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…

New CEO in Africa and Asia for Ed

New CEO in Africa and Asia for Ed

New CEO in Africa and Asia for Ed

Ed, the global reinsurance, wholesale and specialty broker, has appointed Minesh Jani as chief executive of Middle East and North Africa (MENA), India and Indian sub-continent. Mr Jani brings more than two decades of reinsurance experience to Ed. He joins from Aashvaasanam Analytics in Mumbai, a business he founded to support the launch and build of an international reinsurance business.…

Chinese online insurer ZhongAn plans $1bn IPO in HK

Chinese online insurer ZhongAn plans $1bn IPO in HK

Chinese online insurer ZhongAn plans $1bn IPO in HK

China’s first online-only insurer, ZhongAn Online Property and Casualty, has been given the green light to launch an Initial public offering (IPO) in Hong Kong, which is expected to raise more than $1bn in finance. According to Reuters, the insurer was granted approval from the Hong Kong Stock Exchange for its listing and is currently assessing investor appetite for its…

South Asian flood disaster exposes the protection gap

South Asian flood disaster exposes the protection gap

South Asian flood disaster exposes the protection gap

The worst floods in South Asia in a decade have claimed more than 1,400 lives and left many more homeless across India, Nepal and Bangladesh. They have also further exposed the protection gap that exists in the region. While the Texas floods caused by Hurricane Harvey have grabbed most of the international headlines, and Typhoons Hato and Pakhar have caused…

Markel enters Indian insurance market through Lloyd’s India platform

Markel enters Indian insurance market through Lloyd’s India platform

Markel enters Indian insurance market through Lloyd’s India platform

Markel International is to enter the Indian insurance market, with capacity provided by Markel’s Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform, based in Mumbai. Markel has appointed Deepika Mathur to lead Markel India. She has 20 years’ experience of working in the Indian insurance industry, and most recently she was executive vice-president at HDFC Ergo, the…

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