Insurance sector’s premium volume hit by COVID-19

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The COVID-19 pandemic has led to muted premium performance in 2020 in both the life and non-life sectors of the insurance industry in Pakistan, says the central bank, the State Bank of Pakistan (SBP), in its 2020 financial stability review.

Gross premiums in the life insurance sector increased by 2.9% to PKR201bn ($1.25bn) in 2020. There was a decline in sales of new individual life policies (first-year and single premiums) owing to the imposition of the COVID-19-related lockdown. Group business, however, grew.

In the non-life sector, net premiums declined by a small margin of PKR2bn (or 4%) to PKR47bn for

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Around the P&C insurance industry: July 21, 2021

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News from Alera Group, Beazley, Beazley and more. (Photo: Shutterstock)

The United States Department of Agriculture (USDA) authorized emergency procedures to help agricultural producers impacted by extreme drought conditions. USDA’s Risk Management Agency is working with crop insurance companies to streamline and accelerate the adjustment of losses and issuance of indemnity payments to crop insurance policyholders in impacted areas. These new crop insurance flexibilities are part of USDA’s broader response to help producers impacted by drought in the West, Northern Great Plains, Caribbean and other areas.

Beazley enhanced its pioneering virtual care policy, which provides comprehensive protection against the interconnected

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Blockchain in Insurance Sector Market Changing Strategies to Remain Competitive : Applied Blockchain, AWS, Microsoft, IBM

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Edison, NJ — (SBWIRE) — 07/20/2021 — The up-to-date coverage of the latest report Global Blockchain In Insurance Sector Market provides a detailed synopsis as well as a consistent evaluation of accurate profits over the forecasted timespan. Current trends, industry analysis, and growth development represented in the report are of great help for the new industry players entering the market. This market research report includes an in-depth analysis of global and regional markets with the understanding given for variation in the growth of the industry in particular regions, giving a specific investigation of the market status, venture plans,

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Smaller but More Frequent Catastrophes Loom Over Insurance Sector

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Floods in Germany, ice storms in Texas and heat domes in the Pacific Northwest are focusing attention in the insurance industry on the cumulative damage wrought by clusters of second-tier catastrophes.

Less devastating than mega events such as earthquakes and hurricanes, these secondary perils, as they are known in the industry, happen relatively frequently and include hail, drought, wildfire, snow, flash floods and landslides.

Climate change and urban sprawl are driving a jump in secondary perils losses, said Tamara Soyka, Head Cat Perils EMEA at Swiss Re . Insurers and reinsurers, who traditionally focused on predicting big weather events that

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Shenzhen issues China’s first digital yuan insurance policies

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A staffer displays the digital yuan application scenarios to visitors in the World Intelligence Congress in Tianjin in May. Photo: cnsphoto

The nation’s first digital yuan insurance policies have been issued in Shenzhen, South China’s Guangdong Province, in what analysts describe as another major step forward in the broader deployment of the China’s digital currency. 

The Shenzhen subsidiary of Pingan Property Insurance, working with the Bank of China branch in Shenzhen, issued the first batch of digital yuan insurance policies, the Shenzhen Special Zone Daily reported on Tuesday.

The move aims to conduct a simulation exercise for the use of

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Deal to drive innovation in insurance sector launched

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NAIROBI, Kenya, Jul 20- FSD Africa, the Insurance Regulatory Authority, and Tellistic Technology Services have launched BimaLab, a Sh5.3 million accelerator program designed to support Kenyan innovators to develop innovative solutions for the insurance sector.

According to the partners, the BimaLab accelerator program will emulate global best practices to build Kenya’s most competitive and attractive start-up accelerator program.

Through the program, 12 innovators will benefit from a ten-week program that provides them with expertise, resources, and support to develop and scale market-ready solutions.

The investment follows a successful pilot ran in collaboration by IRA Kenya, the UK-Kenya Tech Hub, the

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