The new partnership will see Tokio Marine Group companies provide...
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“Reinsurance capacities in India may be required only for property, agri and specialty lines like aviation & cyber”
N Ramaswamy, CMD, GIC Re The effort from the Regulator is to create...
GIC Re’s net profit up 16% to Rs 1861 crore in Q2FY25
N Ramaswamy, CMD, GIC Re Though the largest Indian reinsurer has...
Barclays dragged into insurer ‘War’ over failed M&A deal
SCOR SE is suing Barclays in London for breach of confidence when the bank advised Covéa on its bid to acquire SCOR in 2018. Barclays was given an inside track into the strategic thinking of SCOR’s board and then used the information to help Covea “sabotage” SCOR’s plans to merge with another firm, SCOR’s lawyers said.Covéa’s bid for SCOR was one of France’s most acrimonious takeover attempts in years and the fallout has led to several lawsuits as well as criminal proceedings.
Egypt Court rejects appeal to free ship that blocked Suez
The lawsuit of Suez Canal Authority asked for $916 million in compensation. The operator lowered the figure in out-of-court negotiations to $550 million, which the ship’s insurers say is still too high.The Ever Given’s owner has offered to pay $150 million, according to the SCA, which says that doesn’t cover losses of transit fees, damage to the waterway during the dredging and rescue efforts, and costs of equipment and labor.
Dutch court orders Shell to deepen carbon cuts in landmark ruling
At a court room in The Hague, judge Larisa Alwin read out a ruling which ordered Shell to reduce its planet warming carbon emissions by 45% by 2030 from 2019 levels.
Shell immediately said it would appeal the court ruling, which comes amid rising pressure from investors, activists and governments on energy companies to shift away from fossil fuels and rapidly ramp up investments in renewable energy.
Africa Specialty Risks unveils Parametric Underwriting Division
Mikir Shah, CEO of ASR, commented: “The establishment of the parametric division demonstrates our commitment to de-risking investment and increasing resilience across the African continent. Our vision is to unlock greater and more streamlined protections for insureds, ensuring that inward investment in Africa continues to boost economic activity and growth on the continent, via the integration of innovative, technological solutions.
Trust Re appoints Yassir Albaharna as CEO
With a renowned international profile and wide marketing network, Albaharna has more than 34 years of in-depth experience in the reinsurance industry. He was previously Chief Executive Officer of one of the premier reinsurance organisations in the Arab world and served as Vice Chairman of Trust Re since 2019.
Africa Specialty Risks Group becomes reinsurer in Mauritius
ASR is focused on becoming the partner of choice to corporations through the provision of comprehensive and bespoke risk mitigating insurance solutions, and offers capacity across Property, Construction, Political Risk, Trade Credit, Energy, Liability and PVT (War, Political Violence and Terrorism), with further lines of business being developed.
Australian general insurers welcome `Bushfire Funding’, say Tax Rise ‘Unsustainable
The federal government’s allocation of A$1.2 billion (US$931 million) over five years to improve Australia’s capability to prepare for, respond to, and recover from natural disasters and now the Victorian government’s A$517 million investment in bushfire specific resilience initiatives will protect communities vulnerable to the impact of extreme weather and natural disasters,the ICA said in a statement.
“This welcome news is tempered, however, by the Victorian budget’s projections that revenue from insurance stamp duty will increase by almost one-third over the budget estimates, rising 29% from A$1.517 billion in 2020-21 to A$1.959 billion [US$1.519 billion] in 2024-25,” the ICA explained.
Yaas intensifies into very severe cyclonic storm: IMD; eastern states evacuate more than 12 lakh people
`Yaas’, which was positioned 160 km south-southeast of Paradip in Odisha and 240 km south-southeast of Digha in West Bengal over north-west and adjoining west-central Bay of Bengal on Tuesday evening, is likely to gain a maximum speed of 155 kmph to 165 kmph gusting to 185 kmph during landfall, the Met department said.
‘Yass’ will intensify into a very severe cyclonic storm on May 26: IMD
“It is very likely to intensify into a very severe cyclonic storm. It will cross West Bengal and north Odisha coasts on the evening of May 26,” informed Dr Mohapatra.
Ship owner says Suez Canal was at fault over Ever Given grounding: Lawyer
The Ever Given, one of the world’s largest container ships, became jammed across the canal in high winds on March 23, and remained grounded for six days, blocking traffic in both directions and disrupting global trade.
The vessel has since been held in a lake between two stretches of the canal as the Suez Canal Authority (SCA) pursues a $916.5 million claim against Japanese owner Shoei Kisen.