Gallagher Re estimated that the private insurance market and public...
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Global reinsurance sector to experience moderate deterioration in 2026:Fitch
Abundant capacity and rising competition across most property lines...
$152 Billion and Rising: Insurance industry facing growing average annual losses from natural catastrophes
The 2025 Global Modeled Catastrophe Losses Report notes a $32...
Reinsurers stick to rule book, to pay only upto Rs 500 crore as claims for Rs 12,000 cr Teesta Hydro power project
“For Sikkim event, loss assessment is underway. We do not expect it to be a major event based on initial information available,” said Hitesh Joshi, general manger, GIC Re to Asia Insurance Post ``Our hands are tight, We will go by the rule book and the...
Munich Re lifts target as lower-than-expected claims fuel profit
Chief Executive Officer Joachim Wenning is in the midst of a five-year strategic plan that calls for earnings per share to increase at least 5% per year on average. He has shown willingness to discontinue businesses that no longer meet expectations in terms of prices...
Aviation war insurers cancel some cover for Israel, Lebanon
“Insurers want regular updates – each airline has a different risk profile and therefore different risk mitigation strategies,” said a spokesperson for U.K. insurance buyers’ association Airmic's aviation group Aviation war insurers have given notice to cancel cover...
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...
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...
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,...
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-...