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Berkley Asia and Lloyd’s Syndicate Volante venture into Indian markets
One more Lloyd’s Syndicate Volante has received a license from the...
Oak Reinsurance launches Syndicate 2843, receives Lloyd’s nods to underwrite
OAK Re is launching Syndicate 2843 in collaboration with blue chip...
Price Charles launches new partnership with global insurance industry to tackle climate change
To support the rapid growth of green projects and innovation, the SMI Insurance Task Force will develop a framework to help unlock the more than $30 trillion in assets under management, increasingly directing capital towards investments that drive climate-positive outcomes in both developed and developing nations.
Explainer: Climate change and financial disclosure – what’s at stake?
Global regulators are working towards creating a common set of guidelines for assessing climate-related financial risks.
The Financial Stability Board, an international body that monitors the global financial system, created the Task Force on Climate-related Financial Disclosures (TCFD), which released in 2017 recommendations on climate risk disclosure.
A network of central banks also released climate-change scenarios and guides for measuring risks, while the U.N. Environment Programme Finance Initiative (UNEP FI) last year published methods insurers can use to disclose climate risks.
Swiss Re sees rising premium trend intact
In contract renewals in April, Swiss Re increased premium volume in property and casualty insurance by a fifth and achieved a 4% price increase. Munich Re underwrote 17% more business, with prices rising by an average of 2.4%.
Bezos’ 2021 Space Odyssey a risk too far for insurers
There is a nearly $500 million market to insure satellites, rockets and unmanned space flight, but no legal requirement for an operator such as Blue Origin, which Bezos founded, to insure passengers for injury or death or for space tourists to have life cover, brokers and insurers said.
“We’re not aware of a case where anybody is insured against passenger liability,” Neil Stevens, senior vice president, aviation and space at Marsh, the world’s biggest insurance broker, told Reuters.
Agreement in principle reached over Suez Canal ship dispute
The SCA had demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue before publicly lowering the request to $550 million.
“We agreed to settle this issue in a peaceful way without going through the courts and agreed on a final settlement. The deal is being drafted and will be reviewed,” Suez Canal Authority (SCA) Chairman Osama Rabie told a local Egyptian television programme late on Wednesday.
European Commission plans cyber unit to tackle online crime in EU
“Today, we can no longer distinguish between online and offline threats. We need to pool all our resources to defeat cyber risks and enhance our operational capacity,” Commission Vice President Margaritis Schinas said in a statement.
Swiss Re sells 6.6% in Phoenix for $610 mlnmillion
The sale was done in the context of a regular review and rebalancing of Swiss Re’s investment portfolio and is consistent with the Group’s overall investment strategy across equity and alternative investments.
Hybrid SIRC planned in 2021, Current EC of Singapore Reinsurers’ Association re-elected for 2021-22
“With the global roll-out of the COVID-19 vaccines, we are cautiously optimistic that by the time the 17th SIRC is staged in November, some of the Safe Management Measures and travel restrictions that are currently in place will be eased so that we can welcome some of our loyal international supporters back to our shores. Hence, our Secretariat is already drawing up plans for a ‘hybrid event’, combining a virtual segment similar to the SIRC 2020 Re-Mind event that was organised last year, with a scaled-down ‘live event’ that will incorporate all health and safety protocols aligned with the prevailing SMMs mandated by the relevant authorities.”Marc Haushofer, Chief Executive Officer, Asia Pacific & Executive Vice President of Validus Reinsurance Company, who has also been reelected as the SRA Chairman, for 2021-2022
New compensation offer made over Suez canal blockage
The Suez Canal Authority (SCA) demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue, before publicly lowering the request to $550 million.The Ever Given’s Japanese owners Shoei Kisen and its insurers have disputed the claim and the ship’s detention under an Egyptian court order.
CFC Syndicate 1988 opens for trading
Unlike traditional syndicates, Syndicate 1988 will be futuristic – it will not have a box at Lloyd’s and through the application of technology will be operated with a lower level of resources than traditional syndicates. Matt Taylor, of CFC, is the Active Underwriter.