Reinsurance in the simplest of meaning simply means the “insurances” that insurance companies buy to cover their insurance business portfolio. Main reasons are to ensure large event losses and large single losses are also covered, insurer would have a much higher capacity to underwrite large risks, and enhance the risk spreading mechanism…..
From today, 4th May 2017, the Enterprise Act 2016 (“the Act”) comes into force in the UK. All insurance policies that are issued, or renewed, from today and that are subject to English law and practice will be subject to the…
Berkshire is far more conservative in avoiding risk than most large insurers. For example, if the insurance industry should experience a $250 billion loss from some mega-catastrophe – a loss about triple anything it has ever experienced – Berkshire as a whole would likely record a significant profit for the year because of its many streams of earnings. We would also remain awash in cash and be looking for large opportunities to write business in an insurance market that might well be in disarray. Meanwhile, other major insurers and reinsurers would be swimming in red ink, if not facing insolvency.
If it is confirmed that the aircraft was shot down then the aircraft hull will be covered by Hull War (Re)insurers. The passenger legal liability would be covered by Liability (Re)insurers….
This is the latest development in regards to the insurance settlement of the loss of jet plane, Boeing 777 – 200ER. We understood from the market that the jet (also referred to as the Hull in the insurance sense) is insured on a Hull All Risks basis for USD100 million, which usually is on an agreed value basis. Of course, in addition to this Hull’s sum assured there are others, like legal liability to third-party including passengers, personal injury, medical related expenses, cargo and mail legal liability, baggage & personal effects, premises, hangar-keeper & product liability. … all of these categories are subject to a combined single limit, which we think should be in the region of USD420 million. In addition too Hull War risks are covered to an agreed value similar to the Hull value, i.e. USD100 million. To sum all these sum assureds up, we should get:
The following article concerns the much debated sanction clause and how the global reinsurance industry has applied this to effect where incorporating sanction limitation and exclusion clause is mandatory for all insurance policies issued to policyholders. The response towards the…
Malaysia-based BEST RE entities downgraded and kept on watch on weakened group status and stand-alone credit profile Profile Source: Standard & Poor’s August 8, 2013 Overview | We have revised our view of the BEST RE subgroup’s status relative to its parent,…
The recent RM150 million claim on machinery breakdown and machinery breakdown loss of profit was another eye opener, especially for the underwriting fraternity and those that involved with reinsurance. The following are some snapshots that may be of interest to…
Hi, Guys Latest from the markets…. on Best Re (Labuan) and happy reading! Ratings On Dubai-Based Salama / Islamic Arab Insurance And Its Core BEST RE Subsidiaries Kept On CreditWatch Negative OVERVIEW In our opinion, uncertainties relating to potentially significant…
Here some latest news happening around town. GIC Re plans to upgrade its overseas branches and increase its presence in South Asian Association for Regional Cooperation (SAARC) nations, Latin America and Africa, says Mr Ashok Kumar Roy, Chairman cum Managing…
Onshore Refinery Risks Exclusion and Oil & Gas (O & G) Risks Exclusion within Treaty Reinsurance contracts I dislike it when reinsurers start to take off some of those usual fringe benefits that they used to generously allowed for the…
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