James Shea, CEO of Sompo P&C, said “Strategic acquisitions have...
Category:
International News
Latest
Liberty Mutual Reinsurance and Safehub launch parametric earthquake insurance solution
ShakeNet Parametric reduces basis risk for parametric re/insurance...
Kazakhstan presses on with $4.4 billion fine against global oil majors for ecological violations
Kazakhstan's government originally fined NCOC 2.3 trillion tenge -...
Willis expands into specialty lines, hires talent in Japan
The Japanese general insurance market is projected to grow from JPY11.7 trillion (US$81.1 billion) in 2024 to JPY12.7 trillion (US$93.9 billion) by 2028, at a compound annual growth rate of 2.2%. TOKYO: Willis, a WTW business, today announced a significant expansion...
Turkish ports asking ships to declare they are not linked to Israel, shipping sources say
The guarantee letter should state that vessel owners, managers, and operators have no ties to Israel, and that certain types of cargo, including explosives and radioactive materials or military equipment, are not on board en route to Israel, the second source said....
Europe’s wildfires burned the most land in nearly 20 yrs
Fire activity has surged in recent weeks as another blast of unseasonable heat sapped the last moisture from Europe’s fields and forests, leaving them primed to ignite. Deadly, wind-whipped blazes have flared from Portugal and Spain to Greece and Albania. Researchers...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google admitted the arrangement had a substantial impact on competition from rival search engines, and has stopped signing similar deals while also agreeing to the fine, the Australian Competition and Consumer Commission (ACCC) added. Google agreed on Monday to pay a...
AM Best’s Top 50 Global Reinsurers: Swiss Re unseats Munich Re as new No 1 among IFRS-17 players in 2024
Now, AM Best's ranking of “World’s 50 Largest Reinsurers' has four Asian reinsurers - China Re(fourth largest IFRS -17 global reinsurer, with a premium income of $5.9 billion) Korea Re(sixth largest IFRS -17 global reinsurer, with a premium of $5.77...
Aon sued for its role in collapse of Israel insurtech Vesttoo
The lawsuit claims Aon “ignored red flags” about letters of credit and encouraged counterparties to work with Vesttoo despite expressing concerns internally about the business. The trustee, Lawrence Hirsh, alleges the insurance broker partnered with Vesttoo in an...
Talks for treaty on plastic pollution end without agreement
The fifth round of negotiations on the plastics treaty (INC-5.2) in Geneva was part of efforts launched in 2022 to address what the United Nations calls a "plastic pollution crisis" that threatens oceans, wildlife, human health and the climate. Scientists estimate...
Swiss Re sets up task force to monitor tariff impact
Chief Executive Officer Andreas Berger said he doesn’t see the tariffs directly affecting the reinsurance industry, but the task force aims to find out how there are indirect impacts from the levies. Swiss Re AG has set up a task force to see how the tariffs installed...
Australia’s financial regulator sues Mercer over customer disclosures
The lawsuit comes after an Australian Securities and Investments Commission report criticized leadership across the A$4.1 trillion pensions industry for fostering a culture of poor customer service, outlining 34 recommendations for reform. The regulator has also taken...
Shadow tanker fleet grows more slowly as Western sanctions target Russian oil
Together with U.S. restrictions, they mean more than 440 shadow fleet tankers face sanctions, including tankers Moscow needs to ship oil to its biggest buyers, China and India Dozens of tankers have joined the shadow fleet this year compared with hundreds in previous...