DOCSLIB.ORG

INSUNEWS Issue No

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
INSUNEWS Issue No 145559 19th – 25th September 2020 INSUNEWS Issue No. 2020/38 Weekly e-Newsletter QUOTE OF THE WEEK INSIDE THE ISSUE Insurance Industry 2 “Reading furnishes the mind only Insurance Regulation 12 with materials of knowledge; it is Life Insurance 14 thinking that makes General Insurance 25 what we read ours.“ Health Insurance 32 Insurance cases 54 John Locke Pension 55 IRDAI Circular 59 Global News 59 INSURANCE TERM FOR THE WEEK Underwriting Risk Definition: Underwriting risk refers to the potential loss to an insurer emanating from faulty underwriting. The same may affect the solvency and profitability of the insurer in an adverse manner. Description: Underwriting is a critical risk mitigation mechanism adopted in the insurance industry. The process helps in deciding the appropriate premium for an insured. The underwriter needs to match the premium received with the claims paid with an eye on profitability. In the event of a dichotomy between the two, with the premium received not sufficient enough to cover the claims, the insurer is confronted with the probability of loss. The premium charged by the insurer must incorporate the risk premium that covers not only the claims but also the capital requirements, also called the solvency requirements. In the event that the matching is not done in a pragmatic manner, the underwriting risk arises. Source INSURANCE INDUSTRY Indian Insurers adopting cloud and how! - The Economic Times – 24th September 2020 India’s young insurance industry as compared to the global peers is steadily evolving with adoption of new age technologies which enable faster deployment of services not internally but end users too. Indian insurance companies have started adopting cloud and all are at different stages. Insurance CIOs & CTOs believe having a right cloud roadmap which is aligned to the enterprise’s policy is critical in determining the pace of cloud adoption. The pandemic has fastened the pace of cloud adoption as India had imposed one of the most stringent lockdowns where all the economic activities and physical exchange of services had come to halt. Face to face selling of policies was a pre- dominant factor across the insurance industry and more heavily in life insurance. The lockdown forced insurers to enable end-to-end digital delivery of services right from on boarding to policy issuance to settlement of claims. Max Life Insurance is leveraging cloud to deliver scalable, agile technology platforms for meeting their customer expectations. Most of their customer facing applications are hosted on cloud and they were able to scale up applications across 1000 of users overnight. Manu Lavanya, COO, Max Life Insurance, said, “We have started to build a comprehensive data lake on the cloud to create a 360 view of the customer which can help us in leveraging intelligence to create personalised journey’s and Omni channel service experiences. We’ve built a conversational interface powered by Google Cloud to solve queries and improve services. We have kickstarted a strategic initiative wherein we will transition the bulk of our IT infra to cloud over the next 3 years.” 2 Adopting the right cloud strategy as per the insurer’s requirements has few important benefits in terms of its cost effectiveness, faster deployments, scalability, simplification and a few other benefits. At Reliance General Insurance, they’ve partnered with Microsoft Azure for cloud based services. Rakesh Jain, ED & CEO at Reliance General Insurance said, “We run a hybrid cloud environment with a dozen or so critical services and large applications running on the cloud and the remaining ones in our On- Premise data center.” Their strategy is to remain in a hybrid environment giving them the best of both worlds - the cost efficiency of an on-premise environment, the scalability and robustness of the cloud. He added, “Leveraging the cloud is a progressive journey as we must manage business expectations along with our re-engineering needs.” At IndiaFirst Life Insurance, the cloud journey was started recently and is still in the initial stages. It’s Chief Technology Officer, Sankaranarayanan Raghavan said, “We’ve started on it and are on Office 365, from a data centre perspective we are majorly on-premise both the disaster recovery and main data centre. But we’ve started our journey and implemented with Nutanix and thought of how we can do it right from storage to orchestrating to managing licenses, etc. Second, we will be going ahead to move development platforms to the cloud.” “Third, all the digital assets and channels we’ve got will go into the cloud. Not all of it has gone; it's in the pipeline and roadmap. We will be accelerating this much faster in the coming times as it gives us agility to do things.” Future Generali Life Insurance’s Chief Technology Officer, Byju Joseph believes, cloud adoption is a gradual process. According to