Hurricane Melissa will trigger the $150 million, International Bank...
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Allianz Trade extends geographical footprint to new location Vietnam
Despite potentially facing higher US tariffs than its ASEAN peers,...
Jamaica’s insured losses from Hurricane Melissa likely to fall on reinsurers:AM Best
In its Best’s Commentary, “Jamaica's Insured Losses From Hurricane...
Global cyber-insurance market makes a comeback, Price hikes moderate
Cyber-insurance pricing increased 10% from a year earlier in January, a fraction of the 110% annual increase reported in the first quarter of 2022, preliminary data from insurance broker Marsh McLennan show. If those trends continue, prices could be set to decline,...
Insurers face $500 million in claims for up to 60 commercial ships stuck in Ukraine
With insurers already grappling with exposure to commercial aircraft caught up in Russia, the prospect of payouts will likely translate into higher costs for shipments from the region A senior industry source said exposure for the ships currently stuck was estimated...
Buffett’s Berkshire records annual operating profit despite inflation, rate pressures
Warren Buffett, chairman,Berkshire Hathaway Berkshire did spend $11.5 billion in the fourth quarter to buy the insurance company Alleghany. Warren Buffett’s Berkshire Hathaway on Saturday reported its highest-ever annual operating profit, even as foreign currency...
Earthquake in India’s Himalayas to be felt in Sri Lanka
If India experiences a quake of magnitude 8, it would be felt in Colombo and Jaffna, Athula Senaratne, a local university professor, told reporters Sri Lanka's capital Colombo and the northern capital of Jaffna are likely to feel the effect of any powerful earthquake...
Shipping industry steps up calls to free seafarers still trapped by Russia’s war
In the weeks after the war began, some 2,000 crew members were caught in the crossfire on ships in the Black Sea and the Sea of Azov. Safe corridors helped reduce that number in the months that followed. But the total remaining stands at an estimated 331 seafarers on...
Turkey Earthquakes: Total insured losses likely to exceed $5 billion,Moody’s RMS
Economic losses from the moment magnitude (Mw) Mw7.8 and Mw7.5 earthquakes that struck southern Turkey on February 6 are likely to exceed US$25 billion Observations from early damage reports issued by the Turkish Ministry of Environment, Urbanization, and Climate...
Munich Re beats 2022 profit target with 74% fourth-quarter leap
"Munich Re absorbed the crises of 2022 well," Chief Executive Joachim Wenning said It reduced the share of proportional business and, owing to the attractive price level, grew in the area of non-proportional natural catastrophe covers in particular. Despite increasing...
UNCDF partners with Howden to build climate resilience for vulnerable communities in Fiji
The flagship programme has developed and deployed the Pacific region’s first parametric microinsurance products in Fiji, Tonga and Vanuatu. Suva, Fiji: The UN Capital Development Fund (UNCDF) announced international insurance broker Howden as a new addition to its...
Demand for `International Insurance Programmes’ grow as APAC businesses expand beyond local borders:Aon
Natural catastrophe events continued to drive large losses and pressure marketconditions for property insurance. Changes to the reinsurance market, including higher costs and retentions, and some coverage restrictions, will drive rate increases for both local...
Shipping industry grapples with ways to cut cargo fires at sea
“The main root cause for cargo fires on container ships is the integrity of dangerous goods throughout the supply chain. Therefore it is a problem that can only be improved through industry wide solutions,” Maersk’s Aslak Ross said separately in a statement. Global...