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Insurance woes amid US-Iran war stall airlines’ return to Dubai
International carriers’ operations to Dubai are growing but some...
Supreme Court asks IRDAI to standardise cross-border Motor Insurance clauses
The bench said insurers have, in many cases, exploited this...
Allianz Jio Re writes Rs266 crore of prm in maiden qtr, AGCS India to shift its business to JV
``We assure clients of uninterrupted service, continuity of coverage and consistent relationship management, as the existing facultative reinsurance portfolio from Allianz Commercial / Allianz Global Corporate & Specialty (AGCS) will be transitioned to Allianz Jio...
ICICI Lombard loses over $980 million in value on persistent earnings worries
A recent Indian Supreme Court ruling on motor accident compensation, coupled with pricing pressures, has raised the risk of further provisioning and earnings downgrades, analysts said. Mumbai:Shares of ICICI Lombard General Insurance logged their steepest fall in six...
UK unveils rules to establish Captive Insurance regime
The Bank of England and the Financial Conduct Authority laid out plans for a captive insurance regime, according to a statement Tuesday. Captive insurers are entities set up by companies or public institutions that provide their own cover. The UK has proposed rules to...
China braces for unusually active Typhoon season after Bavi
In its latest midsummer outlook, the National Climate Centre forecast that as many as six tropical cyclones would hit China this summer, a higher number than average. These storms “are expected to be strong overall” and to affect mainly coastal areas of southern and...
UK to bring cloud service providers under direct financial regulation
“As banks, insurers and financial market infrastructures become increasingly reliant on cloud services, disruption at a major supplier could affect multiple firms at the same time, potentially impacting services customers depend on,” the government said in a statement...
ICICI Lombard Q1 PAT slumps 46% to Rs 403 crore on fire losses, Supreme Court Motor TP ruling
Sanjeev Mantri, MD & CEO, ICICI Lombard General Insurance The company said the quarter's combined ratio included the impact of two large fire losses amounting to Rs 63 crore, which added 1 percentage point to the ratio. In addition, a recent Supreme Court...
El Niño poses weather-driven credit risks for LatAm transportation
The Panama Canal is exposed to specific hydrological risk, as reduced rainfall in the Gatún Lake watershed could again lower water levels, leading to draft restrictions and revenue pressure. Fitch Ratings says El Niño poses broad weather-related risks for Latin...
Munich Re’s Ankur Gupta takes over as CEO of Partner Re’s GIFT City branch
Ankur Gupta, CEO, Partner Re,GIFT City. Partner Re’s GIFT City branch will provide support to Indian clients, enhancing responsiveness, regulatory alignment, and ease of doing business, offering locally the depth of PartnerRe’s global underwriting expertise and...
Files relating to India’s largest nuclear power plant Kudankulam exposed in data breach
Another document purports to show that Reliance Infrastructure and the Nuclear Power Corporation had taken out an insurance policy that would entitle them to $112 million if either Unit 3 or Unit 4 were to suffer an act of terrorism Bengaluru: Ransomware group...
Trump steps back from Hormuz fee plan in favour of Gulf investment deals
"Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States," he said in a post on Truth...