him anything distribution facing and customer facing has to be cloud native without any questions. He added, “While we can move the virtual infrastructure to the cloud, we’ve taken a conscious call to make it a private cloud within the data center. By 2021 end, around 65% of my infrastructure will be on cloud. We take a balanced approach, I would want to put an application on cloud only if it’s cloud natïve and not just for the sake. Technology supports and enables the growth engine. CIOs are looking to be ready with the capabilities that require expanding whenever the need arises and cloud gives the enterprise the agility to expand. TOP Source Insurance: Data analytics can make insurance firms smarter - Financial Express – 23rd September 2020 As the value chain continues to become more digitally connected, insurers have the prerogative of better understanding customer segments and partners, and adapt to consumer needs in near real-time. In the near term, most of the digital insurance consumers will likely be young, educated and with higher levels of income. To meet customer needs, most insurers have already started to collect a wealth of data. However, they have been slow in monetising this asset. To understand and meet consumer needs, there is an immediate need to create new business lines or models to capture the value of data and analytics. As more and more insurance consumers shift online to interact, compare products and prices, and make purchases, the volume of available data is increasing exponentially. Data-enabled processes Over time, Big Data and refined models will work for allowing risk pricing at an increasingly granular level. There 3 is nothing to deny the fact that the insurance industry is a major component of the economy. It enables individuals and companies to take more risk, which further empowers innovation and growth. And the fuel of the insurance is data. Technology revolutions of the last few decades and falling cost of technology create new opportunities for insurers to harness the data. Data-enabled processes will minimise friction and streamline the customer insurance journey, from request for coverage to claim. Digitalisation will thus help improve the customer experience and also the efficacy of back office processes. The true opportunity, however, lies in leveraging the collected data to fundamentally change how a particular business operates and delivers value to its customers. Engaging with customers Most insurers are striving to fundamentally change their relationship with consumers through the use of real-time monitoring and visualisation. Consumers who agree to let insurance companies track their habits can learn more about themselves, while insurers can use the derived data to influence behaviour and reduce related risks. For instance, in the auto insurance industry, telematics is being used to monitor driving habits and behaviour of the consumers in real-time. Apart from providing digital transformation, use of more data and better tools to collect and report on data means better compliance. And this is particularly because insurance companies are subjected to increasing regulatory mandates at various levels. As insurance companies consider new uses for the data they collect, they must also be aware of the mandates from multiple agencies. In all the cases, the ability to collect, report and use data makes regulatory reporting easier and more consistent. Yet another important reason why insurance companies need to embrace data is for fraud detection. One of the biggest issues that insurance companies are facing right now is fraud. According to most insurers, 1-1.5 out of 10 claims is fraudulently filed. This is alarming, given the limited number of policyholders that an insurance company may have. While some policyholders do it sloppily, some do it meticulously and get away with it. With the use of Big Data analytics, a large amount of data can be checked in a short amount of time. It includes a variety of Big Data solutions, such as social network analysis and telemetric. This is the biggest weapon insurers have for detection of fraud while filing claims. (The writer is Saurabh Tiwari.) TOP Source Coming soon: An all-new customer experience in the Insurance space – Live Mint – 22nd September 2020 Circa 2030. You will be able to buy an insurance policy for yourself at the click of a button and a chatbot embedded in the digital interface of the insurer will offer instant redress to all your queries. Your policy will be tailor-made for you, seeing your history and other risk parameters. The insurance industry is at the cutting edge of innovation and the Covid-19 crisis has accelerated the need for this digital transformation. As the modern-day customer seeks value and ease of use in every aspect of their lives, the Insurance sector has also embarked on their digital journey and even areas like customer acquisition – where face-to- face contact was considered essential – are being digitized.
