ORSA

AM Best Affirms Credit Ratings of FuSure Reinsurance Company Limited

Retrieved on: 
Wednesday, May 24, 2023
Banking, Professional Services, Insurance, Finance, Communication, AM Best, Greater, ALL, ERM, Hong Kong Stock Exchange, Risk management, Credit, Projection, Risk, AM, Health, ORSA, News, Tencent

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of FuSure Reinsurance Company Limited (FuSure) (Hong Kong).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of FuSure Reinsurance Company Limited (FuSure) (Hong Kong).
  • The ratings reflect FuSure’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

Global Flexible Foam Market to Reach $15.06 Billion During 2023-2027 - ResearchAndMarkets.com

Retrieved on: 
Friday, February 24, 2023
Chemicals, Plastics, Manufacturing, Foam, Dow Chemical Company, BASF, ORSA, SE, Research, FXI, BASF SE, Retail

This study identifies the expansions of production capacity by vendors as one of the prime reasons driving the flexible foam market growth during the next few years.

Key Points: 
  • This study identifies the expansions of production capacity by vendors as one of the prime reasons driving the flexible foam market growth during the next few years.
  • Also, augmented investment in R&D and growing focus on the production of bio-based flexible foams will lead to sizable demand in the market.
  • Also, the flexible foam market analysis report includes information on upcoming trends and challenges that will influence market growth.
  • The publisher's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.

Best’s Commentary: Philippines Insurers’ Adoption of ORSA Standards a Credit Positive

Retrieved on: 
Wednesday, February 22, 2023
Insurance, Professional Services, ALL, AM Best, News, European, ORSA, Life, Risk, Republic, Data, ERM, Risk management

AM Best views the Philippines’ adoption of Own Risk and Solvency Assessment (ORSA) standards as a positive development that will elevate the country’s regulations to a higher standard, one more in line with more-advanced regimes.

Key Points: 
  • AM Best views the Philippines’ adoption of Own Risk and Solvency Assessment (ORSA) standards as a positive development that will elevate the country’s regulations to a higher standard, one more in line with more-advanced regimes.
  • ORSA requires that insurance companies identify all material risks and risk correlations, quantify these risks and estimate capital requirements through risk modelling and stress testing.
  • In a new Best’s Commentary, “Philippines Insurers Adoption of ORSA Standards a Credit Positive,” AM Best states by adopting ORSA, the Philippines insurance industry will be more aligned with markets such as the European Union, United Kingdom, Australia, Singapore, Hong Kong, United States, Bermuda and Japan.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

15 Million RVers Plan Holiday Travel in US; Another Indicator of the Outdoor Recreation Industry’s Enormous Economic Impact

Retrieved on: 
Tuesday, November 15, 2022
Vacation, Transportation, Automotive, Recreational Vehicles, Travel, Holiday, Recreation, Genz, Ashurst, Friends, Human, ORSA, Freedom, Economics, Travel, Family, Recreational vehicle, Tourism, RV, Millennials

A new survey of leisure travelers conducted by the RV Industry Association finds that 15.3 million Americans plan to travel in RVs between Thanksgiving and New Years this year.

Key Points: 
  • A new survey of leisure travelers conducted by the RV Industry Association finds that 15.3 million Americans plan to travel in RVs between Thanksgiving and New Years this year.
  • This represents an increase of 31% in gross output and 13% in jobs over 2020.
  • According to the RV Industry Associations travel intention study, 29% of Millennials and 20% of GenZ leisure travelers plan on staying in an RV over the holidays.
  • The survey also showed that finances are a driving reason for peoples plans to take an upcoming RV trip.

Record-Breaking Numbers: Outdoor recreation a whopping $862B industry according to new government data

Retrieved on: 
Wednesday, November 9, 2022
Environment, Friends, BEA, Recreation, Industry, Growth, Nature, Travel, U.S. Department of Commerce Office of Security, Government, Mercury, Channel Islands National Marine Sanctuary, Winnebago Industries, CEO, Recreational vehicle, University, Skiing, ORSA, COVID-19, NMMA, U.S. Department of Defense Strategy for Operating in Cyberspace, Agriculture, Commerce, ORR, Health, Water, Kampgrounds of America, Bureau, Mercury Marine, Family, Camping, Bureau of Economic Analysis, Economics, Mining, Quality of life, Diving, Human, Time, Hunting, Risk management

This means the outdoor recreation economy contributes more to the U.S. economy than oil and gas extraction, mining, and agriculture.

Key Points: 
  • This means the outdoor recreation economy contributes more to the U.S. economy than oil and gas extraction, mining, and agriculture.
  • America's outdoor recreation community, represented by ORR, continues to support the Outdoor Recreation Satellite Account (ORSA) the project compiling and releasing this data.
  • The Outdoor Recreation Roundtable is the nation's leading coalition of outdoor recreation trade associations representing the $862 billion outdoor recreation economy.
  • ORR focuses on the growth of outdoor recreation by building a better environment for the sustainable growth of outdoor recreation businesses and driving a broader understanding of the value of the outdoor recreation economy.

Overhaul Introduces Tech-Embedded Insurance Offering to Dramatically Reduce Total Cost of Risk and Improve Supply Chain Performance for Global Shippers

Retrieved on: 
Tuesday, October 4, 2022
Solution, Food, DBA, Technology, LinkedIn, ORAS, Compliance, Twitter, Multimedia, Bristol Myers Squibb, ORSA, Insurance, Overhaul, Microsoft, Risk management, Risk, Health, Fortune 500, Health insurance, Financial adviser, Facebook

"With our Shipper's Interest Insurance Program, Overhaul will not only bring truth and clarity to risk and pricing decisions, but also deliver proactive risk management when real-world intervention is needed."

Key Points: 
  • "With our Shipper's Interest Insurance Program, Overhaul will not only bring truth and clarity to risk and pricing decisions, but also deliver proactive risk management when real-world intervention is needed."
  • The cargo insurance offering is currently available with Overhaul customers eligible to receive a quote and Overhaul plans to offer additional insurance solutions coming to market in 2023.
  • Founded in 2016 and headquartered in Austin, Texas, Overhaul is the only data-agnostic supply chain visibility and security solution.
  • Disclaimer: Overhaul Risk Advisory Services, DBA: Overhaul Risk Insurance Services (ORAS) is a licensed insurance brokerage (Texas License Number #2800637).

Triple-I: Insurers Play Key Role in Addressing Climate-Related Risks

Retrieved on: 
Thursday, November 18, 2021
Insurance, CEO, National Association of Insurance Commissioners, Industry, FIO, Climate, NAIC, ORSA, Insurance Information Institute, History, National Association, Department of the Treasury, Lists of disasters, Gaps, Research, Request for information, Appetite, Wildfire, National Association of Federally-Insured Credit Unions, Insurance commissioner, Special, RFI, Risk management

Moreover, eight of the 10 costliest wildfires in U.S. history, as measured by insured losses, have occurred since 2017, according to the Triple-I.

Key Points: 
  • Moreover, eight of the 10 costliest wildfires in U.S. history, as measured by insured losses, have occurred since 2017, according to the Triple-I.
  • Residual market programs make basic coverage more readily available in areas that are highly prone to specific risks.
  • To illustrate how insurers are leading on this issue, the Triple-I has created products like its Resilience Accelerator and Resilience Ratings map.
  • Both offer guidance to the public on ways to mitigate against climate-related risks.