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Severe thunderstorms drive insured losses to $ 60 billion in first half of 2024, Swiss Re
Balz Grollimund, Head of Catastrophe Perils at Swiss Re, said: "In...
Lloyd’s financial strength rating upgraded by AM Best
Today’s upgrade from AM Best follows that of S&P Global at the...
AXA agrees to pay Covid-19 Business Interruption claims to French restaurants after court ruling
Stephane Manigold, the owner of four Paris restaurants who brought the case against the French insurer, told Reuters that since the court decision his team had received calls from Britain, South Africa, Spain and the United States asking for details of his contract and the court’s ruling.“This decision in Paris has a global resonance,” he said.
Pakistan Jet crashed shortly after bizarre landing attempt at 327 KPH
It’s not yet clear why the two jet engines quit after functioning well enough for about two minutes to lift them about 3,000 feet (915 meters) above the runway. Engines have become so reliable that losing two at the same time is almost always because of some common factor, such as damage from hitting a runway or a problem with the fuel supply.
Lloyd’s of London considers part-virtual underwriting room
Underwriters and brokers say the market, which employs nearly 50,000 people, has run smoothly with greater use of existing electronic systems and they are in no hurry to return to the office.
Coronavirus impact on shipping industry: idle vessels face new risks, Allianz warns
“An unplanned lay-up can result in a prolonged recommissioning exercise that can last for months, even requiring docking. Comprehensive plans including risk assessments covering storage and lay-up are crucial for ensuring the safety of vessel during the downtime and its subsequent return to service,” Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS.explains
Pek Hui Zhi joins as Asian terrorism underwriter in Markel International
Singapore/London Markel International,specialist insurer has announced the appointment of Hui Zhi Pek as terrorism underwriter for Asia. Pek Hui ZhiPek , who joined the Market International on 4th May, holds more than 12 years of industry experience and...
Trump executive order to reduce liability shield for social media giants
The companies’ protections against lawsuits apply when they act “in good faith” in taking down or limiting the visibility of inappropriate tweets, videos and other social media posts, but the law doesn’t define bad faith. The draft order would push the Federal Communications Commission to issue rules clarifying the issue, potentially allowing users to sue over takedowns if they were inconsistent with companies’ terms of service, did not provide enough notice or meet other suggested criteria.
FERMA calls for EU resilience framework for catastrophic risks
FERMA President Dirk Wegener said: “We now aim to deepen discussions with the EU, the Member States and the insurance sector, and to develop solutions for both short-term crisis management and long-term business resilience. FERMA members have expertise and experience in the field of business interruption that we want to contribute to the future resilience of European business.”
U.S. sanctions advisory raises hurdles for global maritime industry
U.S. guidelines seeking constant location monitoring of ships, and investigations by insurers of gaps in that tracking, may also prove difficult, industry officials said. The advisory notes that weather often interferes with AIS transponders, and ship captains should have the discretion to go dark to avoid pirates or militants on the high seas.
Private jet demand rises as wealthy Russians spend lockdown in West
In March, there were 250 private jet round flights between Moscow and Europe, flight tracking data from 80 planes registered with Russian and European charter firms show, though the data did not specify how many people were on board each.
Flights continued in April, albeit falling to 61 round trips that month despite Russia suspending regular and commercial charter flights to and from Russia with some exceptions and locking down Moscow, the epidemic’s epicentre.
Pandemic forces virtual safety checks for oil tankers
With an estimated 160 million barrels of surplus oil being kept onboard dozens of tankers because on-land storage is full, the situation is pressing.
If restrictions on access to ships stay in place towards the final quarter of the year, tankers may be unable to store oil or sail until repairs can be carried out. This could drive up freight rates for shipping and storage, as fewer vessels will be seaworthy.