Load more

Recommended publications
  • Download PDF (77.1
    Index Abraham, K.S. 133 Beck, Ulrich 129 absorbing risk 133 behavioral anomalies 6, 84–9, 243–4 actuarial estimation 109–10 behavior-control functions 106 ad hoc Beijing Normal University 90, 189, assistance 196 235 compensation tool 45 Ben-Shahar, Omri 134 direct payment 40, 169, 207 Biggert-Waters Flood Insurance institutions 30 Reform Act of 2012 69, 152 relief 71, 97 Bruggeman, Véronique 95 adaptation 253 business interruption 104 and climate change 103, 164 adverse selection 5, 13, 47, 54, 66–8, California Earthquake Authority 55, 75, 81–2, 97, 99, 111, 127, 140, 142 162, 246 capacity (of insurers) 6–8, 11, 19, 30, AES v Steadfast 116–19 53, 63–6, 82–4, 89–91, 96, 113, agricultural insurance 122–3, 126, 136, 152, 161–2 173, government-subsidized 50 176, 179–80, 217, 222, 225, 227–8, pilot projects 49 242–3, 249–52 policies 49, 50 and reinsurance 199, 206–8, 215 Regulation on Agriculture Insurance capacity gap 82, 228, 242, 252 50, 94 capital markets 11, 53, 54, 59, 64–5, aircraft insurance 110 212, 217–8, 221, 226–40 all-hazard insurance policy 245 Caribbean Catastrophe Risk Insurance Alternative Risk Transfers (ARTs) 217, Facility 60 221, 236 catastrophe (cat) bonds 3, 113, 182, ambiguity of risk 112–13 212 217–40 see also uncertainty see also insurance-linked securities, American International Group (AIG) insurance securitization 1, 104 catastrophe derivatives 182, 221–2 “appetite” of insurers 84 catastrophe disasters 5, 8, 12–6, 72, 74, Arrow, Kenneth 35 92, 102, 155, 171–3, 255–6 asbestos claims 108–9 see also natural catastrophes assessment insurance 110 catastrophe fund 142, 210–12, 254 asset-backed securitization 237 catastrophe insurance 6, 8–11, 13–4, Association of British Insurers (ABI) 44, 73, 80, 89–99, 103, 105, 108, 148, 149 112–14, 121–8, 129–175, 208–9, authoritarian regime 7, 33 212–5, 216 availability crisis 52 affordability 63, 66, 69–70, 125, 127–8 174, 206, 250, 256 Baker, Tom 133, 134 demand 84–9, 92–3 Barry, D.
    [Show full text]
  • Why I Became a Hindu
    Why I became a Hindu Parama Karuna Devi published by Jagannatha Vallabha Vedic Research Center Copyright © 2018 Parama Karuna Devi All rights reserved Title ID: 8916295 ISBN-13: 978-1724611147 ISBN-10: 1724611143 published by: Jagannatha Vallabha Vedic Research Center Website: www.jagannathavallabha.com Anyone wishing to submit questions, observations, objections or further information, useful in improving the contents of this book, is welcome to contact the author: E-mail: [email protected] phone: +91 (India) 94373 00906 Please note: direct contact data such as email and phone numbers may change due to events of force majeure, so please keep an eye on the updated information on the website. Table of contents Preface 7 My work 9 My experience 12 Why Hinduism is better 18 Fundamental teachings of Hinduism 21 A definition of Hinduism 29 The problem of castes 31 The importance of Bhakti 34 The need for a Guru 39 Can someone become a Hindu? 43 Historical examples 45 Hinduism in the world 52 Conversions in modern times 56 Individuals who embraced Hindu beliefs 61 Hindu revival 68 Dayananda Saraswati and Arya Samaj 73 Shraddhananda Swami 75 Sarla Bedi 75 Pandurang Shastri Athavale 75 Chattampi Swamikal 76 Narayana Guru 77 Navajyothi Sree Karunakara Guru 78 Swami Bhoomananda Tirtha 79 Ramakrishna Paramahamsa 79 Sarada Devi 80 Golap Ma 81 Rama Tirtha Swami 81 Niranjanananda Swami 81 Vireshwarananda Swami 82 Rudrananda Swami 82 Swahananda Swami 82 Narayanananda Swami 83 Vivekananda Swami and Ramakrishna Math 83 Sister Nivedita
    [Show full text]
  • Incentives and Barriers of the Cyber Insurance Market in Europe June 2012
