David Lochridge, OceanGate’s director of marine operations, wrote...
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Britain says insurer capital rule changes to start by end of 2023
The risk margin refers to the potential cost for a failing insurer...
Transformative industry trends present $200 billion opportunity for re/insurers: Aon Report
Sherif Zakhary, CEO of Aon’s Strategy and Technology Group, said:...
Private messages of 120 mn Facebook users hacked, says BBC report
Several users whose details have been compromised were based in Ukraine and Russia but some were also from the UK, US, Brazil and elsewhere, the report said on Friday.
Microsoft tests show 91% new PCs from India loaded with pirated software
The worst were South Korea, Malaysia, Vietnam and Thailand, all with 100 percent of the purchased personal computers loaded with pirated software.
Insurance crunch for upcoming Soyuz rocket launches ironed out, Roscosmos CEO says
The proposal was to insure the launch for 2.1 bln rubles ($31.9 mln), while the initial (maximum) contract price was set at 178.1 mln rubles ($2.7 mln). Having negotiated the issue with Western reinsurers, Ingosstrakh and Sogaz offered to insure the launch at a 9.6% rate, which is equivalent to an insurance payment of 201.1 mln rubles ($3 mln).
Indonesia’s Lion Air plane crashes near Jakarta, 188 on board feared dead
The crash is the worst airline disaster in Indonesia since an AirAsia flight plunged into the sea in December 2014, killing all 162 on board.
ILS as an established asset class continues its momentum:Willis Survey
James Kent, Global Chief Executive Officer, Willis Re commented: “The industry has widely reported the growth in the ILS market and this comprehensive survey further supports the development of ILS as an asset class despite the challenges of the catastrophe events in 2017
Shareholders of Singapore Reinsurer ACR Capital Eyeing Sale: Sources
The company’s owners, which include Temasek Holdings Pte and Khazanah Nasional Bhd., have asked banks to pitch for a role on a potential transaction, according to the people. A deal could value ACR at about $800 million, the people said, asking not to be identified because the information is private.
AIR Worldwide Develops Probabilistic Model for Global Cyber Risks
“Many insurers are challenged to understand how often various types of cyber incidents can occur and how they can affect the performance of their book. As a result, decisions on product development, underwriting, portfolio optimization, and capital allocation tend to be made with limited data, and too much weight is often put on intuition or broad assumptions. This is where probabilistic modeling can help the industry better manage cyber risk globally,” said Prashant Pai, vice president of cyber offerings at Verisk, the parent company of AIR Worldwide
Allianz Insurance Product Protects Firms Against Clean Energy Price Swings
The company is using a risk-management tool called a volume-firming agreement for almost 500 megawatts of wind projects, according to a blog post Tuesday. The contracts with the insurance giant Allianz SE reallocate weather-related risk away from corporate buyers of power
AXA XL gets in-principle approval for Brexit move
AXA XL said the Central Bank of Ireland (CBI) has approved, in principle, XL Insurance Company SE’s (XLICSE) move from the UK ahead of next year’s March 29 departure. As a Societas Europaea, XLICSE can also continue as the same legal entity in Ireland.
India and Bangladesh ink pacts for enhancing inland and coastal waterways connectivity
In an important understanding reached at between the two countries, the Standard Operating Procedure (SOP) for movement of passengers and cruise vessels on Inland Protocol route and coastal shipping routes have been finalised. These river cruise services are likely to commence between Kolkata – Dhaka – Guwahati – Jorhat and back.