Budgeting Economy News Extra Fiscal Law & Act Foreign Health & Environment Insurance & Pension Latest News Revenue Taxation

Fiji Exempts Climate, Disaster Risks Products From VAT

The Government of Fiji has granted value added tax (VAT) exemption to insurance firms for premiums on climate and disaster risk parametric insurance products for the people and corporate entities in the country. The fiscal initiative represents the first time any government in the country is making efforts to make disaster insurance more affordable for […]

Economy News Extra Foreign Insurance & Pension Latest News

Bermuda Re/Insurers Paid $35bn To UK Policyholders In 5 Yrs

The Bermuda Monetary Authority (BMA) has completed its United Kingdom (UK) Data Claim Survey for this year, showing that from 2016 to 2020, Bermuda re/insurers paid out US$35.2 billion to UK policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims. A news report by Reinsurance News indicated that compared to […]

Economy News Extra Environment Insurance & Pension Latest News

Property, Casualty Insurance Premiums To Hit $4.3Bn – Swiss Re

As economic development and climate change contribute to a fundamental shift to higher-risk, catastrophe-exposed property lines, global property and casualty (P&C) insurance premiums are forecast to more than double to USD 4.3 trillion by 2040.. According to an industry analysis conducted by Swiss Re Institute, the driving factors in premiums growth rise of more than […]

Economy News Extra Environment Health & Environment Housing & Real Estate Insurance & Pension Latest News

Weather Disasters Cost Global Community $3.64Trn Losses

The latest data from the World Meteorological Organization (WMO) have estimated that weather, climate and water related disasters drove some US$ 3.64 trillion in losses over the last 50 years, thereby laying bare the high costs of weather disasters around the globe over the decades. The WMO’s latest Atlas of Mortality and Economic Losses from […]

Economy News Extra Insurance & Pension Latest News

Global Reinsurance Capital Records Below 3% Growth In 2021

The global dedicated reinsurance capital is estimated to have increased by just under 3% to US $532 billion so far in 2021 while insurance-linked securities (ILS), third-party or alternative reinsurance capital has recorded faster growth. The latest data on the reinsurance and insurance market trends was provided rating agency, AM Best, and reinsurance broker, Guy […]

Economy News Extra Environment Foreign Insurance & Pension Latest News Water

Europe’s Flooding Insurance Loss To Hit $7.7Bn – Research Firm

Catastrophe risk modelling firm, RMS, has estimated that the insurance and reinsurance industry loss from July’s devastating flooding across Europe could be as high as €6.5 billion (US $7.7bn). Industry analysts believe, however, that RMS’s estimate may prove too low as its lower insured loss for Germany is lower than even the country’s own insurance […]

Crime & Judiciary Matters Economy News Extra Foreign Insurance & Pension Latest News Science 'n' Technology Technology

Cyber Reinsurance To Boost Asia Pacific Region’s Economic Growth – Fitch

Fitch Ratings, a leading global research and rating firm, has projected that cyber reinsurance would help drive growth in sundry Asia Pacific (APAC) region’s economies in the 2021 year as more companies embrace re-insurance policy options to protect their investment The APAC region was reported to have accounted for 7% of the total global ransomware […]

Economy News Extra Hospitality & Tourism Industry Insurance & Pension Latest News Privatisation & Commerce

Court Orders AMCON To Sustain Control Of NICON, Nigeria-Re

A Federal High Court Abuja Division has ordered that the Asset Management Corporation of Nigeria, (AMCON) to continue with the management of NICON Insurance and Nigeria Reinsurance, (Nigeria Re), two companies it took over following the alleged indebtedness of the private investor, Barr. Jimoh Ibrahim. The Federal High Court Abuja Division presided over by Hon. […]

Economy News Extra Insurance & Pension Latest News

Nigeria’s Insurers Settled Over N4.5Bn In #EndSARS Claims – NIA

Nigeria Insurers Association (NIA) on Wednesday disclosed that risk underwriting companies in the country paid over N5.4bn in claims settlement arising from #EndSARS losses. The association’s Director-General, Yetunde Ilori, made this disclosure at the Surplus Distribution Event held by Noor Takaful Limited and commended the insurance company for its contributions to the industry. The DG […]

Budgeting Economy News Extra Foreign Health & Environment Insurance & Pension Investments/Capital Market Latest News

Swiss Re Rebounds From COVID-19-Driven Loss, Posts $1Bn Net Income

Global reinsurance business top player, Swiss Re, has announced a net income of $1 billion for the first half of 2021, as an improved performance in its property and casualty (P&C) business, helped to offset a COVID-19 driven loss posted in its life and health (L&H) reinsurance division. According to the latest performance reports on […]