    Incentives and barriers of the cyber insurance market in Europe June 2012 Incentives and barriers of the cyber insurance market in Europe I Acknowledgements This Study was commissioned and managed by ENISA with specialist services provided by RAND Europe. ENISA would like to thank Mr. Neil Robinson for his professionalism and dedication to this project. In addition, ENISA wishes to acknowledge and thank Prof. Robin Bloomfield of City University of London, Mr. Andrea Renda of CEPS, Mr. Michael Mainelli of Z/Yen, Mrs. Simona Cavallini and Mr. Fabio Bisogni of Formit Foundation for their prompt support, valuable input and material provided for the compilation of this Study. II Incentives and barriers of the cyber insurance market in Europe About ENISA The European Network and Information Security Agency (ENISA) is a centre of network and information security expertise for the EU, its member states, the private sector and Europe’s citizens. ENISA works with these groups to develop advice and recommendations on good practice in information security. It assists EU member states in implementing relevant EU legislation and works to improve the resilience of Europe’s critical information infrastructure and networks. ENISA seeks to enhance existing expertise in EU member states by supporting the development of cross-border communities committed to improving network and information security throughout the EU. More information about ENISA and its work can be found at www.enisa.europa.eu Contact details For contacting ENISA or for general enquiries on this Study on cyber insurance market in Europe please contact Nicole Falessi and Dr. Konstantinos Moulinos and use the following details: Resilience and CIIP Program Technical Department Email: [email protected] Incentives and barriers of the cyber insurance market in Europe III Legal notice Notice must be taken that this publication represents the views and interpretations of the authors and editors, unless stated otherwise.
    [Show full text]
  • Institut Universitari De La Dona
    INSTITUT UNIVERSITARI DE LA DONA DE KOSALA A BOLLYWOOD: DOS MIL AÑOS CONTANDO HISTORIAS. UN ESTUDIO SEMIÓTICO DEL RAMAYANA ROSER NOGUERA MAS UNIVERSITAT DE VALÈNCIA Servei de Publicacions 2008 Aquesta Tesi Doctoral va ser presentada a València el dia 10 de març de 2008 davant un tribunal format per: - D. José María Bernardo Paniagüa - D. Josep Gavaldà Roca - D. Juan Arnau Navarro - Dª. Eva Fernández del Campo Barbadillo - D. Ramón X. Roselló Ivars Va ser dirigida per: Dª. Antonia Cabanilles Sanchís ©Copyright: Servei de Publicacions Roser Noguera Mas Depòsit legal: I.S.B.N.: 978-84-370-7160-2 Edita: Universitat de València Servei de Publicacions C/ Artes Gráficas, 13 bajo 46010 València Spain Telèfon: 963864115 UNIVERSITAT DE VALÈNCIA INSTITUT UNIVERSITARI D’ESTUDIS DE LA DONA FACULTAT DE FILOLOGIA, TRADUCCIÓ I COMUNICACIÓ DE KOSALA A BOLLYWOOD: DOS MIL AÑOS CONTANDO HISTORIAS. UN ESTUDIO SEMIÓTICO DEL RAMAYANA TESIS DOCTORAL Presentada por: ROSER NOGUERA MAS Dirigida por: Dra. ANTONIA CABANILLES SANCHIS VALÈNCIA, 2007 I II AGRADECIMIENTOS En primer lugar agradezco a Antonia Cabanilles, mi directora y profesora de crítica literaria y semiótica de la cultura, su entusiamo, apoyo incondicional y tarea de supervisión y dirección. A las personas que me han ayudado todos estos años en la burocracia y el aprendizaje: el profesor Ximo Espinosa del Departamento de Italiano de la Universitat de València, el Prof. Patrizio Rigobon de la Universidad de Bologna, Vicen Belenguer del Institut de la Dona, Sonsoles Vázquez de la Agencia Española de Cooperación Internacional; a todos mis compañeros del Department of Germanic and Romance Studies (GRS) de la University of Delhi, especialmente a Shaswati Mazumdar, Jyoti Sabharwal, Manisha Taneja, Mircea, Sabina, Stefano y Dominique; al profesor H.
