The insurers, who have provided the cover for the plant are-...
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Trade disruption and economic shocks push up political risk cover by 30% globally, says Howden report
Matthew Strong, Deputy CEO, Howden CAP and Head of Credit and...
Russia to defend its vessels in the Baltic Sea by all legal means
The comments come as Baltic nations grow increasingly concerned...
IRDAI allows repatriation of 20% excess assigned capital by FRBs and Lloyd’s once in a yr
Almost 10 FRBs along with Lloyd's of London who are now operating in India for last fours years have an average capital of Rs 1000 crore and going by the new regulation after ensuring solvency ratio, the FRBs can return 20 % excess capital to their parent companies...
Re/insurers face tough issues over large potential claims From Nord Stream Pipeline Blasts
Munich Re and syndicates within the Lloyd’s of London market are among the major underwriters for Nord Stream 1 and it was unclear whether they would renew its cover If the insurance is not renewed, the prospect of the pipeline bringing gas to Europe under the Baltic...
Bank of England fines MS Amlin Underwriting $10.84 million various for lapses
The penalty reflects the seriousness of MSAUL’s failure to meet the expected standards in this case, and should deter similar conduct by other firms,” Bank of England Deputy Governor Sam Woods said in a statement. London: The Bank of England said on Thursday it had...
Munich Re warns on target after $1.6 billion hit from Ian
Ian hit Florida in September and was one of the strongest hurricanes to ever make landfall in the US. It carved a trail of ruin across southern Florida, downing bridges, inundating roads and shattering homes. Insured losses have been estimated at more than $60 billion...
Blunck to succeed Jeworrek as chair of Munich Re’s Reinsurance Committee
Thomas Blunck Munich Re has also appointed Clarisse Kopff (49), with effect from 1 December 2022, and Mari-Lizette Malherbe (38), with effect from 1 January 2023, as new members of the Board of Management Munich: The Supervisory Board of Munich Re on Thursday has...
Natural disasters cost global economy over $227 billion till Q3 2022: Aon Cat Report
Michal Lörinc, head of catastrophe insight in Aon’s Impact Forecasting team, said: “It is anticipated that there will be robust loss development across many of the reported natural catastrophes, especially with the realization of costs associated with recent tropical...
Hurricane Ian fallout will test Cat Bond investor appetite
Cat bonds are approximately 30% of the ILS market. Commentary from the Monte Carlo Rendezvous 2022 indicated a pipeline of ILS deals of $5 bil. of additional reinsurance capacity, which would benefit insurers facing a hardening market New York: Reinsurers facing...
U.S. Treasury proposes a new rule to collect data on climate-related risks from P&C insurers
U.S. Treasury Secretary Janet Yellen has pressed U.S. financial regulators to make assessment of climate change risks a normal part of their everyday work, including a demand that companies increase disclosures of such risks to investors Treasury said the proposed...
Helicopter carrying pilgrims to Kedarnath crashes; 7 dead
Fog and poor visibility are said to be the reason for the crash Dehradun: A helicopter ferrying pilgrims from Kedarnath temple to Guptkashi here crashed into a hill due to poor visibility on Tuesday, killing all six pilgrims and the pilot on the spot. The chopper --...
Swiss Re estimates Hurricane Ian claims at approximately $1.3 billion
Swiss Re estimates the preliminary total insured market loss from Hurricane Ian at USD 50–65 billion Swiss Re's P&C business reported and normalised combined ratios were affected in the third quarter by an increase in small- to mid-sized claims, partly driven by...