According to catastrophe modeler Eqecat Inc., relatively less insured loss is expected from Typhoon Usagi, which struck Southeastern China on Sunday. Maximum sustained wind speeds at the time of landfall were about 98 miles per hour, which made Usagi the most intense storm to make landfall in China this year. ...
The political uncertainty and continuing agitations in Andhra Pradesh following the decision to form the state of Telangana has raised the risk of a rise in reinsurance premium for industrial establishments in Andhra Pradesh. Insurance companies are closely watching the situation and may raise the reinsurance premiums to be determined...
The Securities and Exchange Commission of Pakistan (SECP) proposed draft amendments to the 2002 Insurance Rules, affecting the licensing of direct insurance brokers. The proposed amendments have been published in the official gazette of Pakistan to elicit public comments. The amendments deal with the exclusivity of insurance broking license,...
Group chief executive of ACR Capital Holdings (ACR), Mr. John Tan has become a member of The Geneva Association (The Association), a leading international insurance think tank for strategic insurance and risk management issues. Founded in 1973, The Association has a statutory maximum of 90 members, comprising chief executives from...
The Motor Accident Claims Tribunal (MACT) Pune has recently ordered an insurance firm to pay a compensation of Rs. 65.27 lakhs to the family of a 38-year old software expert, who was killed in a road accident in 2009. Additional sessions judge and MACT member S. T. Dhawale ordered the...
Sales growth in Japan, China and India has helped drive an 18 percent increase in MetLife’s Asian operating earnings. Operating profit grew to USD 330 million in the quarter to June 30 following underlying business growth across the region, including a positive sales result in Australia. Premiums, fees and other...
China’s insurance industry regulator said that it would relax controls on interest rates for standard life insurance products, marking the country’s latest effort to deepen market-oriented reforms in its financial system. The 2.5-percent upper limit on pre-determined interest rates of standard life insurance products will be removed starting 5th August,...
With most urban women following some form of financial discipline, banks and insurance companies are looking to target them with specialised offerings. HDFC Life, which launched its Smart Plan life insurance plan targeted at women, has seen a gross premium collection of over Rs. 20 crore. “Nearly 23 percent of...
Guy Carpenter & Company LLC announced that it has facilitated the launch of a groundbreaking Multi-Peril Crop Insurance (MPCI) product for Australian grain growers for the 2013 crop season. In a testament to its global resources, the product launch was facilitated by the collaboration between Guy Carpenter Canada, Guy Carpenter...
Securities and Exchange Commission of Pakistan (SECP) in exercise of its statutory functions has initiated various actions against certain insurance companies suspected of involvement in violations of regulatory laws. In reaction to SECP’s regulatory actions to protect the interests of insurers, the suspected companies have initiated a smear campaign against...
