The 2025 Global Modeled Catastrophe Losses Report notes a $32...
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Aon appoints Bonjay Koo as Enterprise Client Leader for South Korea
Aon plc today has appointed Bonjay Koo as Enterprise Client Leader,...
India’s push for ethanol-mixed fuel sparks driver backlash, leaves carmakers scrambling
When asked about issues on warranty and insurance due to usage of...
Allianz Global Corporate & Specialty SE appoints a new CFO
Munich: Allianz Global Corporate Specialty SE (AGCS) has appointed Oskar Buchauer, currently head of Allianz Group Actuarial, Planning and Controlling and Group Chief Actuarya as new chief financial officer (CFO) to its board of management. With effect from September...
Titanic sub: victims’ families could still sue despite liability waivers
Waivers are not always ironclad, and it is not uncommon for judges to reject them if there is evidence of gross negligence or hazards that were not fully disclosed “If there were aspects of the design or construction of this vessel that were kept from the passengers...
Hurricane Outlook: 2023 to consist of 12 to 17 named storms, 5 to 9 hurricanes and 1 to 4 major hurricanes
“The upcoming Atlantic hurricane season is expected to be less active than recent years, due to competing factors—some that suppress storm development and some that fuel it—driving this year’s overall forecast for a near-normal season,” NOAA reported Despite the fact...
Marsh McLennan to work with Ukrainian government to unlock access to global insurance market
It follows the proposals that Marsh McLennan has made to Ukrainian and G7 governments for the creation of a war risk insurance pool. This would be a multinational public-private partnership based on the existing terrorism insurance pools that currently operate in...
Britain says insurer capital rule changes to start by end of 2023
The risk margin refers to the potential cost for a failing insurer to transfer its policies to a third party to avoid disruption to customers. "It is considering options to enable reforms to the matching adjustment to come into force by the end of June 2024, and the...
Transformative industry trends present $200 billion opportunity for re/insurers: Aon Report
Sherif Zakhary, CEO of Aon’s Strategy and Technology Group, said: “These megatrends each equate to risk and opportunity for the global insurance industry, and so as risk experts we cannot afford to sit on the sidelines and wait for these trends to crystalize. We have...
Debt crises in Global South debilitating fight against climate change: Report
Hurricane Maria that hit the Carribean island of Dominica in 2017 caused damage equivalent to 226 per cent of its gross domestic product (GDP).Floods in Pakistan in 2022 and cyclone Pam in Vanuatu in 2015 caused damages worth 9 per cent and 64 per cent of their...
World Bank wants catastrophe insurance in new loans for disaster hit countries: Report
Ajay Banga,President,World Bank World Bank President Ajay Banga will unveil measures, including the pause on repayments and embedding catastrophe insurance into new loans in a speech in Paris on Thursday, the newspaper reported French President Emmanuel Macron is...
Aon, Lloyd’s and VIG in pact to commit to Ukraine insurance
The commitment follows an announcement earlier in the day by British Prime Minister Rishi Sunak on a new framework for war risk insurance FRANKFURT: Aon PLC, Lloyd’s and Vienna Insurance Group will join forces to provide coverage for Ukraine to support its...
Analysis- Record plane orders raise the stakes in India’s aviation boom
With a total of almost 1,000 jet orders between them, IndiGo and Air India are betting an economic boom and growing middle class will spur demand for domestic air travel, and new jets will help them grab a bigger share of international traffic The number of domestic...