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Vessels near Strait of Hormuz transmit unusual messages to prevent attacks
“The perception among shipowners is that due to the convoluted...
Cyberattack disruption at London hospitals contributed to patient death
“We are deeply saddened to hear that last year’s criminal...
Japan insurers to maintain cover for LNG vessels in Russian waters
The insurance companies negotiated with reinsurers to replace part of the coverage and they are expected to enable continued insurance, Nikkei reported on Thursday After renegotiating with UK reinsurers, a total of 30 billion yen ($224 million) is expected to be...
Recession will hit a third of the world this year, warns IMF chief
Kristalina Georgieva, managing director, International Monetary Fund The year 2023 will be tougher than last year because the economies of the US, the EU and China will slow down, she said. ''Even in countries that are not in recession, it would feel like a recession...
Russia outlines plan for ‘unfriendly’ investors to sell up at half-price
The term "unfriendly" describes countries that have imposed sanctions on Russia in response to its military intervention, including members of the European Union, the United States, Japan, Canada, Britain and Australia A bill that would have enabled authorities to...
China’s economic activity at slowest since 2020 as Covid-19 spreads
“Manufacturing and consumption both declined as Covid situation brought relatively big impact to enterprises, personnel on duty and logistics,” the statistics bureau said in a statement accompanying the data release China’s abrupt reversal of its Covid Zero policy...
Challenging Jan 1 renewals reflect a market seeking new equilibrium: Guy Carpenter
In a renewal season that was extremely late, ultimately, placements were largely completed at client issued structures and pricing, without many of the requested modifications in coverage Reinsurers presented fractured views at the outset, with more extreme coverage...
Russia-Ukraine conflict: more ship insurers exit war cover
At least 12 of the 13 organizations within the International Group of P&I Clubs — the main insurer of risks such as collisions and spills — have changed their policies to exclude claims stemming from Russia’s invasion of Ukraine in recent days. The 13 clubs are...
China could see as many as 25,000 deaths a day from Covid-19 in Jan
The jump in cases has fueled concern across the globe about the emergence of new Covid variants that could be more contagious, lethal, or both. That has prompted numerous countries to adopt mandatory testing and entry restrictions for travelers from China, which also...
World population at 7.9 bn on New Year’s Day, 0.9% increase over 2022
During January 2023, 4.3 births and two deaths are expected worldwide every second, the Census Bureau said. New York: The world population is projected to be 7.9 billion people on New Year's Day 2023, with 73.7 million people added since New Year's Day 2022, the U.S....
Ship insurers to cancel war cover for Russia, Ukraine from Jan. 1
UK P&I Club said on Dec. 23 that the issue had arisen because of a lack of availability of reinsurance for reinsurers, also known as retrocession “The Club’s reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, Ukrainian or Belarus...
Japan asks its insurers to retain marine war cover for LNG shippers in Russian waters
The move comes after Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan Industry...