Discussions are ongoing with Saudi Arabia and other Gulf states to...
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Samsung Fire & Marine Insurance to acquire outstanding stake in Canopius with KKR and KIC
Munhwa (Marvin) Lee, Chief Executive Officer & President of...
Hormuz LNG traffic hits highest in October since Iran war began
October exports were the highest since February when the war...
COP31 Summit leaders urge crisis-wracked world to move faster on climate
This year is on track to be one of the four hottest on record, as a powerful El Nino has compounded the impact of global warming, a UN report showed on Monday. The year has been marked by a series of extreme heatwaves across Western Europe and a glacier collapse in...
The fridge hack: a cyber event, a property loss. So which policy pays?
The attackers accessed refrigeration controllers reachable from the internet. They switched units to defrost or heating mode and, in some cases, moved the setting from -27°C to over 50°C. By the time staff arrived, the stock was ruined.There was no ransom demand and...
MSIG UK expands London Market offering with launch of Construction and Marine Cargo classes
The new capabilities will complement MSIG UK’s existing Property and Casualty offerings, which were launched last year, and represent the next phase of the company’s growth in the UK and London Market. London: MSIG UK today announced the expansion of its London Market...
Brokers meet Sitharaman and PMO officials, seek intervention against IRDAI’s Distribution reforms proposals
Nirmala Sitharaman,Union Finance Minister The industry has been anxiously awaiting IRDAI’s final decision on the implementation date and modalities of its consultation paper, Recalibrating Economics of Insurance Distribution. Brokers fear that the sweeping proposals...
Economics of Distribution:Revisiting Insurance Broking
If the proposals, as listed in the IRDAI's consultaion paper, are implemented, brokers, corporate agents and other intermediaries will become a unified single class. The regulator has, in effect, proposed removing ‘insurance brokers’ as a separate class, which will...
Binance $6.3 billion heist to prompt closer scrutiny by insurers
Insurers are not expected to broadly retreat from the crypto sector or reduce the availability of coverage. But the largest crypto theft on record could bring tougher scrutiny of crypto firms’ exposure to Binance and any weaknesses identified in the attack, which the...
Aon and Blackstone launch a new Lloyd’s syndicate offering efficient, long-term capital to reinsurance clients
"As risks grow in scale and complexity, clients are looking for effective risk transfer solutions that consider all forms of available capital," said Greg Case, President and CEO, Aon. Dublin: Blackstone Inc. has set up a Lloyd’s of London syndicate with broker Aon...
Cyberattacks on supermarket freezers across Europe raise physical loss risks: MS Amlin
“Hospitals, hotels, pharmaceutical and vaccine cold chains, and food manufacturers could all face comparable exposures. The common thread is that many operational systems were built to run for decades and were only later connected to the internet to enable remote...
Aon and Munich Re launch pandemic reinsurance solution protecting insurers in Indonesia and the Philippines
Hitesh Kotak, CEO, Asia, Munich Re, said: "Pandemic risk remains one of the most significant protection gaps facing economies across Asia. This solution provides organizations in Indonesia and the Philippines with greater access to protection against pandemic-related...
Nat Cat claims pull GIC Re’s net profit down 14% to Rs 2456 cr in Q2FY27, Prm rises 17% to Rs 11,228 crore
``At GIC Re, underwriting discipline remains our main anchor. We will continue to balance competitive positioning with prudent risk selection to support our cedants dependably. For our domestic portfolio, we maintain our commitment to market stability by ensuring...