Global reinsurance industry gaining positive momentum

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“On the negative side, two elements remain,” Mazzuoli added. “They are, I would say, ‘old friends’ of ours. The first one is that natural catastrophe losses keep creeping up. We believe that climate change [is driving] higher frequency and severity on an underlying structural trend. And the second [negative] is falling investment yields – something that we’ve known to happen for many years now, and we believe that this will continue to be a key headwind for the sector.”

Higher risk-adjusted prices

The January 2021 renewals saw “the strongest price increases across most of the major lines of business in

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Mercer Marsh Benefits selects new leaders in the Pacific

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Meanwhile, Geoff Grace, also Melbourne-based, has taken the role of head of placement for MMB Asia and Pacific. He joins from Aon, where he was a chief broking officer for health solutions at the Asia-Pacific for the past five years. In his new role, he will oversee MMB’s placement strategy and the development of insurer relationships across the company’s wide range of industries and product lines.

MMB has also appointed Perth-based Blake Gleeson, who joined the company in 2019 as an MMB leader for Western Australia, as the new chief client officer for MMB Pacific. In a newly created role,

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Indian regulator proposes wider scope for cyber cover

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The Insurance Regulatory and Development Authority of India (IRDAI) has advised insurers to widen the scope of their individual cyber insurance policies, including global jurisdiction of cover.

Some of the other inclusions the regulator proposed are card cloning, skimming, small claims without a first information report (FIR), and online shopping fraud, The Indian Express reported.

According to the regulator, while the cyber cover may be valid worldwide, claims settlement must be made in India.

“A number of syndicated frauds originate from outside India – phishing, ransomware and malware attack – and cyber insurance clauses may or may not be clear

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MSIG Singapore CEO to retire; successor named

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MSIG Singapore has announced that CEO and director Craig Ellis (pictured above) will retire on Jan. 1, with Mack Eng, currently MSIG Asia executive vice president, succeeding him in both roles.

Ellis joined MSIG in January 2019, and was appointed CEO and director of MSIG Singapore in April of that year. During his tenure, MSIG Singapore’s improved its business results from an $18.5 million underwriting loss in 2019 to an $18.8 million underwriting profit in 2020. The company also received several awards, including the 2019 Skills Future Employer Award (non-SME).

In March 2020, Ellis was elected president of the General

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