The war has massively disrupted shipping, sending crude oil prices...
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US insurance program meant for Strait of Hormuz to begin soon:Scott Bessent
Scott Bessent,US Treasury Secretary Although the program was first...
Financial literacy a “core life skill” to secure savings, says Shamika Ravi
Shamika Ravi, Member of the Economic Advisory Council to the Prime...
Black Swan scenarios: Crisis of geopolitical instability and interconnected risks
According to new Allianz Risk Barometer analysis,respondents in Asia Pacific identified a global supply chain paralysis and global internet outrage as the two most plausible Black Swan scenarios; the former is ranked first in China and Hong Kong, Singapore, and South...
London marine insurers widen high-risk zone in Mideast Gulf as conflict escalates
Gulf war risk premiums have risen fivefold in recent days compared with a week ago – before the U.S and Israel began their airstrikes on Iran – adding hundreds of thousands of dollars in extra costs for every shipment. London’s marine insurance market has widened the...
‘Black Swan’ risks stalk container carriers in avoiding Iran war
Jeremy Nixon, the CEO of Ocean Network Express, said Monday there were about 750 ships caught up in what was effectively the closure of the Strait of Hormuz, with about half of them inside of the Gulf and half on the way there. About 100 of those are container ships,...
Iran conflict disrupts global shipping as tankers are stranded, damaged
War risk premiums have risen up to 1% of the value of a ship in the past 48 hours, from around 0.2% last week, industry sources said on Monday, which adds hundreds of thousands of dollars in costs for every shipment Insurance companies are canceling war risk coverage...
Insurance gaps leave airlines exposed as Iran conflict widens
Airlines have aviation war cover for their fleets, including damage to aircraft and liability, but revenue losses from operational disruption typically fall under business insurance policies that include war exclusions, leaving airlines to foot the bill, a second...
Qatar declares force majeure, gas supplies to Indian industry cut amid Iranian strikes
The attacks have also effectively brought oil and LNG shipments through the Strait of Hormuz to a near halt, driving up global energy prices as well as sharply raising war-risk insurance and shipping costs. New Delhi:In a first such event, after Iran has attacked...
Indian Accounting Standards (Ind AS): IRDAI issues exposure draft,to implement new accounting system for industry from Apr 1
The proposed amendments aim to promote greater consistency, transparency and comparability in financial reporting across the insurance sector, in alignment with globally accepted standards,while preserving regulatory prudence and safeguarding policyholder interests...
SC fastens liability of paying penalty on employer for delay in depositing compensation
"The perusal of the statement of objects of the said legislation makes it crystal clear that the said legislation is a social welfare statute brought in by Parliament to redress the grievances of the employees in case of accidents that may occur in or during the...
War risk insurance premiums for ships likely to rise amid West Asia crisis: Re/insurance brokers
Vessels of the Shipping Corporation of India (SCI) are also involved in the movement of crude oil and LNG, especially through areas around the Red Sea, and would have to pay an additional premium for war cover to ensure risk cover. In aviation, hull war risk (HWR)...
Iran vows to attack any ship trying to pass through Strait of Hormuz
"The strait (of Hormuz) is closed. If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze," Ebrahim Jabari, a senior adviser to the Guards commander-in-chief, said in remarks carried by state media. CAIRO:...