News – Page 91
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NewsInsurance industry witnesses ‘large drop in appetite for terrorism cover’
The “terrorism threat level in the UK is going to rise” as the current conflict in Afghanistan continues and Al-Qaeda, alongside other Islamist extremist groups, fights to freely operate in the country once again, according to Alan Brett, product development manager at MGA Inperio.
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NewsTokio Marine Holdings completes share buyback
TMH stated that the reason for the repurchase of its shares was to implement flexible financial policies.
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NewsFCA updates GI pricing rules following stakeholder feedback
The FCA has issued an update to its incoming pricing practice changes for the motor and home insurance markets, based on feedback from stakeholders.
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NewsTokio Marine Insurance Singapore falls victim to ransomware cyber attack
Tokio Marine Insurance Singapore Limited (TMiS) revealed it was subject to a ransomware cyber-attack on August 16 2021
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NewsWhitespace sees 84% increase in business placed on its etrade platform during 2021
Technology company Whitespace has seen a notable increase in the adoption and usage of its digital etrading platform for brokers and insurers over the last 14 months, with an increase of 84% in June 2021.
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NewsChinese insurers endure costliest-ever nat cat
The total economic cost of flooding in China in July has been estimated at nearly $25 billion - Impact Forecasting
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NewsThe reinvention of supply chains
Near shoring and technology will shape the post-COVID supply chain, thinks AXA XL’s Pascal Matthey
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NewsRisks as Taliban retakes Afghanistan
The “largest foreign policy failure since the Suez Canal crisis” will cause deterioration in security - Dragonfly
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NewsPort closure signals further strain for global trade
Partial closure at China’s Port Ningbo adds to global supply chain woes, threatening $172 billion of goods - Russell Group
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NewsInsurer AIA posts jump in first-half new business value, raises dividend
The Asia-focused insurer’s value of new business (VONB), which measures expected profit from new premiums and is a gauge for future growth, rose by 22% to $1.81 billion in the January-to-June period.
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NewsSaudi Re posts 89% growth in H1-21 profits
Earnings per share increased to SAR 0.33 in the first half (H1) of 2021 from SAR 0.14 in H1-20, according to a bourse disclosure on Monday.
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NewsNigerian startup, Chekkit suspends operations in Afghanistan following unrest
With its blockchain technology, Chekkit has an existing partnership with blockchain partner, Fantom Foundation who made was working with the Ministry of Health in Afghanistan to help the country with its pharma product counterfeiting problem.
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NewsHaiti earthquake caused $250mn of insured losses, says KCC
However, with insurable, or economic, losses estimated at around $1.7 billion, only around 14.7% of the overall cost of the quake will be covered by insurance, KCC says, highlighting the extent of the protection gap in the country.
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People & OpinionGuy Carpenter appoints new President in Asia Pacific
Guy Carpenter announced today the appointment of Michael Harden as President of Asia Pacific, with immediate effect.
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NewsAM Best downgrades credit ratings of Arab Reinsurance Company SAL
In AM Best’s view, economic, political and financial system risk in Lebanon, which was already elevated, has continued to rise following the devastating explosion in the port of Beirut on Aug. 4, 2020, and the subsequent resignation of the government.
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NewsWillis Towers Watson selects Carl Hess as President and Future CEO
Hess began his career at the company in 1989 and has held diverse leadership positions spanning business segment and geography roles.
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NewsAxa to sell Singapore business to HSBC
Axa has agreed to sell Axa Insurance Pte – also known as Axa Singapore – to HSBC Insurance (Asia-Pacific) Holdings, a wholly owned subsidiary of the Hongkong and Shanghai Banking Corporation.
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NewsCevian Capital revolts after Aviva’s move to return £4bn back to shareholders
Swedish active investment firm and Aviva investor Cevian Capital has revolted after the insurer announced in its 2021 half year results on 12 August 2021 that it will be returning £4bn to its shareholders by H1 2022.
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NewsGhost broking continues to be a ‘substantial problem’ for the industry
Financial hardship and a large influx of new drivers getting set to pass their tests will provide “fertile ground” for ghost broker scammers, the Insurance Fraud Bureau (IFB) expects.
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NewsZurich believes it has been ‘been at the forefront’ of tackling BI claims backlog
Insurer Zurich believes it has been “at the forefront” of dealing with the backlog of Covid-linked business interruption (BI) claims following the Supreme Court’s January ruling, working “very proactively with customers and brokers”, according to Tim Bailey, UK chief executive of Zurich Insurance.
