance covers are therefore...

Less carbon, more electric vehicles: automakers prepare for potential Biden win

International News       Oct 21, 2020

  WASHINGTON/NEW YORK: Automakers are gearing up for tough new vehicle emissions rules and policies favoring electric vehicles if Democratic presidential candidate Joe Biden wins the White House.Biden and U.S. President Donald Trump both need the votes of auto workers in Midwestern swing states such as...

Berkshire Hathaway to pay $4.14 million to settle Iran sanctions violations claims

International News       Oct 20, 2020

  WASHINGTON: Warren Buffett’s Berkshire Hathaway Inc agreed to pay $4.14 million to settle civil allegations that a Turkish subsidiary committed “egregious” violations of U.S. sanctions against Iran, the U.S. Treasury Department said on Tuesday. The department’s Office of Foreign Assets Control said Iscar Turkey sold...

Insures should partner banks to issue Surety Bonds​​​​​​​:IRDAI Panel

Indian News       Oct 19, 2020

, Hyderabad: A Working Group(WG),headed by former CMD of New India Assurance, G Srinivasan, on suitability of offering of Surety Bond bythe Indian insurance industry, has favoured such a move as it is a huge market that can be tapped by the isurance sector. .  ...

Boeing's 737 Max declared safe to fly by Europe’s aviation regulator

International News       Oct 17, 2020

  One of the things that we have started doing is also start tracking people by the IP address and it gives a lot more intelligent information. A lot of 20-30-year-olds move from smaller cities and towns to large cities for jobs but they do not...

Hurricane Delta to cost insurers between $2bn – $3.5bn:RMS 

International News       Oct 17, 2020

  Newark, CA: RMS, estimates total onshore U.S. insured losses from Hurricane Delta to be between $2.0bn and $3.5bn. The estimate includes losses to the National Flood Insurance Program (NFIP) of between US$200m and US$400m.This estimate includes wind, storm surge, and inland flood losses across the...

Heng Swee Keat,Deputy Prime Minister,Singapore

‘SIRC 2020 Re-Mind’ virtual event to be held on 2 to 5 Nov, Singapore's Dy PM to deliver keynote address

International News       Oct 15, 2020

  Singapore: Singapore's Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Heng Swee Keat will be the Guest-of-Honour to officiate at the opening and deliver the official keynote address at SIRC 2020 Re-Mind’.  The ‘SIRC 2020 Re-Mind’ virtual event will be held...

Pirate kidnappings off West African coast rise 40%: Study

International News       Oct 15, 2020

  The number of kidnappings reported off the West African coast in the year through September is 40% higher than the same period in 2019, according to the International Maritime Bureau. Piracy incidents in the Gulf of Guinea contributed to a total of 132 global attacks...

Risk Management: COVID-19 spurs collaboration and innovation

Articles       Oct 15, 2020

By Tim Smith, Head of Client Management, UK, AXA XL In these unprecedented times for us all, innovation in the insurance industry has not slowed – indeed, responses to the COVID-19 pandemic have in many cases accelerated innovation and change. The pandemic has changed the...

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