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EU imposes sanctions on Rosneft’s India refinery, lowers oil price cap
"For the first time, we're designating a flag registry and the...
Global Cat insured losses at least $100 billion for 1H 2025: Aon
According to preliminary estimates, 1H economic losses in the U.S....
Putin signs law to establish Eurasian Reinsurance Company
The company will provide insurance support for the mutual and foreign trade of Eurasian Economic Union (EAEU) countries, Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. stimulate the development of investment cooperation, and support export loans and cooperation...
Russia-linked hackers give British Airways and the BBC a week to open ransom negotiations
The hacker group, known as Clop, said companies that use the secure file transfer product MOVEit from Progress Software Corp. should email it before June 14 or else it would publish stolen data, according to a statement on the gang’s darkweb page A Russian-speaking...
UK Eyes War-Risk Insurance Scheme for Ukraine’s reconstruction
The danger of war damage, as well as longer-term political and economic instability, have seen the costs of insuring investments in Ukraine shoot up, often pricing out both investors and private insurers. Ukrainian President Volodymyr Zelenskiy has called on allies to...
California insurers’ inability to price risk is causing headaches
State regulations ask wildfire insurers to set rates for annual catastrophic coverage as a fraction of damages accrued over 20 years — without mention of models that can capture the accelerated rate of land use change and development, weather and wind trends or the...
El Nino is back in action, threaten food productions across Asia
Experts say that a strong El Nino could hit sugar production in India and Thailand, and possibly disrupt the sugarcane harvest in Brazil. They also see risks for coffee production in Vietnam, the world's second-largest producer LONDON: El Nino has officially returned...
MS Amlin launches new AI-powered claims triage process to support operational transformation
The new state-of-the art-triage process embeds an artificial intelligence (AI) model, which assesses and assigns claims based on certain criteria and proprietary scoring algorithms, into MS Amlin’s claims workflow LONDON: MS Amlin, the Lloyd’s global (re)insurer,...
FSIB selects Ramaswamy for GIC Re top post, Rajeswari Singh as NIC CMD
N Ramaswamy, general manger, GIC Re Four senior officials who had appeared for the virtual interview are- N Ramaswamy, general manager, GIC Re, Hitesh Joshi, general manger, GIC Re, M Rajeswari Singh, general manger & director, United India Insurance, BS Rahul,...
Geneva Association celebrates its 50th anniversary
Christian Mumenthaler, Chairman of The Geneva Association and Group CEO of Swiss Re, said: “What stands out, above all, is how insurers and reinsurers have dutifully confronted the world’s biggest challenges in the name of building resilience. In the uncertain times...
New Zealand offers to buy out owners of homes damaged by Cyclone
Together with local councils, the government will offer to buy as many as 700 residential properties across the North Island that were damaged by Cyclone Gabrielle and heavy flooding earlier this year, Finance Minister Grant Robertson said Thursday in Wellington. It...
June 1 Renewals: Property-catastrophe pricing up 33%, says Howden Tiger
P&C reinsurance prices up an average 33% at 1 June (highest since early 90s), driven by financial market volatility, inflation, geopolitical tensions, recent weather losses and the Turkey earthquakeReinsurers are in a period of “heightened risk aversion” and stand...