    [Show full text]
  • Covering the Increased Liability of New Launch Markets
    32nd Space Symposium, Technical Track, Colorado Springs, Colorado, United States of America Presented on April 11-12, 2016 COVERING THE INCREASED LIABILITY OF NEW LAUNCH MARKETS Robert Williams, [email protected] Kevin Walsh, [email protected] ABSTRACT The next generation space race prize is the integration of space dependent technology reliably in modern society. This paper is offered as an examination of an expanding diverse space launch industry as well as the necessity for increased capacity of resources in the underwriting space. Consumers are already space application dependent. There are 1 billion GPS receivers already deployed and expected to grow to 7 billion by 2022. As an example, satellites transformed 800 analogue channels in 1991 to more than 25,000 digital channels today. Without GPS, money isn’t accessible from an ATM. Space plays a greater role in day-to-day life and liability coverage will become more important. If a satellite fails for example, businesses relying on satellite services to function may want to claim for lost income or expenses incurred. Growth of space business has been characterized by a shift away from military and the public over to the private sector. Space activity was largely funded through government bodies such as NASA, the European Space Agency or the Japanese Space Agency. With recent estimates by the Satellite Industry Association placing cumulative satellite industry revenues at over $195.2 billion, a number of private companies are successfully entering the space industry and space application world. Governments and space agencies, which were ordering and building space hardware themselves, are now shifting towards buying services from private companies.
    [Show full text]
  • DB MF PW RCSTD 0314.Pdf
    DB/MF/PW/RCSTD/0314 10 things to do before you go Important 1. Check the Foreign and Commonwealth Office (FCO) travel Under the new travel directive from the European Union (EU), advice online at www.gov.uk/knowbeforeyougo. you are entitled to claim compensation from your airline if any of the following happen. 2. Get travel insurance and check that the cover is appropriate. 1. You are not allowed to board or your flight is cancelled. If you check-in on time but you are not allowed to board 3. Get a good guidebook and get to know the place you are because there are too many passengers for the number of going to. Find out about local laws and customs. seats available or your flight is cancelled, the airline operating the flight must offer you financial compensation. 4. Make sure you have a valid passport and any visas you need. 2. There are long delays. If you are delayed for two hours or more, the airline must 5. Check what vaccinations you need at least six weeks before offer you meals and refreshments, hotel accommodation you go. and communication facilities. If you are delayed for more than five hours, the airline must also offer to refund your 6. Check to see if you need to take extra health precautions ticket. (visit www.nhs.uk/travelhealth) 3. Your baggage is damaged, lost or delayed. 7. Make sure whoever you book your trip through is a If your checked-in baggage is damaged or lost by an EU member of the Association of British Travel Agents (ABTA) airline, you must make a claim to the airline within seven or the Air Travel Organisers' Licensing scheme (ATOL).
    [Show full text]
  • Volunteering Opens up All These ­Opportunities, and This Book Has All the Advice You Need to Get You There
    Are you looking for a more meaningful travel experience? Do you want to give back to the communities you visit, make a genuine connection with locals, meet like-minded travellers and build your skills? International volunteering opens up all these opportunities, and this book has all the advice you need to get you there. Much more than just a resource directory, Volunteer is packed with invaluable information and full-colour inspiration to get you planning your perfect short- or long-term volunteer A Traveller’s Guide to Making a Difference Around the World experience anywhere in the world – whether it’s monitoring sea turtles in Greece, helping set up handicraft businesses in Ghana or building community centres in Guatemala! Features: ~ Unique, user-friendly structure arranged by type of volunteering programme World the Around a Difference A Traveller’s Guide to Making ~ Over 170 organisations listed and reviewed ~ Dozens of seasoned volunteers share their experiences and top tips ~ Written by passionate, well-travelled Lonely Planet authors advised by a team of experts in the field ~ Fully illustrated with colour photographs of volunteers in action www.lonelyplanet.com US $19.99 UK £12.99 2nd Edition A Traveller’s Guide to Making a Difference Around the World Contents 01: INTERNATIONAL VOLUNTEERING: Taxation & National Insurance 83 06: STRUCTURED & SELF-FUNDING Choosing a Mutually Beneficial AN OvERviEW 8 House 83 VOLUNTEER PROGRAMMES 148 Placement 224 Why Volunteer? 9 Vehicle 86 How Do They Work? 149 Further Preparation 224 Kinds of
