The new marine war risk consortium will issue primary policies for...
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IRDAI constitutes expert panel to chart AI roadmap for insurance sector
The panel, chaired by Sandeep K. Shukla, director of IIIT...
ICICI Lombard General to act as Lloyd’s local partner in India
Under this new agreement, ICICI Lombard will issue local policies...
IRDAI retains obligatory at 4% for GIC Re in FY26-27
The government has notified the move, on Friday, saying that the entire Obligatory Cession is to be placed with General Insurance Corporation of India (GIC Re) only, though, there are two other Indian reinsurers- Valueattics Reinsurance Company and Allianz Jio...
Iran says Hormuz ‘completely open’ for duration of ceasefire,Shipping companies remain cautiously
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Foreign Minister Seyed Abbas Araghchi said in a social media post Trump said that the Naval...
Global Cat Report:Q1 of 2026 records $37 bn of economic losses and $20 billion of insured losses
The report highlights Q1 economic losses of at least $37 billion (Q1 2025: $113 billion) –the lowest since 2015 and 43 percent below the 21st century Q1 average – and insured losses of more than $20 billion, six percent higher than the 21st century average. Flooding...
Beazley launches a new Marine War consortium,to provide $1 billion of Lloyd’s capacity
Adrian Cox, CEO at Beazley, said,“I’m proud that the Marine market, in which we are a leader, continues to play a vital role in maintaining continuity of trade amidst ongoing conflict.'' Patrick Tiernan, CEO at Lloyd’s, said,“I welcome the launch of this timely and...
Ayush treatments:All India Institute of Ayurveda and GI Council sign MOU for revamping claim settlement
Lto R- P.K. Prajapati, director, All India Institute of Ayurveda, S Prakash, CEO, Health, GI Council, Vaidya Rajesh Kotecha,secretary, Ministry of Ayush,Prataprao Jadhav, Minister of State (Independent Charge), Ministry of Ayush,Bejon K. Misra, executive committee...
U.S. cyber insurance market bounces back,raises underwriting risk:Fitch
While the market remains profitable, deteriorating incurred direct losses and the growing influence of artificial intelligence signal increasing underwriting complexity for property/casualty insurers, says Fitch Ratings. U.S. cyber insurance direct written premiums...
Energy Insurance:Globally downstream market saw gross losses of $6.8 billion in 2025
In Asia, the upstream market also remains decisively buyer-friendly, underpinned by another year of benign loss experience and insurers’ view of Asia as a core growth region. The lack of major upstream energy losses through 2025 has reinforced the region’s status as...
West Asia Conflict:Risks for global insurers could rise under protracted Iran conflict
Gulf insurers are heavily reinsured but global reinsurers have reduced exposure to the region. For diversified reinsurance groups, Fitch views the conflict at this stage as an earnings event driven by specialty lines. Rating implications from the Iran conflict will be...
US rules out renewal of exemption from sanctions on Russian Iranian oil
On March 5, the US issued a 30-day sanctions waiver to India, permitting it to buy Russian oil despite sanctions imposed over the Ukraine war. “We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil....
Iran offers proposal allowing ships to exit Oman side of Hormuz free of attack, source says
Hundreds of tankers and other ships and 20,000 seafarers have been stuck inside the Gulf since the war began on February 28. A two-week ceasefire came into effect on April 8 and U.S. President Donald Trump said on Wednesday the war was close to over, but control...