India’s banking sector is increasingly recognising the impact of...
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Category 5 storm Hurricane Melissa threatens to bring widespread destruction to Jamaica
Jamaica’s losses will range between $5 billion to $16 billion,...
LM Re appoints Andrew Aldwinckle as International Casualty Chief Underwriting Officer
Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual...
India’s insurance sector to be fastest growing among G-20, may scale $450 bn of prm in next decade: Swiss Re
Swiss Re officials(L to R) Mahesh H Puttaiah, Head Group Economics & Sigma Research, Hadi Riachi, Market Head (India),Vineet Kumar, Head Cat Perils (APAC) at a press conference in Mumbai to release reinsurer's report ``India's Economy & Insurance Outlook...
Red Sea war insurance rises with more ships in firing line
Insurance industry sources said that war risk premiums had risen to around 1% of the value of a ship, from around 0.7% last week with various discounts applied by underwriters. They added that rates were expected to move higher War risk insurance premiums for...
Red Sea crisis: Exporters holding consignments as shipping costs rise
Around 80 per cent of India's merchandise trade with Europe passes through the Red Sea and substantial trade with the US also takes this route. Both these geographies account for 34 per cent of the country's total exports New Delhi: Indian exporters are holding their...
Indian exporters face rising costs after Houthi Red Sea attacks
Exporters said 95% of vessels had rerouted around the Cape of Good Hope on the southern tip of Africa, adding 4,000 to 6,000 nautical miles and 14-20 days to journeys from India since Houthi militants began attacking shipping in November. The cost of a 24-foot...
Container rates soar on concerns of prolonged Red Sea disruption, inflation
"Tanker rates will increase and futures are up this morning," said John Kartsonas, managing partner at Breakwave Advisors, who added that dry bulk remains the least affected sector. Major importers like Tesla , Geely-owned Volvo Car and Ikea already have reported...
IRDAI imposes a fine of Rs 2 cr on Reliance General for violating norms
Reliance General Insurance Company (RGIC) is yet to decide whether to appeal against the IRDAI order in the Securities Appellate Tribunal, said the company sources Hyderabad: Insurance regulator IRDAI, in an order last week, has imposed a fine of Rs 2 crore against...
Tesla, Volvo Car pause output as Red Sea shipping crisis deepens
Late on Thursday, Tesla told Reuters it will suspend most car production at its factory near Berlin from Jan. 29 to Feb. 11, citing a lack of components after many ships were re-routed around the southern tip of Africa BERLIN/STOCKHOLM: Automakers Tesla and...
US regulator grounds Boeing 737 MAX 9 airplanes indefinitely, cancelling flights until Tuesday
Under more stringent supervision, the regulator will audit the Boeing 737 MAX 9 production line and suppliers and consider having an independent entity take over from Boeing certain aspects of certifying the safety of new aircraft that the FAA previously assigned to...
Red Sea Crisis: Commerce Min calls inter-ministerial meet On Jan 17 to discuss way forward on trade
The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy so that India's response can be quick and decisive The...
Ukraine in talks with Marsh on war risk insurance for air transport
Air traffic over Ukraine has been suspended since Russia’s full-scale invasion in February 2022. But Kyiv wants to reopen Boryspil International Airport just outside the capital as soon as possible once conditions permit, which it sees as a victory for Ukraine’s...