Cyber insurance take-up rises by 50% in India

Cyber insurance take-up rises by 50% in India

Cyber insurance take-up rises by 50% in India

The number of India-based companies that adopted cyber insurance in 2017 increased by 50% on the previous year, according to Marsh India. The broker reports that 250 companies bought cyber liability cover in 2017 for a total of 2bn rupees ($31.4m) and it is forecasting that this figure will double during the next two years. While the cyber liability insurance…

IMF highlights need for risk-based solvency and supervision of insurers in India

IMF highlights need for risk-based solvency and supervision of insurers in India

IMF highlights need for risk-based solvency and supervision of insurers in India

A Financial System Stability Assessment (FSSA) of the Indian financial sector, by the executive board of the International Monetary Fund (IMF), has said there is a need to introduce risk-based solvency and supervision of insurers, and to continue moving toward a market-based environment for the sector. The FSSA notes that insurance legislation and supervision have been upgraded significantly in India.…

2018 will be pivotal year for insurtech in Asia: Clyde

2018 will be pivotal year for insurtech in Asia: Clyde

2018 will be pivotal year for insurtech in Asia: Clyde

The next year will see technology transform Asia’s insurance industry as insurtech comes to the fore in many of the region’s major markets. This is the prediction of international law firm Clyde & Co, which has made a number of forecasts concerning the international insurance industry in 2018. Primary among these predictions is the pivotal role that insurtech will play…

Reforms to boost insurance growth in India – Moody’s

Reforms to boost insurance growth in India – Moody’s

Reforms to boost insurance growth in India – Moody’s

India’s latest regulatory reforms have improved the ability of its primary insurers to take advantage of the country’s strong economic growth, according to Moody’s Investors Service. “Regulations introduced since 2015 have facilitated the access of the insurers to capital and reinsurance cover, while encouraging them to improve the quality of their investment assets and reserve adequacy,” according to Mohammed Ali…

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

The annual report of the Global Federation of Insurance Associations (GFIA) has highlighted that an increasingly protectionist environment threatens open trade and market access in (re)insurance. In an article in the report, Brad Smith, chair of the GFIA trade working group and chief international officer at the American Council of Life Insurers, writes that global trade dynamics have changed in…

AIR Worldwide releases new inland flood model for Japan

AIR Worldwide releases new inland flood model for Japan

AIR Worldwide releases new inland flood model for Japan

Catastrophe modelling firm AIR Worldwide has launched a new inland flood model for Japan, and also released a new version of its Japan typhoon model as part of an update to its catastrophe modelling software platform Touchstone. The flood model, which AIR claims is the first such tool to be developed for Japan, simulates the effects of on- and off-plain…

XL Catlin to acquire minority stake in Indian insurance broker

XL Catlin to acquire minority stake in Indian insurance broker

XL Catlin to acquire minority stake in Indian insurance broker

XL Catlin is to acquire a 20% minority stake in Mahindra Insurance Brokers Ltd (MIBL), a leading insurance broker primarily serving rural and semi-urban India, subject to satisfaction of customary closing conditions by all stakeholders. MIBL is a subsidiary of Mahindra & Mahindra Financial Services and a licensed composite broker, currently valued at INR1,300 crores (about $200m). Mahindra Finance is…

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

The risk of natural catastrophe in Asia-Pacific is outpacing resilience and could push those in the most disaster-prone areas into poverty unless action is taken, according to a recent report from a United Nations regional commission. The report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) urges countries to explore ways to close the…

Fairfax reduces ICICI Lombard shareholding in India to less than 10%

Fairfax reduces ICICI Lombard shareholding in India to less than 10%

Fairfax reduces ICICI Lombard shareholding in India to less than 10%

FAL Corporation, a wholly owned subsidiary of Fairfax Financial Holdings, has sold 12.0% of the shares of ICICI Lombard General Insurance Company Limited, a leading general insurance company in India with gross written premiums of more than $1.6bn for fiscal year 2017. The shares were sold for gross proceeds of approximately $548m, and were sold as part of ICICI Lombard’s…

Economic risks top WEF global risk survey

Economic risks top WEF global risk survey

Economic risks top WEF global risk survey

Global business leaders have named economic risks – specifically unemployment in first place, followed by fiscal crises – as the top threats facing their organisation for the next ten years, according to a new survey by the World Economic Forum (WEF). Publishing its Global Risks Report in partnership with Zurich Insurance and Marsh & McLennan, the WEF said societal risks…

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