Hurricane Melissa will trigger the $150 million, International Bank...
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Allianz Trade extends geographical footprint to new location Vietnam
Despite potentially facing higher US tariffs than its ASEAN peers,...
Reimagining Insurance:AI set to unlock next $4 billion profit opportunity in India
India’s Insurtech ecosystem is at a sizeable scale, with cumulative...
Global insured losses from natural disaster events reach $88 billion by the end of Q3 2023, says Aon report
For the first time, insured losses from SCS in the U.S. surpassed $50 billion and accounted for 60% of global insured losses London: Aon plc in its Q3 Global Catastrophe Recap report has revealed that that global insured losses from natural disaster events had reached...
Evergreen line declares force majeure on Israel shipment -customer note
War risk insurance rates have soared more than tenfold in recent days to Israeli ports with growing concerns over an escalation in hostilities Taiwanese container shipping line Evergreen has declared force majeure on a shipment to the Israeli port of Ashdod, with its...
Global economy exposed to $3.5 trillion from major cyber attack: Lloyd’s
“The global interconnectedness of cyber means it is too substantial a risk for one sector to face alone and therefore we must continue to share knowledge, expertise and innovative ideas across government, industry and the insurance market to ensure we build society’s...
Insurers have to compulsorily cover employees travelling in employer’s vehicle including driver: IRDAI
The compulsory cover has to be provided as an inbuilt coverage under the Compulsory Motor Third Party Liability Section of Private Car Package/ Bundled Policies and under standalone policies insuring Compulsory Motor Third Party Liability and no additional premium can...
IRDAI asks insurers to fast track Sikkim flood claims
Insurers have been advised to settle claim payments/on account payments at the earliest and also encourage policyholders to use electronic communication wherever possible for correspondence Hyderabad: In a bid to expedite general insurance claims in Sikkim, which has...
ICICI Lombard Q2 profit falls to Rs 577 crore
The company had managed to bring down its combined ratio to 103.90 per cent during the reporting quarter as compared to 105.10 per cent in the year-ago period.The insurer's underwriting losses have fallen marginally to Rs 145 crore during the quarter over Rs152 crore...
Govt wants adoption of Property/Parametric covers to mitigate financial losses due to natural catastrophes
Vivek Joshi, Secretary, Department of Financial Services (DFS), for the first time on Wednesday met General Insurance Council and a few CEOs of private sector general insurance companies in New Delhi, to discuss several critical issues having implications for the...
Lloyd’s approves Oka syndicate-in-a-box 1922, to focus on solution to protect against buyer-side carbon credit risks
The volume of carbon credit purchases has quadrupled over the past four years, with the market expected to grow exponentially as corporations make commitments to achieve net zero targets as a priority LONDON: Asta, the leading third-party managing agent at Lloyd’s,...
AI startup mind foundry helps insurers spot cognitive decline in older drivers
“If a person is over a certain age, their insurance policy is gone, their independence is gone,” Mullins said. “Not all individuals age the same way. Now data can tell us that the person is driving safely. That’s aresponsible use of AI.” Mind Foundry Ltd., an...
Howden launches climate-focused parametric insurance unit
The global market for parametric insurance is expected to reach $29.3 billion by 2031, analysis from Allied Market Research showed, up from $11.7 billion in 2021 London: UK-based insurance broker Howden said on Tuesday it had created a new unit to focus on climate-...