War risk premiums have risen up to 1% of the value of a ship in the...
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Insurance gaps leave airlines exposed as Iran conflict widens
Airlines have aviation war cover for their fleets, including damage...
Indian Accounting Standards (Ind AS): IRDAI issues exposure draft,to implement new accounting system for industry from Apr 1
The proposed amendments aim to promote greater consistency,...
Extreme heat kills half a million people globally each year, says Swiss Re
Jérôme Haegeli, Swiss Re's Group Chief Economist "Extreme heat used to be considered the 'invisible peril' because the impacts are not as obvious as of other natural perils," says Jérôme Haegeli, Swiss Re's Group Chief Economist. "With a clear trend to longer, hotter...
Air India’s Ahmedabad-London flight with 242 people crashes in seconds after take off, just one survives
Air India had renewed its mega $20 billion insurance policy with multinational re/insurer AIG as the lead reinsurer since Apr 1. The primary insurers for the Air India policy are- Tata Aig General Insurance( lead insurer), ICICI Lombard General Insurance, New India...
With India push, global commercial aircraft fleet size to double to almost 50,000 planes over the next 20 years
The global in-service fleet will swell by 24,480 units to 49,210 aircraft in 2044, Airbus predicted in its latest global market forecast that includes both its own planes and those of rivals like Boeing Co. Most of the growth will come from single-aisle aircraft like...
Missiles, drones and proliferating conflict zones increasing burden on airline operations and profitability
Airlines are racking up costs and losing market share from canceled flights and expensive re-routings, often at short notice. The aviation industry, which prides itself on its safety performance, is investing more in data and security planning Proliferating conflict...
Firefighting efforts intensify aboard Singapore vessel after explosion off Kerala coast
"Around 40 per cent of the fire has now been brought under control. The vessel remains afloat but unmanned and is slowly drifting southeast in the Arabian Sea," according to updates shared by the Director General of Shipping. Kochi/Mumbai: Indian Coast Guard and other...
EU proposes ban on Nord Stream gas pipeline, reduction of oil price cap
EU firms are involved in an array of service provision for Russia that’s legal under the cap at current prices but wouldn’t be at $45. That includes use of the large Greek oil-tanker fleet, as well as insurance and reinsurance that’s provided by different firms across...
Rise of autonomous vehicles to impact $400 billion US auto-insurance industry, says Goldman Sachs
“Autonomy has the potential to significantly reduce accident frequency longer-term and reshape the underlying claim cost distribution and legal liability for accidents,” Goldman Sachs analysts including Mark Delaney wrote in a June 9 note to clients The rise of...
Beazley hires a new parametric insurance head
Stefan Wunderlich,head of Parametric Insurance Beazley has a long-term commitment to the property market, having trebled the size of its property underwriting since 2022. This commitment has seen it build a strong position in the US E&S market, roll out specialist...
Fire erupts on Singapore-flagged container vessel off Kerala coast; 18 rescued, 4 missing
The 270-metre-long vessel, with a draught of 12.5 metres, had left Colombo on June 7 and was en route to Mumbai, expected to arrive on June 10 Kochi: A major fire broke out on board a Singapore-flagged ship after a container explosion off the Kerala coast on Monday,...
Strengthening early warning systems and coordination crucial for disaster resilience: PM Modi
Narendra Modi, Prime Minister Prime Minister Modi underscored that disaster resilience requires innovative financing and called for the creation of actionable programs to ensure developing nations have access to necessary funds as the third priority New Delhi:...