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Gallagher expands in Türkiye with acquisition of Aspera
This move marks further investment by Gallagher as the country...
Govt notifies cashless treatment scheme for road accident victims nationwide
"Any person being a victim of a road accident arising out of the...
47 dead, dozens feared missing as storm lashes Philippines
About 20 typhoons and storms batter the Philippine archipelago each year. It is located on the Pacific "Ring of Fire," a region along most of the Pacific Ocean rim where many volcanic eruptions and earthquakes occur, making the nation one of the world's most...
Ransomware remains a top cyber risk for businesses globally, but new threats emerging: Allianz report
Ransomware is forecast to cause $30bn in damages to organizations globally by 2023 Around the world, the frequency of ransomware attacks remains high, as do related claims costs. There was a record 623 million attacks in 2021, double that of 2020 Although frequency...
EU approves effective ban on new fossil fuel cars from 2035
"This deal is good news for car drivers… new zero-emission cars will become cheaper, making them more affordable and more accessible to everyone," Parliament's lead negotiator Jan Huitema said BRUSSELS: The European Union struck a deal on Thursday on a law to...
Swiss Re plunges into losses of $442 million in Q3 2022
Swiss Re's Group Chief Executive Officer Christian Mumenthaler said: "The first nine months of this year were marked by a confluence of events affecting Swiss Re's financial performance: from turbulence in the financial markets, to an increase in natural catastrophe...
Cyber insurance remained challenging in Asia, average rate rises by 25% or more: Marsh
“The global business environment remains tough for clients. Ongoing inflation and geopolitical instability are affecting all sectors and we expect even more challenging conditions in the already strained property catastrophe market following Hurricane Ian,” commented...
APAC reinsurers face single digit growth rate, declining investment income, higher claims: S&P Global Ratings
"We expect most of the rated regional reinsurers to revise asset allocations amid rate hikes in certain countries, capital market volatility, and inflationary pressures on hedging costs. Regional reinsurers continue to have relatively higher allocation to risky assets...
Dubai Aerospace, with 19 jets stuck in Russia, sues 11 insurers in London
The High Court claim also names Fidelis Insurance Ireland, HDI Global Speciality, Abu Dhabi National Insurance Company , Great Lakes Insurance, Global Aerospace Underwriting Managers, Starr Europe Insurance and Axis Speciality Europe Aircraft leasing firm Dubai...
Moody’s cuts Fosun International’s credit rating, raises concerns over asset sales
Fosun’s insurance shareholdings include AmeriTrust Group, Peak Re, Fosun Insurance Portugal, and Pramerica Fosun Life Insurance. Global credit rating agency Moody’s downgraded Fosun International Ltd. by one notch on Tuesday and revised its outlook to “negative” from...
China’s Fosun weighs options for Hong Kong-based Peak Re: Sources
Fosun is working with a financial adviser as it considers options including the potential sale of its majority stake or a minority interest in the reinsurer, the people said, asking not to be identified because the matter is private. A transaction could value Peak Re...
PSU General insurers to clear five-yr wage arrears without govt extra support on Nov 10
``Yes, we have now got instruction from the government to clear the arrears of our employees at one shot on 10th November with or without any financial supports from it. If the government is not giving any additional funds, we will have our own internal source of...