Authorities issued a tsunami warning and urged coastal residents to...
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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...
Heatwaves could cost France €10-15 billion, environment minister says
The 2022 drought resulted in €5.6 billion in direct and indirect...
Magnitude-7.4 quake hits western Colombia, collapsing buildings and killing at least 73 peop
Colombia’s Pacific region around the quake’s epicenter lies along the “Ring of Fire”, the line of seismic faults encircling the Pacific Ocean where most of the world’s earthquakes occur. BOGOTA, Colombia: A powerful 7.4 magnitude earthquake struck western Colombia on...
Service fees should be charged for passage through Hormuz: Iranian Foreign Ministry spokesperson
"Generally, when you provide maritime services, you must be reimbursed for them," Iranian Foreign Ministry spokesperson Esmaeil Baghaei Tehran: Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated on Monday that fees should be charged for maritime services...
Munich Re posts better-than-expected profit amid low loss claims
`We deliberately opt not to take on business where prices would not be risk-commensurate, while remaining a reliable long-term partner to our clients, even after the largest of loss events.''Christoph Jurecka,Chair of the Board of Management. German reinsurer Munich...
Proposed Hormuz passage deal not feasible for shipping industry, sources say
Ships sailing through the strait need to pay an additional war risk premium to ensure they have insurance if their ship is damaged during transit. “Under the clause, insurers have no liability to indemnify any such payment and, where such a payment has been made, are...
Swiss Re profit beats estimates with cost cutting
Andreas Berger, Chief Executive Officer, Swiss Re Lower major catastrophe losses supported Swiss Re’s profits in the period, though pricing pressure across the industry is expected to continue into next year. Inflation and macro-economic uncertainty are also...
Global Shipping groups urge UN to reject any compulsory transit tolls in Hormuz
“Once such a precedent is established, it becomes increasingly difficult to resist similar measures elsewhere, creating uncertainty for international shipping and global commerce,” wrote the group, which included the International Chamber of Shipping, BIMCO, the World...
Everest to sell Mexico insurance operations to Fairfax
The transaction follows Everest's recent announcements of agreements to sell its Colombia and Canada insurance operations as part of its planned exit from its remaining commercial retail insurance businesses. It is expected to close in 2027, subject to customary...
Favorable insurance market conditions continue despite increasing risk complexity, Aon Report
"The most pronounced impacts are in Marine Hull & War, Marine P&I, Aviation, and Terrorism & Political Violence, where insurers are exercising greater underwriting discipline, repricing risk and placing increased emphasis on policy terms and conditions....
Swiss Re strikes exclusive partnerships with India’s Bajaj General Insurance
Ivan Gonzalez,CEO, Swiss Re Corporate Solutions said: "Our partnerships with Bajaj General Insurance and GNP Seguros mark the beginning of a new era in how we serve clients in India and Mexico, two of the world's fastest-growing commercial insurance markets. Together,...
Yemen’s Houthis say they attacked Saudi oil tankers in Red Sea, Gulf of Aden
The group said last month that it would begin attacking Saudi vessels in retaliation for a blockade on Yemeni ports. That added a new risk to global energy markets, with the Iran war already restricting flows through the Strait of Hormuz and Saudi Arabia relying on...