Metlife could be about to exit this market
It’s reported that Metlife is planning to exit the insurance market in India where it has a 26 per cent stake in a joint venture.
The Times of India reports that despite the venture growing in recent years after Punjabi National Bank took a 30 per cent stake, Metlife has not taken the opportunity to increase its share to the maximum 49 per cent that foreign entities can hold.
Metlife has not commented on the story but a source told the
news outlet that “discussions have begun with global investment banks. Metlife is looking to globally restructure its businesses.”
Earthquake maps seriously overstate risk says study
Maps showing earthquake risk, prepared by the US Geological Survey, seriously overstate the hazard for the New Madrid Seismic Zone says a new report.
The Kentucky Geological Survey at University of Kentucky concludes that, as a result, building codes are overly stringent and insurance costs are higher than necessary.
"Whether justified or not, the predicted extreme high ground-motion hazards for the New Madrid Seismic Zone and the resulting stringent seismic design requirements have an impact on communities in the New Madrid area, western Kentucky in particular,” the report states.
The maps for the region are based on models for other seismic regions as the low number of damaging quakes in the area make assessing the actual risk difficult.
The report is calling for a review of how the region’s earthquake risk is assessed.
Swiss Re reinsures important Chinese economic area, pays out already
Global reinsurer Swiss Re is running a pilot reinsurance program for China’s most populated economic hub and has already paid out following a typhoon.
The Guangdong region is responsible for over U$1 trillion of China’s GDP and the program covers the province against losses of up to $350 million from tropical cyclone and excessive rainfall.
“A major disaster is not just devastating for the lives and livelihoods of local people, but is also likely to affect the longer-term economy of the region,” said Martyn Parker, Chairman of Swiss Re Global Partnerships.
A payout has already been made under the program when the city of Shanwei made a claim following super-typhoon Haima which made landfall on October 21.
MMA event to pay $43k for insurance
A forthcoming mixed martial arts event in New York will pay $43,550 in insurance premiums to cover fighters in the event of brain injury.
The 26 fighters on the card will each be required to have a policy costing $1,675 following legislation introduced earlier this year by the state’s athletic commission.
According to newstalk.com, the boxing world is unhappy with the required higher levels of insurance which MMA organizers UFC have advocated for.
