Page 16 - Insurance Times October 2019

International

News

Leading global insurer B’Desh FinMin asks 28 non-listed insurers to get listed

Chubb to set up business Bangladesh Finance Minister Mustafa Kamal has directed 28 insurance com-
panies, which are non-listed companies, to get enlisted
services centre in India with the stock exchanges by offloading shares by three
Chubb, a leading global insurance months. Mustafa also warned that stern actions will be
company taken in case of failure to get enlisted with the bourses
has re- by three months. He further informed that a temporary
cently an- ban would be imposed on unwilling companies at an ini-
nounced tial stage before taking the tough action.
that it There are 75 insurance companies in Bangladesh, out of
will set which 47 are listed and 28 are non-listed. Mustafa said that the insurance sec-
up a business services centre in tor was getting stronger day by day as the government had brought the much
Hyderabad and in Bengaluru with needed impetus in the sector. He noted that both insurance and stock market
an aim to support its global opera- were fundamental components of the economy.
tions. Initially, the BSC which will Earlier, the Bangladesh Insurance Association warned its member insurance
support Chubb's operations with re- companies against giving more than 15% of insurance premiums as commis-
gards to information technology, sion to agents for collecting the premiums. BIA president Sheikh Kabir Hossain
digital and analytics functions, will said that the Insurance Development and Regulatory Authority of Bangladesh
commence operations with more and the BIA jointly took a number of steps to recover the country’s insurance
than 100 employees located in both sector from its current fragile state.
the cities, said Sean Ringsted,
Chubb’s Chief Risk Officer and Chief Munich Re introduces all new risk analysis services for
Digital Officer. wildfire & hurricane
"The professionals from here will Keeping hurricane and wildfire in view, Munich Re has recently announced two
support high impact areas such as new risk analysis and claims settlement services in order to accelerate indem-
digital technology and analytical ar- nification for policyholders. The reinsurer’s Wildfire Risk Score will support cli-
eas to support global insurance op- ents in evaluating wildfire risks in North America and in estimating damages
erations of Chubb," Ringsted said. following an event.

"The talent we hire in India will be The solution combines loss data from past wildfires with information from
an important complement to the publicly accessible scientific sources, allowing Munich Re to produce high-reso-
teams we have already in place in lution risk maps that have been integrated into its existing risk assessment
other regions across the world," said platform. The application will help insurance companies in analysing risks more
Julie Dillman, Global Head of Opera- precisely and to identify possible accumulations in their portfolio at an early
tions, Chubb. “Hyderabad and stage by allowing clients to visualise their exposure in real time. With the links
Bengaluru had exceptional technical to external warning systems, losses can be estimated and claims settlements
addressed quickly during and after a wildfire, reducing costly and enabling poli-
talent,” he further added.
cyholders to be indemnified more efficiently.
16 The Insurance Times, October 2019