Indian non-life insurers report 5.2% increase in gross premiums for 2020-2021

Indian non-life insurers report 5.2% increase in gross premiums for 2020-2021

Indian non-life insurers report 5.2% increase in gross premiums for 2020-2021

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%…

US commercial lines seeing hardening market conditions in 2021

US commercial lines seeing hardening market conditions in 2021

US commercial lines seeing hardening market conditions in 2021

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…

Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon has offered to sell Willis Towers Watson’s (WTW) entire large multinational P&C portfolio in Germany, France, Spain and the Netherlands, as well as Willis Re and the broker’s French unit Gras Savoye to gain approval from EC competition regulators, according to Reuters sources.

Ascot Bermuda joins Ed’s e-trading platform

Ascot Bermuda joins Ed’s e-trading platform

Ascot Bermuda joins Ed’s e-trading platform

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…

Liberty Specialty Markets appoints active underwriter

Liberty Specialty Markets appoints active underwriter

Liberty Specialty Markets appoints active underwriter

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…

Brokerslink appoints new regional managers with Nart named Europe head

Brokerslink appoints new regional managers with Nart named Europe head

Brokerslink appoints new regional managers with Nart named Europe head

Brokerslink has appointed Denise Nart as regional manager for Europe and named other heads in Asia-Pacific and Africa. Ms Nart is head of global accounts, reinsurance and business development at NART Insurance and Reinsurance Brokerage, Brokerslink’s partner in Turkey. Au Quang-Hien, CEO of AEGIS Insurance Brokers, which is Brokerslink’s partner in Vietnam, has been named regional manager for Asia-Pacific. Benjamin…

Hong Kong adjusts premium levy rate to 0.1%

Hong Kong adjusts premium levy rate to 0.1%

Hong Kong adjusts premium levy rate to 0.1%

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…

Singapore regulator consults on Aon and Willis Towers Watson merger

Singapore regulator consults on Aon and Willis Towers Watson merger

Singapore regulator consults on Aon and Willis Towers Watson merger

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…

Microcaptive owners warned by US Internal Revenue Service

Microcaptive owners warned by US Internal Revenue Service

Microcaptive owners warned by US Internal Revenue Service

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…