Banking, insurance sector to aid clean energy transition

Benz Seo
Participants of an ecological civilization construction seminar in Guiyang, Guizhou province, walk past posters promoting green finance. [Photo by OU DONGQU/XINHUA]

China’s banking and insurance sector will accelerate the development of green finance and provide comprehensive financial services to assist in the country’s transition toward a greener and low-carbon economy, regulatory officials said.

The world’s second-largest economy should gradually improve regulatory framework for low-carbon development and green finance, establish green finance statistical monitoring and evaluation systems, and make standards for green finance information disclosure so that financial institutions will be able to comprehensively assess carbon footprints and strengthen environmental risk

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As ransomware and other cyberattacks grow, insurers struggle to keep up

Benz Seo

Given the prevalence of hacking incidents — before and after the Colonial Pipeline breach — more and more companies are purchasing cyber insurance to manage their risk. But are the pockets of large insurance companies deep enough?

A new report from the Government Accountability Office looked at the client list of a major insurance broker and found that the number of companies that bought policies grew from 26% to 47% over a four-year stretch.

Insurance gives companies that get hacked access to money for paying ransom.

“If you do have insurance, you can look at the policy and see what

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Cyber Insurance Market Valuation to Reach USD 24,185.3

Benz Seo

Pune, June 14, 2021 (GLOBE NEWSWIRE) — Market Analysis
The global cyber insurance market size is bound to display a stupendous CAGR of 15% over the forecast period (2020-2027), according to the latest report by Market Research Future (MRFR). Grid connected photovoltaic (PV) systems contain solar panels that power the appliances of households during the day. Solar PV systems can produce surplus of electricity during summer months and are stored in grid connected systems to be fed back to the electrical network. Use of hybrid systems for leveraging on solar energy as well as sustainable approaches of generating power can

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“Significant volatality” in the pricing environment

Benz Seo

Even without the pandemic, Kennedy noted that the regulatory reforms sweeping the insurance sector, between the FCA’s ban on general insurance price walking and the Ministry of Justice reforms, each constitute substantial changes with resounding knock-on impacts. To have so many factors all happening at the same time has made for a very unusual period.

Yet, while the last year or so has been quite hectic, he said, it has been rewarding to be in a position of supporting clients in understanding what each regulatory change means for them and in helping them to determine the different strategies required to

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‘Covid, economic uncertainty to weigh on earnings of non-life insurers’

Benz Seo

India’s general insurance sector — which grossed around Rs 2 lakh crore of total premium — might have faced the Covid-19 disruptions in a positive manner, but rating agencies have given the industry thumbs down.

International rating agency AM Best has maintained its negative market segment outlook on India’s non-life insurance industry as the ongoing pandemic is likely to exacerbate pressure on non-life insurers’ underwriting and investment performance. Factors supporting AM Best’s negative outlook on the non-life insurance market include competitive market conditions, persistently poor pricing discipline and reliance on investment activities for profitability, which have been prevalent for a

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Examining reasons behind market failure in health insurance

Benz Seo

For the second most populous country in the world, the health expenditure in India is amongst the lowest at 3.54 percent of the Gross Domestic Product (GDP). Of this, the share of public expenditure is about 1.28 percent of the GDP, indicating that healthcare in India is largely privately owned. In such a market, health financing tools become an important social security measure. It not only enables access, but also generates demand for improved healthcare and ensures financial risk protection. An efficient health insurance market, therefore, reduces the ‘out of pocket’ healthcare expense burden on individuals, which can otherwise push

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