Gallagher follows in the footsteps of rivals Aon and Marsh...
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Globally, Natcats result in $133bn economic and $ 51bn of insured losses: Munich Re
The costliest typhoon in Asia – and the third-costliest cyclone of...
Economic threats continue to overshadow climate and cyber risks
Extreme weather events featured in the G20’s top five risks, as the...
Shipping losses stay at historic lows, but Asia remains largest global loss hotspot:Allianz
“Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS.
“Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS.
The world’s piracy hotspot, the Gulf of Guinea, accounted for over 95% of crew numbers kidnapped worldwide in 2020. Last year, 130 crew were kidnapped in 22 incidents in the region – the highest number ever – and the problem has continued. Vessels are being targeted further away from the shore – over 200 nautical miles (nm) in some cases.
Irish approves laws to make bankers and insurers more accountable
The new regime will apply to senior individuals in banks, insurance firms – excluding reinsurance companies – investment firms which are authorised to hold client monies or assets and third country branches of those categories.
The new laws will allow for additional fines and regulatory findings against individuals.
Ship tied to Israeli billionaire attacked off Oman, 2 killed
“At the time of the incident the vessel was in the northern Indian Ocean, traveling from Dar es Salaam to Fujairah with no cargo onboard,” the statement from Zodiac Maritime said, naming ports in Tanzania and the United Arab Emirates respectively.
Govt clears Suchita Gupta’s appointment as CMD of National Insurance
The government is yet to notify the the appointment of Indrajit Singh, general manager, New India Assurance, as the CMD of Chennai based United India Insurance.
Ministry of finance has also notified the appointments of Mini Ipe and Vishnu Patanaik as the managing directors of Life Insurance Corporation.
Suspension of scheduled int’l passenger flights extended till Aug 31
“However, international scheduled flights may be allowed on selected routes by the competent authority on a case-to-case basis,” the Directorate General of Civil Aviation added.
Lloyd’s of London plans electric vehicle, hydrogen insurance in climate change fight
Lloyd’s will design insurance for electric vehicles which will cover a breakdown in internet connections, and look at ways to insure hydrogen transportation, it said in a report.
Space Activities Bill under consideration to promote private players in sector
The Indian National Space Promotion and Authorization Centre (IN-SPACe) was created as an independent nodal agency under the Department of Space with the mandate of promoting, handholding, licensing, authorization and monitoring of private space activities in India. Access to Department of Space (DOS) facilities and expertise is extended to private entities to support their space activities.
China urges insurers to increase offerings for natural disaster coverage
Chinese insurers have received a total 376,200 claims relating to the Henan floods as of July 26, the CBIRC said, and the total payouts so far reached 492 million yuan.
AIR Worldwide enhances extreme event models for Japan, Releases updated earthquake and typhoon models
“In 2018 and 2019, four powerful typhoons struck Japan, incurring total insured losses of approximately USD 30 billion from wind and flood damage,” said Dr. Boyko Dodov, vice president of research, AIR Worldwide.
“As is the case after any major storm or severe storm season, we have been analyzing and reanalyzing a plethora of meteorological data, market exposure and company claims data sets from these and previous historical storms,” he said.
New Executive Committee to lead Aon forward
The Aon executive committee is now responsible for executing on the firm’s four-pronged Aon United Blueprint, which creates new sources of value for clients, delivers more effective client service, drives innovation at scale and ensures a unique and sustaining colleague experience.