    [Show full text]
  • Insurance As a Risk Management Instrument for Energy Infrastructure Security and Resilience
    INSURANCE AS A RISK MANAGEMENT INSTRUMENT FOR ENERGY INFRASTRUCTURE SECURITY AND RESILIENCE U.S. Department of Energy Office of Electricity Delivery and Energy Reliability Infrastructure Security and Energy Restoration Insurance as a Risk Management Instrument for Energy Infrastructure Security and Resilience This page intentionally left blank. U.S. Department of Energy March 2013 Page ii of viii Insurance as a Risk Management Instrument for Energy Infrastructure Security and Resilience Preface This study examines key risks that the Nation‘s critical energy infrastructure is confronting and the ways in which the insurance industry can help manage these risks, including how it identifies, assesses, and manages them and their potential impacts. Today, weather-related incidents account for the majority of economic losses in the insurance industry as well as in the critical infrastructure sectors. In addition to the traditionally-recognized natural hazards, critical energy infrastructure faces significant emerging threats, including cybersecurity and space weather risks. While the United States has a large, mature insurance market, developing insurance mechanisms for protecting critical infrastructure from these emerging risks remains a significant challenge. The lack of historical data on the frequency and severity of these events, the changing nature of technologies impacted by them, as well as the inherent uncertainties posed by these risks make it difficult to accurately assess these emerging risks and develop proper insurance products. Insurance instruments can be a useful risk mitigation tool for critical infrastructure by encouraging resilience-enhancing investments and facilitating recovery after a disaster. However, due to the increased interdependencies across various critical infrastructure systems and sectors as well as the growing dependence of today‘s society on the critical infrastructure functions and advanced technologies, the question of insurability of critical infrastructure against emerging risks faces new challenges.
    [Show full text]
  • ARGO GROUP INTERNATIONAL HOLDINGS, LTD. (Exact Name of Registrant As Specified in Its Charter)
    Toggle SGML Header (+) Section 1: 10-K (10-K) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2014 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-15259 ARGO GROUP INTERNATIONAL HOLDINGS, LTD. (Exact name of Registrant as specified in its charter) Bermuda 98-0214719 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 110 Pitts Bay Road P.O. Box HM 1282 Pembroke HM08 Hamilton HM FX Bermuda Bermuda (Address of principal executive offices) (Mailing address) (441) 296-5858 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Security Name of Each Exchange on Which Registered Common Stock, par value of $1.00 per share NASDAQ Global Select Market Guarantee of Argo Group US, Inc. 6.500% Senior Notes due 2042 NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Commercial Space and Launch Insurance: Current Market and Future Outlook
    Fourth Quarter 2002 Quarterly Launch Report 8 Commercial Space and Launch Insurance: Current Market and Future Outlook INTRODUCTION Third-party liability and government property insurances protect launch service providers and Since our last review of the space and launch their customers in the event of public injury or insurance industry (see "Update of the Space government property damage, respectively, and Launch Insurance Industry," 4th quarter, caused by launch or mission failure. In the 1998 Quarterly Launch Report), many changes United States, Federal Aviation Administration have occurred in the market. This report regulations require that commercial launch endeavors to examine the current market situa- licensees carry insurance to cover third-party tion and to explore what causes insurance mar- and government property damage claims that ket changes. We also examine how and why might result from launch activity. Because this market moves over time and discuss the these insurances are obtained from a different future outlook for space insurance. pool than the previous types of coverage, these insurances are beyond the scope of this report. For more information on licensee financial responsibility requirements, liability, and U.S. OVERVIEW OF SPACE INSURANCE liability risk-sharing regime, please see U.S. Department of Transportation/Federal Aviation The insurance market for the commercial Administration, Liability Risk-Sharing Regime space transportation industry is a global one, for U.S. Commercial Space Transportation: with satellite owners, satellite manufacturers, Study and Analysis, April 2002. launch services providers, insurance brokers, underwriters, financial institutions, reinsurers, Re-launch guarantees are a form of launch and government agents worldwide cooperating insurance in which a launch company acts as in order to coordinate an insurance package for an insurance provider to its customers.
