That brought SMBC’s total recoveries from claims following the...
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Cyberattack costs Marks & Spencer $403 million in operating profit
The British retailer will try to mitigate the impact with cost...
EU likely to propose to G7 lowering price cap on Russian oil to $50 per barrel
The G7 price cap was agreed in December 2022, banning trade in...
Big four global reinsurers improve earnings despite high nat cat losses:Fitch
Sharply lower non-life claims related to the coronavirus pandemic more than offset high, and above-budget, natural catastrophe losses, Fitch Ratings says. The pandemic had a strong impact on the life and health reinsurance activities of the major reinsurers, which had...
General insurance industry in China to reach US$313 billion in 2025, forecasts GlobalData
Deblina Mitra, Senior Insurance Analyst at GlobalData, comments: “Despite being the second-largest general insurance industry globally, China’s general insurance penetration at 1.3% is way below the developed markets’ average of 4%. This is mainly because the general...
Singapore to support development of iLS in Asia Pacific:FINANCE MINISTER Wong
Lawrence Wong ,minister for finance and deputy chairman of Monetary Authority of Singapore ``We have also introduced a grant scheme to reduce issuance costs. Over the past 3 years, 18 ILS have been issued in Singapore. These cover a range of natural catastrophes...
Nations reach climate agreement, accept India’s stand on “phasing down” coal use
Ahead of the Glasgow talks, the United Nations had set three criteria for success, and none of them were achieved. The U.N.’s criteria included pledges to cut carbon dioxide emissions in half by 2030, $100 billion in financial aid from rich nations to poor, and...
Annual U.S. Severe Weather Claims Near $20 billion Following October Activity
Brian Kerschner, Senior Catastrophe Analyst for Aon’s Impact Forecasting team, said: “October is typically considered a ‘second season’ for severe weather in the United States as it marks a transition from summer warmth to cooler autumn temperatures. This year saw one...
Hannover Re sells its stake in HDI Global Specialty to HDI Global
The reinsurance market continues to see improved prices and conditions. By selling our stake we are freeing up capital for profitable growth in our core business," said Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re. "Under our cooperation agreement we...
Boeing may win order for up to 80 737 Max jets from India’s Akasa
Any transaction would allow Boeing to establish itself firmly in a market dominated by Airbus aircraft. Market leader IndiGo is the world’s largest customer for the European planemaker’s best-selling jets with orders for more than 700 planes, while the Indian...
Risky business: Climate change turns up the heat on insurers, policyholders
Given the momentum, it is no surprise that traditional models cannot keep up, Bruce Carnegie-Brown, chairman of insurance market Lloyd's of London told Reuters. "If you’ve reached an exponential part of the curve where suddenly, something’s accelerating, it’s almost...
QBE Re launches life reinsurance for MENA with addition to Dubai office
The newly created role marks an expansion of QBE Re’s offering in the region to focus on growing opportunities in the MENA life reinsurance market. QBE Re has appointed Mohamed El Sabri as Head of Life Reinsurance for Middle East and North Africa (MENA).Subject to...
Flooding: more likely, more extreme and more unpredictable
-Unprecedented weather patterns are challenging the flood risk landscape, which was previously well defined by government and historic records-Many flood damages occur outside of mapped river floodplains, and companies outside larger hazard zones can still be affected...