War risk rates for a typical seven-day voyage period, which are set...
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Over 1,200 dead from floods in Indonesia, Sri Lanka, Thailand as rescue efforts intensify
The flooding and landslips killed at least 1,230 people, with 659...
Lloyd’s to venture into GIFT-IFSC, to apply for a license from IFSCA soon
This will be Lloyd’s second entry into Indian reinsurance market as...
GIC Re doubles its net profit to Rs 3,417 crore in Q4FY2023, declares a dividend of Rs 7 per share
Devesh Srivastava, CMD, GIC Re GIC Re’s record net profit has been possible as the third largest Asian reinsurer has a combined ratio of 89.16 per cent and an underwriting profit of Rs 889.77 crore along with a higher investment income of Rs 3,667.16 during the...
UN says U.S. concerns have led to insurers quitting climate alliance
Reinsurer Swiss Re on Monday joined Munich Re, Zurich Insurance, and Hannover Re in exiting the Net Zero Insurance Alliance amid growing pressure in the U.S., where some Republican politicians say these alliances could be breaking antitrust rules The United Nations...
Munich Re launches Next Gen AI-augmented underwriting solution
Munich Re also offers reinsurance on policies underwritten by these AI models as an optional service, providing insurers alignment of interest and peace of mind. To further support insurers, Munich Re can also finance the solution through reinsurance, mitigating any...
AIG to sell Validus Re to Renaissance Re in near $3B deal
The deal terms include about $2.74 billion in cash and $250 million of RenaissanceRe common shares, the companies said in their statements "For AIG, (the deal) further simplifies our business model and reduces volatility in our portfolio, while generating significant...
Swiss Re exits Net Zero Insurance Alliance
The departure follows that of fellow Swiss firm Zurich Insurance Group AG, as well as Germany’s Munich Re and Hannover Re NZIA has no US members, and with the departure of Swiss Re, it has roughly 27 left, including Allianz SE, Aviva Plc and Axa SA, according to the...
SBI General launches Surety Bonds, to provide protection against breach of terms and conditions by the contractors
Anand Pejawar, whole-time director, SBI General Insurance Anand Pejawar, whole-time director, SBI General Insurance said, "We are confident that this product will serve as an effective tool for the infrastructure sector. Surety bonds offer financial security, risk...
Odisha to provide free crop insurance to farmers for 3 years
''The Cooperation Department would bear the premium of the insurance from the 2023 Kharif season to the 2025-26 Rabi season. Odisha is the first state in the country to provide free crop insurance to farmers,'' he said Bhubaneswar: The Odisha government on Monday...
Next wave of life expectancy gains is on the horizon, says Swiss Re report
Life expectancy improvements typically come in waves following major medical breakthroughs or large-scale social trends, such as smoking cessation. In the twentieth century, pharmaceutical innovations which lowered blood pressure and cholesterol triggered a steep...
Panama Canal imposes shipping restrictions to cope with worsening drought
The largest vessels will have to reduce their drafts — how low they sit in the water — by carrying less or cutting the weight of their cargoes as of May 24, followed by another decrease that kicks in on May 29. Some major ocean carriers have also announced new fees...
MS Amlin strengthens Natural Resources team with claims expertise
With more than a decade of industry experience, Erman brings substantial claims-handling expertise. Specialising in marine and energy, he has a reputation for handling and resolving large, complex claims LONDON: MS Amlin, the Lloyd’s global (re)insurer, today...