RIMS, the risk management society, has announced that Ellen R. Dunkin, Esq. will lead the Society as president for the 2021 term. Dunkin is the senior vice president, general counsel and chief risk officer for Amalgamated Life Insurance Company in White Plains, New York. She is an accomplished business leader with...
Lloyd’s and Parsyl, Inc. have announced the launch of the Global Health Risk Facility (GHRF), which will make available billions of dollars of insurance coverage, together with risk mitigation services to help protect and support the global distribution of COVID-19 vaccines as well as critical health commodities. The launch of the GHRF...
Chubb has released a new whitepaper co-authored with Microsoft outlining how cyber criminals have evolved their deceptive practices around email cyber crimes, including the use of Business Email Compromise (BEC). The paper titled Email: Is the Digital Door Propped Open for Identity Hijackers? explores how BEC works, why it is...
Insurance industry losses from natural catastrophes and man-made disasters globally amounted to USD83 billion in 2020, according to Swiss Re Institute’s preliminary sigma estimates. This makes it the fifth-costliest year for the industry since 1970. Losses were driven by a record number of severe convective storms (thunderstorms with tornadoes, floods...
Applied Underwriters, Inc., has announced the formation of Applied Financial Lines, Ltd., a new enterprise to operate from Paris and Cologne to underwrite several specialty lines in the European Union and in the Middle East, including professional indemnity and D&O. Applied Financial Lines will work with an extensive wholesale broker...
Swiss Re Corporate Solutions announced that it has received a direct insurance authorisation from the South African joint regulators Prudential Authority and Financial Sector Conduct Authority. Located in Johannesburg and fully operational, Swiss Re Corporate Solutions Africa offers customers in South Africa the full range of its products, including non-traditional...
CoreLogic has announced residential and commercial wind and storm surge loss estimates for Hurricane Zeta. According to this new data analysis, insured wind losses for residential and commercial properties in Louisiana, Mississippi and Alabama are estimated to be between USD2.2 billion and USD3.5 billion. Insured storm surge losses are estimated...
Following years of eroding rates caused by excess capacities and low major-loss expenditure, particularly in European markets, low interest rates – likely to remain even lower for even longer due to the coronavirus pandemic – are impacting the profitability of reinsurers, stated Munich Re. Insurance covers are therefore likely to...
Uniqa Insurance Group AG, through UNIQA Österreich Versicherungen AG, recently completed the acquisition of Axa’s subsidiaries in Poland, the Czech Republic and Slovakia for a consideration of about EUR1 billion. The transaction follows the receipt of all necessary regulatory approvals. The integration of the acquired entities into Uniqa will begin...
Global GDP is forecast to grow by 4.7 percent in 2021 in real terms, below the market expectation of 5.2 percent growth. In this context, the Swiss Re’s latest sigma study finds that, amid the economic shock inflicted by COVID-19, global insurance markets have been less severely impacted than expected...
