Magazine Table of Contents
The Insurance Claims Complaints Panel statistics and case reviews for 2019.
In a statement made in its submission to the Royal Commission into National Natural Disaster Arrangements, the Actuaries Institute said it strongly supports a greater balance of spending on natural disasters to be pre-funding on mitigation and adaptation to prevent property damage rather than post-disaster funding on relief and recovery.
In recent weeks, the Chinese D&O insurance market saw two events which are expected to boost the D&O liability insurance business.
ZA Life, a joint venture between ZhongAn Technologies International Group and Fubon Life Hong Kong, has obtained a digital-only insurer licence from the Hong Kong Insurance Authority (IA) under the latter’s ‘Fast Track’ pilot scheme.
In view of emerging market conditions, IRDAI has directed insurers to suspend dividend payments from profits pertaining to the financial year ended 31 March 2020 till further instructions. The move seeks to enable insurers to conserve capital in the interests of policyholders and the economy at large.
In its 2019 financial performance report, Bangkok-based Asian Reinsurance Corporation (Asian Re) posted a 135% increase in its operating profit to $1.86m and a 64% increase in its gross written premiums in 2019 compared to 2018.
French mutual insurer Covea has said it no longer plans to proceed with the deal agreed with Exor in March for the $9bn acquisition of reinsurer Partner Re, citing uncertainties in the global outlook.
RMS has announced new updates for its models on infectious diseases, climate and cyber risk. Announcing the update at the annual Exceedance conference in early May, the company emphasised the high cost that acute and chronic risks pose in these aforementioned areas.