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Nuclear-powered ships may reshape trade with cleaner, faster transport, to pose problems for insurance
Commercial insurance companies won’t provide coverage for ship that...
Israel-Iran Conflict: War risk insurance premiums for shipments to Israel spurt
Individual underwriters will price risk and rates differently, but...
Black Sea shipping rates rise as reinsurers cut cover
Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year, reflecting higher war risk insurance rates, industry sources said The Black Sea is crucial for the shipment of grain, oil and oil products....
Jan1Renewals: Reinsurers hike rates on key business lines by as much as 200%, exclude Russia and Ukraine
Aviation reinsurance rates, heavily impacted by hundreds of stranded aircraft in Russia, rose by as much as 200%, Gallagher Re said. “The sector is experiencing its most acute, cyclical price increases since the 2001-2006 period, if not before,” said David Flandro,...
IRDAI allows auto-renewal of eligible CBRs by insurers
To qualify for auto-renewal of a CBR, the insurer will ensure that credit rating of the CBR should not be less than ‘Standard & Poor's A- or equivalent. The latest credit rating of the CBR should not be prior to 12 months from the date of application for...
Why China’s latest Covid wave has sparked global panic
Beijing: China is experiencing a huge Covid-19 surge after years of hardline containment restrictions were dismantled last month. A growing number of countries are worried about a lack of data and transparency surrounding China's outbreak. Here is why it is sparking...
Jan1 renewals: Rapid changes in market conditions prompt tense and late but largely completed renewals: Gallagher Re
James Kent, Global CEO, Gallagher Re, said, “The renewal process has been grueling for participants, many of whom have not faced such a rapid change in market conditions across a single renewal season. Political violence renewals have been especially demanding in...
Japan insurers to maintain cover for LNG vessels in Russian waters
The insurance companies negotiated with reinsurers to replace part of the coverage and they are expected to enable continued insurance, Nikkei reported on Thursday After renegotiating with UK reinsurers, a total of 30 billion yen ($224 million) is expected to be...
SC issues detailed norms for adjudicating motor accident claim cases
The Court has noted the concern regarding the delay in disposal of the claims cases under the Motor Vehicles Act, in the trial court or at the appellate stage. For effective implementation of the M.V. Amendment Act and the Rules framed thereunder, the specified...
Global natural catastrophe 2022 insured losses seen at $112 bln- Guy Carpenter
This year’s renewal season was “one of the most challenging. ..the sector has experienced,” Guy Carpenter said, adding that the process had been “extremely late.” Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance...
Challenging Jan 1 renewals reflect a market seeking new equilibrium: Guy Carpenter
In a renewal season that was extremely late, ultimately, placements were largely completed at client issued structures and pricing, without many of the requested modifications in coverage Reinsurers presented fractured views at the outset, with more extreme coverage...
Russia-Ukraine conflict: more ship insurers exit war cover
At least 12 of the 13 organizations within the International Group of P&I Clubs — the main insurer of risks such as collisions and spills — have changed their policies to exclude claims stemming from Russia’s invasion of Ukraine in recent days. The 13 clubs are...