Balz Grollimund, Swiss Re's Head Catastrophe Perils, says: "We are...
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Cyclone Ditwah causes nearly Rs 75 billion damage to Sri Lanka’s infrastructure
It was pointed out that some 316 roads and 40 bridges under the...
Malaysia’s largest online insurance aggregator mulls IPO in next two years
The success of Ant Group Co., the operator of China’s ubiquitous...
Multibillion-euro court battle over stranded Russian jets begins in Dublin
Lessors are suing dozens of insurers around the world over losses of at least $8 billion after more than 400 planes were prevented from leaving Russia when Western sanctions over Moscow’s war in Ukraine forced the termination of their leases. Lloyd’s of London, Chubb...
Major world economies seek to halt new private sector coal financing
If approved, the draft proposal by the Organisation for Economic Co-operation and Development, would be the first move by a multilateral institution to curb financing for coal, one of the biggest causes of climate change, which produces more carbon dioxide emissions...
Singapore Airlines offers compensation for flight hit by turbulence
“Passengers medically assessed as having sustained serious injuries, requiring long-term medical care, and requesting financial assistance are offered an advance payment of $25,000 to address their immediate needs,” that will form part of any final settlement, the...
Russian Oil tanker does secret cargo switch near Singapore to dodge US sanctions
Russia has shipped about 3.4 million barrels a day of crude so far this year, valued at about $37 billion at the point of export, and working around western sanctions has been part of that The first Russian oil tanker attempting to deliver crude while under US...
Former Allianz employee pleads guilty to fraud over $7-billion funds collapse
The case stemmed from the March 2020 collapse of the German insurer’s now-defunct Structured Alpha funds, which Tournant had created and oversaw as chief investment officer A former Allianz fund manager pleaded guilty on Friday over his role in a meltdown of private...
Issuance of CAT bonds just hit a record high
Issuance of the bonds, including non-property and private transactions, reached an all-time high of more than $16 billion in 2023. The current value of outstanding cat bonds stands at $49 billion, Artemis estimates. Crucially, last year saw relatively few weather...
AM Best revises outlook for global reinsurance industry to positive
"Demand for coverage remains strong due to heightened natural catastrophe loss activity and general economic uncertainty," said Carlos Wong-Fupuy, senior director, AM Best OLDWICK, N.J: International rating agency AM Best has revised its market segment outlook for the...
Lee Yuan Siong, group chief executive and president of AIA, becomes chairman of The Geneva Association
Lee Yuan Siong,group chief executive and president, AIA ``In every corner of the world, we are facing increasingly complex risks covering ageing, health, climate and technology'' Lee Yuan Siong ZURICH: The Geneva Association announces on Friday that Lee Yuan Siong,...
Staff warned off whistleblower hotlines, says global survey
Against a backdrop of geopolitical and economic challenges, more employees would consider dishonest behavior than two years ago. Nearly 40% of all respondents – and two-thirds of board members – said they were willing to behave unethically to improve their career or...
ECB cuts rates even as inflation fight goes on, first time since 2019
Christine Lagarde,President,ECB "We are not pre-comitting to a particular rate path," ECB President Christine Lagarde told a press conference, reading from the Governing Council's statement FRANKFURT: The European Central Bank went ahead with its first interest rate...