U.S. carrier Delta said a CRJ900 aircraft operated by its Endeavor...
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Aon appoints Jennifer Richards as CEO of Asia Pacific
Jennifer Richards, CEO designate, Asia Pacific, Aon "The Asia...
Sompo Holdings establishes global Property and Casualty (re)insurance, and Wellbeing business segments
Sompo Wellbeing will work as one group to create products and...
‘Average’ Atlantic hurricane season to reflect more storms
The updated averages for the Atlantic hurricane season have increased with 14 named storms and 7 hurricanes. The average for major hurricanes (Category 3, 4 or 5) remains unchanged at 3. The previous Atlantic storm averages, based on the period from 1981 to 2010, were 12 named storms, 6 hurricanes, and 3 major hurricanes.
Container backlog, global supply chain disruption from Suez Canal crisis could take months to clear
“The blockage of the Suez Canal will increase the negative impact on global supply chains in the coming weeks, as the availability of empty equipment, particularly in Asia and Europe, will be affected,” Reiner Heiken, chief executive of U.S. headquartered Hellmann Worldwide Logistics, told Reuters.
Egypt to release ship that blocked Suez canal once compensation deal reached
The Ever Given blocked the canal for six days, roiling global markets and costing the Suez Canal Authority $15 million a day in lost revenue, according to its calculation. Rabie said Egypt wants compensation for the losses, as well as the cost of freeing the vessel.
Holger Tewes-Kampelmann to succeed Amer Ahmed as CEO of Allianz Re
Ahmed was instrumental in the rationalisation of Allianz’s reinsurance buying programme, creating a global buying strategy that was more efficient as well as profitable for the group.
U.S. rolls out first update to flood insurance pricing in 50 years
National Flood Insurance Program currently provides $1.3 trillion in coverage through more than 5 million policies in the U.S., but has been losing money for years and is currently $20.5 billion in debt.
China imposes $2.8 bn penalty on Jack Ma’s Alibaba Group in monopoly probe
The company founded by billionaire Jack Ma used its platform rules and technical methods like data and algorithms “to maintain and strengthen its own market power and obtain improper competitive advantage,” the investigation concluded.
Alibaba’s practice of imposing a “pick one from two” choice on merchants “shuts out and restricts competition“ in the domestic online retail market, according to the statement.
Egypt seeks settlement out of court for Suez Canal blockage
The canal chief said last week the Suez Canal Authority was expecting more than $1 billion in compensation, warning the ship would not be allowed to leave the canal if the issue of damages turns into a legal dispute.
“We are discussing with them a peaceful resolution to the matter without resorting to the judiciary,” he said. He maintained that bringing the case before a court would be more harmful to the firm than settling with the canal”s management.
India InsurTech Association and Xceedance join hands to promote insurtech sector in India
IIA has joined forces with Xceedance – as the principal sponsor – to forge global partnerships, develop talent, provide insurtech start-up resources, and build its core team. Co-founded by Shwetank Verma, Subhajit Mandal, and Prerak Sethi, IIA bring togethers various India-based insurtech start-ups, re/insurance companies, service providers, and insurance professionals to increase the velocity of digital transformation across the Indian insurance industry.
The association already includes 32 insurtech members, and facilitates networking and focused thought leadership sessions for its diverse constituents.
Reinsurers set to bear brunt of costs for Suez Canal grounding
The UK Club will cover the first $10 million of P&I losses.
Beyond that, the wider pool of P&I insurers will cover up to $100 million, at which point reinsurers such as Lloyd’s of London step in for up to $2.1 billion of claims. P&I insurers would contribute for part of a further $1 billion of cover.
Australia regulator proposes exposure limits of life insurers to offshore reinsurers
“The recent growth in life insurers placing business with offshore reinsurers has been a prudential concern, as APRA does not have regulatory authority over these reinsurers,” the regulator’s Deputy Chair Helen Rowell said.