The African Risk Capacity (ARC) Group, which includes ARC Agency and ARC Insurance Company, proposed a parametric insurance product to provide coverage for tropical cyclones in countries in the South West Indian Ocean (SWIO) region. Thirteen cyclone events with wind speeds above 63 km/h occur each year, on average, in the SWIO region.

A group of reinsurance companies in the Cayman Islands formed a new group, the Cayman International Reinsurance Companies Association ("CIRCA"). According to a press release, the group is "dedicated to fostering the industry through peer interaction, advocacy and education on topics impacting the regulatory and business environment" for reinsurers in the Cayman Islands.

Manitoba Public Insurance, a public insurer in Canada, recently stated that investigations into nearly 1,000 suspicious claims prevented more than $13 million in claims costs associated with fraudulent activity as of November 2020.

Italian insurer Assicurazioni Generali SpA agreed to buy AXA's Greek operations, AXA Greece, for 165 million euros ($203 million), Bloomberg reported. The transaction is the latest in Assicurazioni Generali's plan to expand its European non-life and health insurance businesses.

Special Reports /

International P&C insurance news: January 2021

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