InsuranceAsia News’ Post

IBC reported that, in 2023, Canada faced over $3 billion in insured damage due to natural catastrophes and severe weather. This significant financial impact is not only a reminder of the increasing frequency of extreme weather events but also contributes to the rising insurance premiums that many Canadians are currently complaining about. As extreme weather events become more frequent, understanding these trends is crucial.

The East Coast of India has been hit by another cyclone and that brings me to the financial impact of catastrophic events such as floods, earthquakes, storms etc. and Reinsurance. After such catastrophic events, the claims can be enormous. Reinsurance ensures that primary insurers have the funds to pay these claims, which supports rapid recovery and rebuilding efforts in affected areas. The Broader Impact of Reinsurance 📍 Economic Resilience: By ensuring that insurers can pay claims following a catastrophic event. 📍Encouraging Risk Mitigation: This can include encouraging better building codes, flood defenses, and other measures that reduce the potential impact of disasters. In times like this, It enhances the capacity of primary insurers to offer coverage, ensures financial stability, and supports quicker recovery efforts. Companies like GIC Re, Munich Re, RGA Re etc. are working in this sector to enhance the insurance capability of insurers. And with the surge in the demand for insurance, not only will the Reinsurance sector expand but they will have an important role to play in building capacity for local insurers and thereby increasing penetration of insurance. Even IRDAI has been proactive in supporting this sector through foreign investments and expertise. This will ensure that in the event of a catastrophe, the losses are not concentrated within the country, but a portion of the burden is transferred to global markets. In turn saving India from systemic shocks and also providing a more stable insurance market in India. #reinsurance #GIC #irdai #natcatevents #naturalcalamityinsurance #policyiconinsuranceconsultants 

How big is your scope ? Heres mine 01.Achieve the top position in the Individual healthcare sector, surpassing the current leader at AVIVA. 02.Develop a comprehensive Global healthcare manual, ensuring sustainable portfolios across Asian countries, similar to Nilath de Silva's HNB credit manual. 03.Draft the healthcare agenda for the upcoming government, advocating for digital platforms, privatization of sectors, and mandatory healthcare insurance for all citizens in Sri Lanka. 04.Attain recognition at SLIM NASCO and CLA for exemplary leadership capabilities. 05.Position our healthcare entity as the leader in Sri Lanka by consolidating operations and surpassing local competitors. 06.Establish transparent decision-making within the Sri Lanka Inter Global Healthcare Union, ensuring actions against fraudulent practices. 07.Assume leadership as the Non-motor Sales Head or Retail Segment Leader at an insurance firm. 08.Advocate for aggressive bancassurance strategies among all banks, influencing the Central Bank of Sri Lanka (CBSL). 09.Publish "Centralized Bancassurance," outlining its benefits and strategies. 10.Drive AZLK sales to excel in the Sri Lankan market, positioning us to expand into developing or underserved countries and lead operations from Sri Lanka. Remember, speaking openly about your dreams and visualizing success can be powerful motivators for achieving your goals.

In a developing country like India, the infrastructure sector plays a very vital role in boosting the economy, and to safeguard the potential financial losses in the infrastructure sector, there is a need for insurance. Here I am talking about a Surety Insurance Bonds. Surety Bonds are a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to breach of contract or other types of non-performance. They serve as a risk mitigation tool for maintaining integrity, quality, and adherence to contractual terms, ultimately contributing to the smooth functioning of projects especially in infrastructure sector and fostering a healthy business environment. Recognizing the importance of surety insurance bonds, IRDAI has issued guidelines for solvency requirement applicable for such products, which has been reduced to control level of 1.5 times from 1.875 previously prescribed. Further 30% exposure limit applicable on each contract underwritten by an insurer, has also been removed. Surety Insurance will increase liquidity of contractors and provide a strong boost, especially to the infrastructure sector. # Hail "Insurance for all, All for Insurance." #

Not gold, life insurance is the favorite investment option of women. 70% of women invest in life insurance and 32% invest in gold, women took 19% more loans in 2023 than men. Read full story on Rajasthan Patrika. Click the link to read.  https://lnkd.in/gabX9mPT #patrika #rajasthanpatrika #patrikanews #patrikabusinessnews #businessnews #insurance #investment #womens #womensday #loan #lifeinsurance

Read the commentary: https://lnkd.in/ecZK6_Dh Due to reduced exposures in volatile lines of business such as #agribusiness, (re)insurance companies in #Brazil should be able to weather any impacts from the recent widespread #flooding in Rio Grande do Sul. #insurance #floodinsurance #insuranceindustry

Why NRIs Should Buy Term Plans in India? | Aakriti Let me tell why NRIs should buy term plans from India. See the latest video to know more! #insurance #NRI #finance #personalfinance #nriindians #terminsurance #financialliteracy

Insurance companies may face higher reinsurance rates due to political unrest in Bangladesh. #GICRe MD Narayanan stated that increased #SRCC events, notably in Israel and Iran, are driving these changes. This shift is causing insurers to review their pricing and coverage, particularly in high-risk regions. Source and Credit: ET and Respective Author.

Choose your term cover keeping in mind future inflation cost. A 1 crore in hand today will be equal to only around 10 lacs, 40 years from now. (at an annualized inflation rate of 6%) Take right decision. Take proper advice. #pibsalaah #teampib #pibindia #insurance #termplan #rightadvice

The South African government made sure that dismal mining data and disturbing unemployment figures weren’t the biggest news on Wednesday. Signing the National Health Insurance (NHI) Bill into law two weeks before general elections looks like blatant electioneering, but the sad reality is that the millions who do not have access to decent healthcare won’t care. In North Africa, the IMF’s concluding statement following its visit to Libya contains recommendations that seem somewhat detached from reality given that the country currently has two governments. Elsewhere, the latest inflation figures show price pressures reaching a three-year low in Ethiopia while trending towards a seven-year high in Angola.