India: Insurance sector set for transformation says newly retired IRDAI chairman

India: Insurance sector set for transformation says newly retired IRDAI chairman

India: Insurance sector set for transformation says newly retired IRDAI chairman

The Indian insurance sector is on the cusp of a transformation, according to Dr Subhash Khuntia who retired from his position as chairman of India’s insurance regulator on 6 May, as first reported in Asia Insurance Review. In a message to the managing directors and CEOs life, non-life and health insurers, posted on the Insurance Regulatory and Development Authority website…

Report highlights EU-China relationship in insurance sector

Report highlights EU-China relationship in insurance sector

Report highlights EU-China relationship in insurance sector

The EU and China have consistently strengthened their relationship across the financial services sector since the 2008-2009 financial crisis, despite an increasingly challenging diplomatic backdrop between these two economic superpowers, according to a joint study conducted by Luxembourg for Finance and PwC Luxembourg. As far as insurance is concerned, the report, Beyond the challenges: the strength of Sino-European ties, notes…

Never been a better time to consider captives say risk managers

Never been a better time to consider captives say risk managers

Never been a better time to consider captives say risk managers

The hardening insurance market and a reduction in coverage as a result of Covid 19 are leading more companies to consider self-insurance. And with a greater range of options available to companies, from reinsurance captives to direct captives to protected cell companies, there has never been a better time to consider a captive. This was the view of two leading…

Let’s talk – environmental risks for the food, beverage and agriculture sector

Let’s talk – environmental risks for the food, beverage and agriculture sector

Let’s talk – environmental risks for the food, beverage and agriculture sector

In the food, beverage and agriculture sector, there are some obvious risks, such as spillages of sewage or slurry. But there are other risks to consider too – for example, food and drink such as orange juice or milk can be pollutants if they escape into water supplies, can affect the oxygen levels in water, and can kill fish and…

AIG chooses IPO over private bids for life spinoff

AIG chooses IPO over private bids for life spinoff

AIG chooses IPO over private bids for life spinoff

AIG has said it will launch an IPO to sell a 19.9% stake in its life unit as part of its plan to split the group into separate life and P&C businesses, rather than sell the stake to potential bidders. Speaking to analysts following its Q1 2021 results announcement, new CEO Peter Zaffino said AIG had considered interest from other…

Asia sees pricing increase by 8% in first quarter of 2021

Asia sees pricing increase by 8% in first quarter of 2021

Asia sees pricing increase by 8% in first quarter of 2021

Insurance pricing in Asia in the first quarter of 2021 increased 8% year over year, down from 11%, according to Marsh’s Global Insurance Market Index. The report reveals that pricing in Asia was driven by property insurance and financial and professional lines. Property insurance pricing across Asia rose 10%, casualty insurance pricing remained generally flat, as it has for more…

Securitisation likely to offer cyber risk transfer solutions, say insurance CEOs

Securitisation likely to offer cyber risk transfer solutions, say insurance CEOs

Securitisation likely to offer cyber risk transfer solutions, say insurance CEOs

The cyber insurance market may move toward securitisation of cyber risk but it will take several years to develop, insurance executives have said. “I think we’ll be able to isolate some tail events that we’ll be able to securitise for some of our larger clients,” said Andy Marcell, CEO of Aon Reinsurance Solutions. That will happen because it is not…

AIG general insurance’s income jumps 69% as unit returns to underwriting profit

AIG general insurance’s income jumps 69% as unit returns to underwriting profit

AIG general insurance’s income jumps 69% as unit returns to underwriting profit

AIG’s general insurance business has moved from “remediation to profitable growth”, said group CEO Peter Zaffino as he announced improved profit, underwriting results and combined ratio in the first quarter, with international commercial lines performing particularly well. General insurance’s adjusted pre-tax income was up 69% in the first quarter to $845m, due to a better underwriting results and higher net…

Zurich names Hayley Robinson as group CUO

Zurich names Hayley Robinson as group CUO

Zurich names Hayley Robinson as group CUO

Zurich Insurance has promoted Hayley Robinson to group chief underwriting officer. Ms Robinson, who will be based in Zurich, takes up the role from her current position as chief underwriting officer in the UK. She takes over from Sierra Signorelli, who was appointed CEO for commercial insurance in March to replace James Shea. Ms Robinson will take up her new role…

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