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  • Industry finds hope in the recommendations!

    It looks like happy days are here again for the reinsurance fraternity in India, as the Reinsurance Expert Committee (REC) has recommended that after GIC Re, insurers should be allowed to obtain the best terms simultaneously from Indian reinsurers, foreign reinsurance branches, Lloyds India and cross-border reinsurers that satisfy eligibility criteria.
     

    Source : AIR | 01 Jan 2018
  • Indian non-life insurance industry: Performance and potential

    The Indian insurance industry has been on a roll for the last 17 years. It is now on a threshold to make the big jump into the super league. Mr R Chandrasekaran of General Insurance Council of India outlines what the non-life insurance industry has achieved over the years and what remains to be tapped.
     

    Source : AIR | 01 Jan 2018
  • Belt and road initiative: Expansion has its challenges

    China is expanding into new territories while developing new products and services. We spoke to Mr Wise Xu of Willis Towers Watson, China to understand the changing nature of risk.
     

    Source : AIR | 01 Jan 2019
  • Philippines: Regulator urges insurers to offer terrorism cover

    The Insurance Commission urged insurance companies to develop products that will afford protection against losses and damages as a result of acts of terrorism.
     

    Source : AIR | 01 Oct 2017
  • ASEAN disaster management centre to widen its role

    The Association of Southeast Asian Nations (ASEAN) is working on appointing the ASEAN Coordinating Centre for Humanitarian Assistance on Disaster Management (AHA Centre) in Indonesia as the regional body to respond to disasters within and outside of Southeast Asia, said Singapore Minister for Home Affairs and Minister for Law K Shanmugam.
     

    Source : AIR | 01 Oct 2017
  • Look out for these what-if scenarios - WEF's 10 potential future shocks

    The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.
     

    Source : AIR | 01 Mar 2018
  • Reinsure terrorism risk for critical infrastructure

    Insureds may underestimate critical infrastructure exposures, says Australian Reinsurance Pool Corporation (ARPC). Chief Executive Dr Christopher Wallace elaborates.
     

    Source : AIR | 01 Apr 2018
  • Nepal: Beema Samiti slashes premium rates for Riot Strike and Terrorism

    Beema Samiti (Insurance Regulatory Authority of Nepal) has reduced premiums for Riots, Strike Damage under Fire Tariff by 25% and for Malicious, Sabotage and Terrorism by 50%. The new premium rates came into effect from 16 July. Earlier, the regulator had also reduced private car own damage premium rate to the tune of 25% to 35%.
     

    Source : AIR | 01 Aug 2017
  • Pakistan: Insurers urged to ensure overseas units meet AML/CFT rules

    The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for insurers, takaful operators, securities brokers, commodities brokers and other nonbank financial companies to pay special attention to their overseas branches or subsidiaries located in countries which do not or insufficiently comply with Financial Action Task Force recommendations.
     

    Source : AIR | 01 Aug 2018
  • Bright future for Afghan insurance sector with global support

    The insurance industry in Afghanistan, though small in size, is poised for growth with increasing awareness and opportunities resulting from the government’s push for infrastructure development in the country. Although terrorism is still a major concern, it has not dampened the business environment with commercial activities on the increase.

    Source : MEIR | 15 Aug 2018