Stefan Wunderlich,head of Parametric Insurance Beazley has a...
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Fire erupts on Singapore-flagged container vessel off Kerala coast; 18 rescued, 4 missing
The 270-metre-long vessel, with a draught of 12.5 metres, had left...
Strengthening early warning systems and coordination crucial for disaster resilience: PM Modi
Narendra Modi, Prime Minister Prime Minister Modi underscored that...
Hard property catastrophe reinsurance market to support 2023 margins: Fitch
Fitch forecasts broadly stable underlying profitability for the global reinsurance sector in 2023, and is maintaining its neutral fundamental sector outlook. Frankfurt/Chicago/London: Reinsurance rates for property catastrophe business should increase by well over 10%...
Global marine industry: Most expensive claims caused by fire and explosion incidents
;The combined value of the global merchant fleet increased 26% to $1.2trn in 2021 while the average value of container shipments has also been rising with more high-value goods such as electronics and pharmaceuticals "The risk of theft and damage to high-value cargos...
Australia’s extreme weather events to worsen as climate warms
In a dire report released Wednesday that will add to pressure on the government to take firmer action on climate change, the Commonwealth Scientific and Industrial Research Organisation and the Bureau of Meteorology said rising greenhouse gas levels are causing the...
Aircraft lessors sue insurers for $6.5 billion over seized Russian planes
More than 400 leased planes worth around $10 billion are unable to leave Russia after European Union sanctions forced the termination of their leases.Lessors argue the aircraft are covered by policies against war or theft, but insurers point out the planes are...
Russia reiterates it won’t sell oil to nations that cap prices
The cap, which is also backed by the European Union, would ban companies from providing services, including shipping and insurance, to Russian oil shipments anywhere in the world, unless it’s sold below the agreed threshold Russia doesn’t plan to supply crude or oil...
At least 250 people killed in Indonesia earthquake, rescue operations underway
The residents were seen scattered through the streets as buildings crumbled, reported Channel News Asia. The tremors destroyed many buildings and were felt in Cianjur in West Java at a depth of 10 km. Hundreds of buildings were damaged, including an Islamic boarding...
China’s Fosun appoints Deutsche Bank to sell Peak Re – sources
The Chinese conglomerate owns 86.9% of Peak Re, and it is not immediately clear what valuation a sale would ascribe to the reinsurance firm. Peak Re said in its 2021 annual report its total equity was $1.47 billion at the end of 2021 HONG KONG/LONDON: China's Fosun...
IRDA initiates discussions with general insurers to allow larger freedom to design various policies
According to the IRDAI, in the current situation, there are no real free market price discovery, no risk-quality based price discrimination, and no incentives for policyholder to adopt better risk management and insurer to price per own portfolio experience....
Historic compensation fund approved at UN climate talks
The decision establishes a fund for what negotiators call loss and damage. It is a big win for poorer nations which have long called for cash sometimes viewed as reparations because they are often the victims of climate worsened floods, droughts, heat waves, famines...
AUM Asset Management launches ILS Ocean Fund Investing in ILS
The underwriting strategy for The Fund will mirror that of the captive insurance company in which it is invested, Ocean International Reinsurance Co Ltd. ("Ocean RE"), and will take a vertical cut of all lines of business (excluding Life Business), supported by the...