    [Show full text]
  • Understanding Risk. Seeing the Opportunity. Annual Report & Accounts 2019 Report Annual
    Lancashire Holdings Limited Holdings Lancashire Holdings Limited Understanding risk. Seeing the opportunity. Annual Report 2019 & Accounts Annual Report & Accounts 2019 OUR PURPOSE IS TO… • Deliver bespoke risk solutions that protect our clients and support economies, businesses and communities in the face of uncertain loss events; • Manage our risk exposures and capital resources to generate returns for our investors; and • Support our people and work with our stakeholders; fostering a positive, sustainable and open business culture to the benefit of society. STRATEGIC REPORT Overview 1 Lancashire Group at a glance 8 Chairman’s statement 10 Business model Strategy GOVERNANCE 12 Chief Executive’s review 48 Chairman’s introduction 14 Our strategy 50 Board of Directors Performance 52 Principles for Sustainable Insurance 16 Financial review 55 Corporate governance report 18 Key performance indicators 59 Committee reports 20 Underwriting review 74 Directors’ Remuneration Report 24 Business review 96 Directors’ report 30 Enterprise risk management 100 Statement of Directors’ 33 Principal risks responsibilities 40 Engagement and sustainability FINANCIAL STATEMENTS ADDITIONAL INFORMATION 101 Independent auditor’s report 170 Shareholder information 107 Consolidated primary statements 171 Glossary 111 Accounting policies 176 Alternative performance measures 118 Risk disclosures 177 Contact information 143 Notes to the accounts FROM OUR BEGINNING 2012: Focusing our core portfolio In a year of flat demand and ample industry capacity, Lancashire optimised its 2009: Listing on the LSE portfolio, in order to better balance our exposure and Our listing on the main focus on more profitable market of the LSE was areas. We launched the built on four years of client-facing third-party strong performance capital reinsurance facility, and the indication of Saltire, and issued $130m of 2005: Inception pricing improvements senior debt.
    [Show full text]
  • To Download the Book
    OM SRI GURUBHYO NAMAH from Tamil book by Pu.Ma.JAYASENTHILNATHAN, M.A. (Asthana Vidvan, Sri Sankara Matham, Kanchipuram) and other sources Released during the SAHASRADINA SATHABHISHEKAM CELEBRATIONS of Jagadguru Sri JAYENDRA SARASWATHI SWAMIGAL Sankaracharya of Moolamnaya Kanchi Kamakoti Peetham Kanchipuram November 2015 Compiler’s Preface The unbounded Grace of Jagadguru Sri Jayendra Saraswathi Swamigal, Sankaracharya of Kanchi Kamakoti Peetham has made me take up the impossible task of compiling his Vijaya Yatras based on Sri Pulavar Ma.Jayasenthilnathan’s book in Tamil ‘Sri Jayendra Vijayam’ – parts 1 and 2. The contents of the two volumes have been assembled and abridged. Information has also been updated, mainly in the Appendices based on other sources. A multifaceted personality, simplicity personified- that is our Swamigal in a nutshell. His one trait, which none, who has had his fleeting darshan even once, will miss is his geniality and the infectious and bewitching smile on his lustrous face. The revered Paramacharya Sri Chandrasekharendra Saraswathi Swamigal had said that he himself was the “Iccha Sakthi” and his disciple was the “Kriya Sakthi”. This was with reference to how his devoted disciple carried out his every wish. Soon after his becoming Peethadhipati, Sri Jayendra Saraswathi Swamigal wrote Page 2 of 128 a treatise on Brahma Sutra Bhashya, titled ‘Gurupriya’, as desired by his Guru. Known for clarity, cogency and brevity, Gurupriya is intended to serve as a refresher to the serious student engaged in manana, contemplation. Sri Acharya Swamigal has become the prime mover over the years in projects that have far - reaching impact in manifold areas of Vedic education, maintenance of heritage including temples, social welfare, health, child care, and village crafts and education.
    [Show full text]