N Ramaswamy, CMD, GIC Re Combined Ratio improves by 2.66% to...
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APAC records significant rise in cyber claims driven by rising frequency and sophistication, Aon report
“As cyber threats grow more complex and interconnected, companies...
Wildfires and severe thunderstorms in the US drive global insured losses to $80 billion in first half of 2025
The wildfires that swept through parts of Los Angeles County in...
Maui wildfire is deadliest for US in 105 yrs, with 89 killed
“This is the largest natural disaster we’ve ever experienced,” Hawaii Governor Josh Green said The death toll makes the wildfire the deadliest since 1918, when 453 people were killed in Minnesota and Wisconsin by the Cloquet & Moose Lake Fires, according to the...
Shippers warned to stay away from Iranian waters over seizure threat as US-Iran tensions high
A U.S.-backed maritime group called the International Maritime Security Construct “is notifying regional mariners of appropriate precautions to minimize the risk of seizure based on current regional tensions, which we seek to de- escalate. Vessels are being advised to...
Japan braces for another typhoon with trains and flights canceled
Toyota Motor Corp., Mitsubishi Motors Corp., Honda Motor Co. and Suzuki Motor Corp. said operations won’t be affected by the typhoon because their manufacturing plants are closed during the annual break Tokyo: Typhoons are becoming more frequent and severe, causing...
Australia’s climate risks are making home insurance unaffordable
Median home insurance premiums surged 28% to A$1,894 ($1,240) in the year to March 31, according to a report released Monday by the Actuaries Institute. Premiums in the highest-risk properties — such as those in flood or bushfire-prone areas — shot up 50%, it said...
Ships backed up in Black Sea lanes as Russia warning shots raise tensions
Firing on a merchant vessel will ratchet up already acute concerns among shipowners, insurers and commodity traders about the potential dangers of getting ensnared in the Black Sea – the main route that both Ukraine and Russia use to get their agricultural produce to...
Australia: Private health insurance is set for a shake-up
Under the proposed changes, people who pay the 2 per cent surcharge would also no longer receive any rebate, which currently reduces premiums by about 8 per cent for people earning USD 108,001-USD 144,000 Sydney: Private health insurance in Australia is under review,...
New India’s net profit doubles to Rs 260 crore in Q1FY24
Neerja Kapur, CMD, NIA ``The company continues to focus on improving the business mix by shedding businesses where premiums are inadequate and may impact its bottom line. The company maintained its market leadership in India with a market share of 16.2 per cent,’’...
Ukraine announces ‘humanitarian corridor’ for ships stuck in Black Sea ports
Shipping and insurance sources familiar with Ukraine said they were not informed about the new corridor and there were questions over its viability. It was unlikely most ships would agree to sail at the moment, they said Ukraine announced a “humanitarian corridor” in...
GIC Re net profit rises 6.1% to Rs 732 crore in Q1, further sheds loss making business
Devesh Srivastava, CMD, GIC Re ``Profit is the only embedded principle of all our business. We will not do any business that is not adding to our bottom line. We have restructured our entire organisation and manpower in recent years to deliver on results,'' said...
Lloyd’s of London leads insurers tightening Taiwan cover as conflict risks rise
“Availability of cover for Taiwan has got tighter,” said Crispin Hodges, head of trade and political risk with insurer Canopius, “We’ve been tightening up the wording to ensure that the policies reflect the underlying risk that we want to insure and there aren’t any...