Jamaica’s losses will range between $5 billion to $16 billion,...
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LM Re appoints Andrew Aldwinckle as International Casualty Chief Underwriting Officer
Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual...
MS Amlin signs multi-year deal for CyberCube Solutions to support cyber growth strategy
Chris Methven, Chief Growth Officer at CyberCube, said,``Our...
Global reinsurers pull back from natural catastrophe cover, says Fitch
Natural catastrophe business has become largely loss-making in recent years as prices have failed to keep pace with increasingly frequent, severe and volatile weather-related losses due to climate change. This has reduced reinsurers’ appetite to provide natural...
IRDAI lowers capital of FRBs to Rs 50 cr from Rs100 cr, order of preference streamlined to 4 levels from 6
This comprehensive regulatory overhaul is strategically designed to position India as a prominent global reinsurance hub. The revised Order of Preference for International Financial Services Centre Insurance Offices (IIOs), coupled with simplified regulations and...
AstraZeneca facing two London lawsuits over COVID-19
Anish Tailor, whose wife Alpa died in March 2021 after receiving her first dose of the vaccine, filed a product liability claim against AstraZeneca at London’s High Court on Aug. 4, according to court records AstraZeneca is facing a similar lawsuit from Jamie Scott,...
Insurers raise premiums for Black Sea tankers as tensions mount – traders
The war risk premium was increased from around 1% of the cargo’s cost to some 1.20-1.25%, the traders said The increase means every voyage will cost $200,000 per one Suezmax tanker (can carry 120,000-200,000 tonnes) more if Russian oil is delivered to India. The rise...
Deepfake imposter scams are driving a new wave of fraud
The fastest-growing scam category is investment fraud, often introduced to victims through search engines where scammers can easily buy sponsored advertising spots. When would-be investors click through, they often find realistic prospectuses and other financial data....
IRDAI cautions public not to deal with `Surety Seven’ selling Surety Bonds
The company is soliciting Surety Insurance policies including Bid Bond, Advance Payment Bond, Performance Bond, Court Bond, Customs Bond from the public especially from business like Construction and Import/Export Hyderabad: Insurance regulator IRDAI has cautioned...
How El Nino threatens emerging market economies
India and Egypt are among the economies that are overall most vulnerable to El Nino's impact this year, according to an index by Standard Chartered Bank, taking into account the weight of the primary sector, the share of food in inflation baskets and a country's...
Munich Re remains world’s largest reinsurer in AM Best’s Top 50 Ranking, followed again by Swiss Re
According to the report, total reinsurance gross premiums written by the top 50 reinsurers increased by 2.6% to USD 363.6 billion in 2022 “For many reinsurers, premium growth was driven primarily by strong rate increases, not exposure growth,” said Christopher...
Moody’s RMS estimates $4 to 6 billion in economic losses from Hawaii Wildfires
Michael Young, Vice President, Product Management, Moody’s RMS, noted: “When the rare situation of high wind and wildfire ignitions do occur again in the future, we need to be sure all the buildings comply with scientifically proven risk reduction features highlighted...
Russia’s flagship oil above $60 does little to halt G-7 services
Insurers have complained publicly about the risks of covering cargoes using the attestation system in recent months. There has also been a drop off in the number of ships calling at Russian ports with industry-standard insurance from members of the International Group...