Non-life insurers in India reported a 5.2% increase in gross direct premium underwritten for the year ending 31 March 2021, according to figures from the Insurance Regulatory and Development Authority of India (IRDAI). Gross premium for the year totalled INR1.99trn, compared to INR1.89trn for 2019-2020. General insurers, which account for 85% of the market, saw gross premium grow by 3.4%…
All major US commercial lines of business, with the exception of workers compensation, increased year over year, according to first-quarter 2021 results tracked by IVANS Index. The insurance industry’s renewal rate index also reveals that general liability, commercial property, umbrella and workers compensation all saw an increase in average premium renewal rate change in the first quarter compared to Q4…
Ascot Bermuda has joined the e-trading platform of Ed, the global reinsurance, wholesale and specialty broker. Chris Bonard, CEO of Ed Bermuda, said: “It’s fantastic to welcome Ascot Bermuda to the platform and we look forward to continuing to work closely with them. We are extremely pleased with the enthusiastic reaction of clients to TradEd. It has been growing steadily…
Suresh Krishnan has been appointed as executive vice-president, head of North America specialty accident and health at Chubb.
Jane Warren has been appointed as active underwriter for Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group. She takes over the role from Peter Smith, who recently moved to an expanded role with Liberty Mutual Re. As LSM’s active underwriter, Ms Warren will be responsible for managing Lloyd’s Syndicate 4472. Prior to this appointment, she was UK legal…
US property and casualty rate increases continued in the first quarter of 2021, with the composite rate up 7%, according to MarketScout’s Market Barometer. MarketScout says that underwriters continue to push rates across the board, with umbrella, professional liability and D&O leading the pack with double-digit increases. The first quarter of 2021 saw increases in all classes, for all industries,…
The Insurance Authority of Hong Kong has announced that the territory’s premium levy rate has been adjusted to 0.1% from 1 April 2021. The levy cap has been set at $100 for life insurance policies and $5,000 for general insurance policies. According to the authority, the move is in accordance with the schedule set out in the Insurance (Levy) Order…
Sundeep Khera has been appointed as head of marine, UK and Lloyd’s market, at AXA XL, with effect from 1 July 2021, and as global head of hull with immediate effect. According to AXA XL, in his new roles he will be responsible for driving strategic, profitable expansion across the UK and Lloyd’s region as well as the division’s global…
The Competition and Consumer Commission of Singapore (CCCS) has announced a public consultation on the proposed merger of Aon and Willis Towers Watson (WTW). CCCS said it is now assessing whether the merger would infringe section 54 of the Competition Act, “which prohibits mergers that have resulted, or may be expected to result, in a substantial lessening of competition within…
The US Internal Revenue Service (IRS) has ramped up its examinations of abusive microcaptive insurance arrangements and has urged participants to exit these transactions as soon as possible. The IRS recently won yet another case in US tax court, arguing that such arrangements are not eligible for the tax benefits claimed. “Taxpayers who engaged in abusive microcaptive transactions are once…