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Insurers achieve positive mid-year renewal outcomes, Global reinsurance capital reaches a new record of $695 billion by Q1 2024, says Aon
Aon Securities estimates that overall ILS capital increased to an...
Insurance premiums for climate resilience and NatCat protection are set to increase by 50% by 2030, to reach $200-250 billion, says report
Whilst insurance promises to be a great enabler to unlocking the...
Reinsurance markets diverge at 1.1 renewal:Willis
James Kent, Global CEO of Willis Re, said: “Other than retro aggregate, some treaty aggregate covers, and liability placements viewed as inadequately priced, most buyers have been able to secure the capacity they require, albeit at considerably increased prices in some of the stressed classes of business. Reinsurers’ client-centric underwriting meant preferred clients achieved their renewal requirements for pricing and conditions more straightforwardly than others. An understandable outcome of this has been a wide variance in the quoting process, which increased the challenge in establishing market clearing prices.”
Australia’s wildfire crisis intensifies as Locals, tourists seek refuge on beaches
It’s also put international focus on the conservative government’s climate change policies, with environmentalists saying Prime Minister Scott Morrison’s support of the nation’s massive coal-export industry has worsened conditions.
Eight Crew Members Kidnapped from Greek Tanker Anchored Near Cameroon
Pirates abducted four crew members in November from another Greek-flagged oil tanker while the vessel was docked in the port of Lome in Togo
Long-awaited U.S. drone safety rules call for extensive tracking network
The long-awaited draft rules call for a massive new tracking network for everything from toys to larger commercial drones so that law enforcement can spot the devices flying anywhere, from congested urban areas to the most rural zones
Bank of England enhances scrutiny of Lloyd’s whistleblower systems
Global cat insured losses from natural and man-made catastrophes fell 40% to $ 56 bn in 2018: Swiss Re
Climate change is leading to more frequent and more severe secondary peril events, which manifest in different ways: more local flooding, torrential rains,prolonged drought, severe wildfires and other extreme weather events. Together, secondary perils are estimated to comprise more than 50% of this year’s global insured losses from natural catastrophes, demonstrating once again the very significant impact these events can inflict on societies.
Weinstein deal seen as ‘Wake-Up Call’ for companies but punishing to some victims
Weinstein would avoid paying any of his own money and he would not be required to admit wrongdoing as part of the deal. Insurance companies representing the Weinstein Company would cover the settlement’s cost, the Times reported.
Pirates attack oil tanker in West Africa, kidnapping another crew
About 82% of crew kidnappings globally take place in the Gulf of Guinea, according to the IMB. The region remains a hotspot despite a worldwide decline in piracy in the first nine months of the year, compared with the same period in 2018. Passing ships have been advised to stay at least 200 nautical miles from the Gulf’s coast and preferably 250 nautical miles away, the Bureau said Monday.
Govt clears appointments of Srivastava and Poddar as CMD of GIC Re and AIC
At a pay scale of Rs 2,05,400,Srivastava has been appointed as the CMD of GIC Re till Sept 2023 while Poddar with the same pay scale will be heading AIC till July, 2022.
Big victory for Johnson and Conservatives clears way for quick Brexit
“Boris Johnson may have a mandate to take England out of the European Union. He emphatically does not have a mandate to take Scotland out of the European Union,” said Nicola Sturgeon, SNP leader and first minister of Scotland.