John Neal,former chief executive officer,Lloyd's Lloyd’s Chairman...
Category:
International News
Latest
India among 7 countries expected to add over 500 million city residents between 2025 and 2050: UN
Despite the global shift towards city life, towns remain (in 2025)...
AI driving direct shifts in global insurance industry, says Swiss Re
Global insurance premiums are set to grow by 2.3% in real terms in...
Insurers raise premiums for Black Sea tankers as tensions mount – traders
The war risk premium was increased from around 1% of the cargo’s cost to some 1.20-1.25%, the traders said The increase means every voyage will cost $200,000 per one Suezmax tanker (can carry 120,000-200,000 tonnes) more if Russian oil is delivered to India. The rise...
Munich Re remains world’s largest reinsurer in AM Best’s Top 50 Ranking, followed again by Swiss Re
According to the report, total reinsurance gross premiums written by the top 50 reinsurers increased by 2.6% to USD 363.6 billion in 2022 “For many reinsurers, premium growth was driven primarily by strong rate increases, not exposure growth,” said Christopher...
Australia’s spending on public pensions to be lowest in OECD as private system takes strain
The number of Australians aged 65 and over will double by 2063 but spending on public pensions will decline to 2% of GDP over the same period, from 2.3% today, thanks to the private pension system, according to excerpts from the "Intergenerational Report 2023" seen by...
Moody’s RMS estimates $4 to 6 billion in economic losses from Hawaii Wildfires
Michael Young, Vice President, Product Management, Moody’s RMS, noted: “When the rare situation of high wind and wildfire ignitions do occur again in the future, we need to be sure all the buildings comply with scientifically proven risk reduction features highlighted...
Miller announces new leadership roles in Asia
Ron Whyte, Head of Miller Asia, said: “Asia forms an important part of Miller’s international growth strategy and these new appointments provide us with greater focus as we continue to expand in the region'' London: Miller, an independent specialist (re)insurance...
Russia’s flagship oil above $60 does little to halt G-7 services
Insurers have complained publicly about the risks of covering cargoes using the attestation system in recent months. There has also been a drop off in the number of ships calling at Russian ports with industry-standard insurance from members of the International Group...
Japan to release Fukushima water into ocean from Aug. 24
The announcement comes a day after the government said it had won “a degree of understanding” from the fishing industry over the release of the water into the Pacific Ocean, even as fishing groups said they still feared the reputational damage would ruin their...
Ukraine in talks with insurers on deal to cover grain exports
Attacks by Russian forces on agricultural infrastructure in recent weeks have helped sustain sky-high insurance premiums for ships calling into Ukraine Current market rates for war risk insurance can be anywhere between 3% and 5% of the value of a ship, meaning there...
Insured losses from natural catastrophes set to top $100 billion in 2023
More than two-thirds of the insured losses were as a result of severe thunderstorms in the US. The 12-figure threshold is likely to be passed even though just $5 billion of the $40 billion in damages caused by the year’s most devastating event — the earthquake that...
Marsh agrees to acquire Honan Insurance Group, seeks to expand its presence in Australia and New Zealand
“The addition of Honan’s highly complementary capabilities, particularly in corporate risk and strata insurance, will enable Marsh to deepen the specialist expertise we provide to clients across Australia and New Zealand,” Nick Harris, chief executive officer of...