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Fitch maintains ‘deteriorating’ outlook on the global reinsurance sector for 2027
``Our expectations of further price declines – although less...
Controlling Strait of Hormuz: US attacks prompt Iranian retaliation as fighting intensifies
The resumption of hostilities brought an abrupt end to a month of...
South Korea issues first emergency heatwave warning under new rating system
The new warning system was introduced to better deal with a rising number of heatwaves in South Korea, which have become longer and more intense, officials said. Seoul:South Korea issued its first-ever emergency heatwave alert on Sunday under a new warning system...
Apple sues OpenAI, two former employees for trade secrets theft
The lawsuit sets up a battle over who will control future AI devices that may not use traditional apps or operating systems — devices which, if successful, would direct consumer attention away from Apple's best-selling iPhone. Analysts believe OpenAI is working on a...
Japan Post Insurance and SCOR sign MoU for ceding of Postal Life Insurance Policies
The MoU covers the cession of the underwriting risks under Japan Post Insurance’s Postal Life Insurance policies and the establishment, investment and operation by SCOR of a reinsurance vehicle for risk management purposes, intended to assume underwriting risks held...
US-Iran strikes choke ship traffic through Strait of Hormuz
London marine insurers also reported seeing fewer inquiries for journeys to transit the strait and some said the cost of cover had risen, in a sign of growing caution from shipowners as the US and Iran exchange attacks. Traffic through the Strait of Hormuz came to a...
Aviva and AXIS launch new Lloyd’s consortium to power UK renewable energy growth
The partnership brings together two of the London Market’s leading renewable energy insurers, combining underwriting expertise and capacity across onshore wind, solar and battery energy storage systems into a single, coordinated solution. It is also the first Lloyd’s...
Coffee trader widens weather insurance shield for Vietnam farmers
The world’s second-biggest coffee trader is seeking to expand the coverage to 2,500 farmers this year, up from 500, said Laurent Bossolasco, Vietnam-based sustainability manager at ECOM. The company piloted the parametric insurance program five years ago, under which...
London steps up bid to become global ILS Hub
London’s dominance in insurance-market infrastructure makes it an obvious destination for issuers of catastrophe bonds and other ILS products, says Caroline Wagstaff, chief executive of the London Market Group, whose members include insurers operating in the world’s...
Allianz unit to cut up to 1,800 jobs in AI-driven overhaul
The cuts, which they expect to take the forms of severance agreements, early retirements and similar options, will amount to between 1,500 to 1,800 positions across Europe, the unit’s chief executive officer Tomas Kunzmann said at an event late Tuesday in Munich....
War insurance rates for ships rise after renewed vessel attacks in Strait of Hormuz
In the past 24 hours, war insurance rates for ships inside the Gulf have already ticked higher towards 3% of the value of a vessel from 2% at the end of last week, said the sources, who declined to be named due to the sensitivity of the matter. Some war underwriters...
Trump says interim accord to end war is ‘over’ after Iranian strikes
In a flare-up of hostilities that pushed oil prices up to a two-week high, Iran said it had targeted U.S. military sites in Bahrain and Kuwait after U.S. forces struck Iranian targets in response to attacks on tankers in the Strait of Hormuz. Ankara: U.S....