Blogs from November 2013
The weather insurance sector may witness losses of up to 100% this year as a result of a cyclone in the first half of October. The cyclone has caused some serious damage to local crops including paddy fields and seasonal vegetables. Insurance firms have revealed that these events are causing substantial losses to various insurers with a loss ratio of up to 100%.
Cyclone Phailin hit on the 12th of October this year. On the up side, it didn’t cause a large loss of life like a l[...]
James Savery, 25 November 2013Read More...
Renewing airline insurance investors will benefit at the end of 2013 thanks to excess capacity, high competition levels, limited loss activity and an aggressive broking community. Willis Group, a global risk advisor, gathered the data and came to these conclusions. Willis’ quarter 3 instalment of its Airline Insight publication revealed that consolidation between airlines coupled with the later migration of renewal dates had resulted in an abundance of renewal activity in the final month and a h[...]
James Savery, 12 November 2013Read More...
The Chinese government is going to make liability insurance mandatory for the food industry with the objective of improving food safety in the country. The new legislation will apply to food processors, producers, caterers and distributors. Currently, the only mandatory insurance policy in China is motor third-party liability insurance. Local media has reported that the China Food and Drugs Administration have submitted a draft bill to change the country’s food control laws in October this year.[...]
James Savery, 06 November 2013Read More...