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Ukraine may provide additional insurance cover for ships to revive seaborne food exports
“The main challenge remains ensuring the safety of maritime...
Financial fragmentation could amplify shocks across global insurance markets: Geneva Association report
Jad Ariss, managing director of the Geneva Association, said, "The...
Envelop Syndicate 1925: Reinsurance MGA Envelop launches Lloyd’s Cyber Reinsurance Syndicate
While cyber treaty reinsurance will remain core, Syndicate 1925 will allow Envelop to expand its proposition to include other lines of business, increasing access to its proven capital management and underwriting capabilities to a broader range of partners. London:...
Hacking group claims mass data theft from Shell, Philips, GE, Fiserv and dozens of others
While it’s not clear how the hackers allegedly accessed the companies, Ransom-ISAC, an industry information sharing group, issued a notice July 22 warning that the hacking group was exploiting vulnerabilities in PTC Windchill and FlexPLM, software used to aid in...
Munich Re reclaims top global position among IFRS 17 reporting reinsurers
Lloyd’s moved to the top of the ranking for non-IFRS 17 reinsurers, lifted by premium growth and the British Pound appreciating against the U.S. dollar. GIC Re is the 10th largest global reinsurer among non-IFRS 17 reporting reinsurers OLDWICK:Foreign currency...
At least 47 dead in eastern Indonesia after magnitude 7.7 quake
Authorities issued a tsunami warning and urged coastal residents to move to higher ground, but later lifted the warning when Indonesia’s meteorological agency said monitoring showed no significant sea-level changes that posed a threat to coastal communities. Some...
Liberty Mutual Reinsurance makes world’s first earthquake parametric payment triggered by Safehub’s Shake Network
Jean-Christophe Garaix, head of parametrics and agriculture at Liberty Mutual Reinsurance, said: "Parametric insurance is increasingly being used to support natural catastrophe events. We deliver sophisticated parametric solutions which help clients in their times of...
Heatwaves could cost France €10-15 billion, environment minister says
The 2022 drought resulted in €5.6 billion in direct and indirect costs, but this year’s heatwaves have been longer and more intense, with more extensive forest fires and a greater decline in agricultural production, French environment minister Monique Barbut said. The...
AI’s volatile power demand is damaging Its own data centers
AI data centers put particular strain on their power supply when they are training new models — a process that mobilizes all of the graphics processing units in unison. Like the digital equivalent of bees swarming or a school of fish changing direction, hundreds of...
Hormuz Strait to remain closed unless U.S. meets Iran’s conditions, Iranian security council says
U.S. President Donald Trump on Monday responded to Iran's conditions for a peace deal with his own demands that Iran pay compensation for people killed in wars, attacks and protests, in a rhetorical escalation likely to complicate efforts to reopen the Strait of...
US court rules Meta, other tech firms must face thousands of lawsuits over social media addiction
Filed by states, municipalities, school districts and individuals, the lawsuits allege that social media companies intentionally addicted young users, contributing to surging depression, anxiety and body-image issues and a broader mental health crisis among American...
Oman says spill from grounded shadow oil tanker covers 400 square kilometers
Built in 2001, it is part of the so-called shadow fleet of older oil tankers used by Russia which lack Western insurance cover and sail under the flags of various nations to obscure their true ownership. Leaking crude oil from a tanker grounded off a nature reserve in...