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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....
WTW combines Asia and Australasia into one Asia Pacific, appoints Simon Weaver to head new region
Based in Australia, Simon is responsible for driving business growth throughout the newly integrated region, enabling closer collaboration across the businesses to deliver superior advice, broking and solutions in the areas of people, risk and capital to organisations...
Beazley launches industry’s first Cyber Catastrophe Bond
This is the first time that a liquid Insurance-Linked Securities (ILS) instrument has been created for cyber catastrophe risks, said Beazley The $45 million bond gives Beazley indemnity against all perils in excess of a $300 million catastrophe event, with the...
General insurers’ premium grows by 14.44% to Rs 20,687 crore in Dec , PSU gen insurers market share falls over 2% to 33.16%
The private sector general insurers have mobilised a total premium of Rs 96,246 crore, up 22 per cent in Apr-Dec period while PSU general insurers have gathered a total premium of Rs 62,092 crore,up 8.64 per cent, during the same period. Mumbai:The total premium of...
Airlines in India to add 100 aircraft per year to fly 412 mn passengers
Civil Aviation Ministry officials said that there were about 400 aircraft in 2013 and in 2021-22, the number increased to 700. Airlines in India are going to add 15 per cent capacity or 100 to 110 aircraft per year and the aviation sector is looking at close to 1,200...
Hackers use AI tool to write malicious code
"Cybercriminals are finding ChatGPT attractive. In recent weeks, we're seeing evidence of hackers starting to use it to write malicious code. ChatGPT has the potential to speed up the process for hackers by giving them a good starting point," said Sergey Shykevich,...
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...