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Insurers increasingly tap AI to tackle surging Cat losses
Risk experts are increasingly using AI to crack an especially...
Disaster is directly linked to climate change: Amit Shah
This Bill does not infringe on the federal structure. The primary...
Ukraine war and cyber resilience combine to temper global ransomware activity: Howden report
Shay Simkin, Global Head of Cyber, Howden, commented: “Market conditions remain difficult, but two potential tailwinds may help companies and insurance carriers as this year progresses. The first is off the back of more favourable ransomware trends following...
Gallagher Re continues to strengthen APAC region with senior hires
Mark Morley, Managing Director of Asia Pacific at Gallagher Re, said, “ These latest senior appointments build out our strategic analytical, actuarial and client engagement capabilities across the wider Asia Pacific region, which continues to be a significant growth...
Allianz sells a majority stake in its Russian operations
The partial sale would result in a 400 million euro ($429.80 million) hit to Allianz’s net profit, the company said. Companies have been scrambling to shed assets in Russia since the invasion, which Russia has called a “special operation.” The insurer Allianz said on...
Defeat device car owners can claim damages – EU court adviser
Defeat devices are mechanisms or software that can change vehicle emissions levels, leading to disputes over whether manufacturers use them to mask the true pollution levels of their vehicles. Volkswagen admitted in 2015 to using software to cheat U.S. emissions tests...
EU accords final nod to new sanctions on Russian oil and Sberbank
Apart from banning seaborne imports into Europe, the new sanctions also include an immediate ban on insuring ships carrying Russian oil elsewhere, an EU official told Reuters, while existing contracts are to be phased out over six months BRUSSELS: The European Union...
Insuring most expensive Mercedes is neither cheap nor easy
Numerous factors go into finalizing the rates and structure of such a policy—things like location, storage, and vehicle type—but in general, insuring a $100 million vehicle costs well over $100,000 to insure annually On May 5, a 1955 Mercedes-Benz 300 SLR Uhlenhaut...
US P/C insurer capital sufficient to withstand Hurricane Season
Capital strength provides insurers with an ability to withstand losses from large adverse events, including catastrophes. Industry policyholders’ surplus (PHS) increased by 40% over the last three years and now exceeds $1 trillion The June/July mid-year 2022...
Shanghai to end two-month long Covid-19 lockdown on June 1: Report
“Beyond Shanghai, restrictions on inter-regional mobility mean that supply-chain snarls will not disappear overnight,” wrote Bloomberg Economics Chief Asia Economist Chang Shu in a Tuesday note. “A retreat in virus infections allowed Shanghai to begin reopening. But...
Trend of above-average hurricane seasons expected to continue this year: Allianz
“There is no clear scientific consensus on whether climate change will result in a net increase in the frequency of tropical storms,” explains Bastian Manz, Senior Climate Risk Analyst at Allianz Re London/New York/Singapore; The hurricane season in the Atlantic basin...
IRDAI approves 8 new insurance players, final licenses soon: Chairman
`Debasish Panda, chiarman, IRDAI The industry has now 56 primary players and 12 foreign reinsurers ``We would like to have many more players including micro insurers, insurtechs, niche and differentiated players who can operate with a much smaller capital and...