Global reinsurers have weathered pandemic impacts well, but amid other growing challenges brought on by climate risk, social inflation and other types of perils, companies need to maintain an innovative mindset, according to a new AM Best report capturing the views of panelists from a recent reinsurance industry briefing.
The Regional Comprehensive Economic Partnership (RCEP) Agreement enters into force today for Australia, Brunei Darussalam, Cambodia, China, Japan, Lao PDR, New Zealand, Singapore, Thailand and Viet Nam, paving the way for the creation of the world’s largest free trade area.
Property-casualty underwriting agency Tokio Marine Highland has announced that it has expanded its suite of specialty risk management products with the launch of fine art insurance for personal and commercial risks.
The ongoing pandemic has resulted in many restrictions on travel. With the vaccination drive and Covid-19 precautionary measures being implemented, travel is making a comeback and hence, the important question: “Do I need travel insurance?”
AXA Partners and insurance software provider Ancileo have renewed their partnership, in a bid to harness the various opportunities in the post-COVID travel industry.
There’s no question the pandemic has shaken up the travel industry, but how much? Below, find out just how different vacations are looking these days and how some changes may persist in the future.
The best travel insurance provides an important safety net that can protect your trip plans from the unexpected, such as emergency medical expenses, non-refundable cancellations and lost baggage or personal items.
The heavy floods that struck Henan (China) in July has caused insurers to pay out CNY7.74bn ($1.2bn) in compensation and an estimated loss of CNY12.43bn up to the aforementioned date, according to data from the CBIRC.
For the upcoming rounds of reinsurance renewals in the Asia-Pacific region on 1 January 2022 and 1 April 2022, Hannover Re anticipates stable reinsurance conditions and prices with more pronounced positive changes for treaties that were affected by the COVID-19 pandemic or other losses.
The negative impact of rising inflation on the insurance industry’s financial position is leveraged and multi-faceted affecting both profitability and capital position, says Willis Re in a note which is titled “Global (re)insurance: Underlying profitability improves at H1 but inflation and rate deceleration remain concerns”.
