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AM Best affirms Credit Ratings of New India Assurance
The ratings reflect NIA's balance sheet strength, which AM Best...
Aon and EBRD launch innovative war risk insurance facility for Ukraine
Under the new €110 million Ukraine Recovery and Reconstruction...
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.
CNA Paid $40 Million in Ransom After March Cyber Attack
Ransomware attacks — and particularly payments — are rarely disclosed so it’s difficult to know what the biggest ransoms have been. The average payment in 2020 was $312,493, according to Palo Alto Networks, a 171% increase over the previous year. The $40 million payment is bigger than any previously disclosed payments to hackers, according to three people familiar with ransomware negotiations.
Canada unprepared for facing climate change induced mega-hurricane-risk:Swiss-re-
But as ocean surfaces warm, the frequency, duration and intensity of storms increase. That’s extending their range and making Canada, where just one or two tropical cyclones make landfall each year, more vulnerable, according to the Zurich-based company, which provides reinsurance to 15% of the country’s insurance industry.
Italy probes Allianz Direct, Zurich for alleged cartel among automobile insurers
In a statement, the Italian Competition Authority said the companies involved were able to charge consumers higher premiums for automobile insurance policies as a result of the insurers and price comparison companies regularly sharing reports, prepared by the price comparers, of “sensitive information” on the market for auto policies.The probe involves, among others, Allianz Direct, Admiral Intermediary Services, Linear, Genertel, Zurich and price comparison websites such as facile.it.
SDGs: Greater urgency needed to meet environmental goals, improved data likely key
The SDGS are at the heart of the 2030 Agenda for Sustainable Development, which outlines internationally agreed targets in areas such as poverty, hunger, health, climate action, clean energy and responsible consumption.