Howden’s MEA businesses – including the UAE, Bahrain, Oman,...
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Marsh and Apollo design first-of-its kind insurance facility for Uber to accelerate autonomous ride-hailing
Autonomous Vehicle Insurance Program(AVIP) is underwritten by...
Shipping in Straits of Hormuz halted due to safety concerns, not insurance,says IUA chief executive
“Most prominent is shipping in the Straits of Hormuz where trade...
Govt undertakes special drive to enable cooperative banks to become insurance distributors
Amit Shah,Union Minister for Home and Cooperation Under the campaign, in alignment with the goal of Insurance for All by 2047 and to realise the vision of Sahakar se Samriddhi, a special drive has been undertaken by the Ministry of Cooperation to enable Cooperative...
Lockton Re launches Agentforce 360 Platform
Robert Bisset, CEO, North America, Lockton Re, said, “Agentforce will support the streamlining of some of our sales activity, creating better informed and more digitally connected broking teams. Many of our client teams are truly global and so the ability to share and...
Maritime insurance premiums surge as Iran conflict widens,in some cases by more than 1,000%
Analysts at Jefferies estimated on Thursday that potential industry losses from at least seven vessels reported damaged, at the time its note was published on March 5, could reach up to $1.75 billion. With most tankers valued between $200 million and $300 million, the...
Strait of Hormuz shipping is at near-total halt, JMIC says
A review of shipping signals have confirmed only two commercial transits in the past 24 hours, the Joint Maritime Information Center said in note on Friday. Those crossings were cargo ships rather than oil tankers, according to the multinational naval advisory group...
London marine insurers still offering Middle East cover as War Risk rates rise: Gallagher
“Given the challenging maritime security environment, rates have increased from levels that owners and charterers will be used to.The cost will vary depending on the vessel type, cargo and routing, however marine insurers are very much continuing to provide cover and...
Marsh and Aon in talks with US govt on a plan to help insure tankers navigating Strait of Hormuz
President Donald Trump said on Tuesday the US International Development Finance Corporation would offer insurance “at a very reasonable price” to help ensure the flow of energy and other commercial trade in the Gulf. Marsh and Aon Plc, two of the world’s largest...
Middle East Conflict Risks:Global reinsurers shielded by robust capital and earnings
There will be sizable insured losses, and the conflict could have far‑reaching implications for the reinsurance industry.The conflict disproportionately affects specialty lines, a segment that insures complex or high‑risk exposures, including war risk, aviation,...
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...
Middle East Crisis:Global Marine re/insurers issue notices of cancellation(NOC) under standard 7-day war clauses
Additional premiums for vessels transiting high-risk waters are rising sharply and may continue to fluctuate in the short term.Cargo war risk remains available; however, rates are increasing and quotations are being reviewed on a voyage-by-voyage basis, particularly...
Miller expands reinsurance offering into MENA through acquisition of Shields
James Hands, CEO, Miller, said, “Miller has worked with clients in MENA for decades and we are incredibly excited to have found a long-term partner in Shields to enhance our offering and reach. This acquisition will allow us to access a new placement hub in Dubai and...