Until this war, one long-held assumption around Hormuz was that...
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The April 1 Renewals: Changing Indian reinsurance market
While the momentum in India is toward expansion, the global...
Indian re/insurers to impement Indian Accounting Standards (Ind AS) from April 1, can avail forbearance for 1-yr:IRDAI
To facilitate smooth transition, for insurers facing challenges in...
Clean energy assets face climate risks, Zurich Insurance Says
Roughly 46% of Europe’s total renewable generation capacity will be at “critical risk” from the fallout of climate change unless owners do more to protect existing and planned assets, according to a report by Zurich Resilience Solutions, a unit of Zurich Insurance...
EV-carrying ship that caught fire in Pacific ocean has sunk
Demand for lithium-ion batteries, including in EVs, is bringing a new risk to the global shipping industry, particularly given the value of the vehicles on board the largest car-carrying vessels, according to a report last month by insurance giant Allianz. .A ship...
Secondary perils emerging as a big opportunity, Need data and good models to deal with them, says Swiss Re
Beat Strebel,CEO, China, Swiss Re These lesser understood risks are increasingly becoming a source of insurance payouts as extreme weather events lead to billions in economic losses. Traditionally, reinsurers — which provide coverage to insurance companies — haven’t...
Authorities identify all but one of 260 victims of Air India plane crash
"We have identified 259 victims. They include 240 passengers and 19 non-passengers. DNA test result of one passenger is still awaited," said Rakesh Joshi, superintendent of Ahmedabad civil hospital AHMEDABAD: Authorities in Gujarat state said on Tuesday they had...
Iran-Israel conflict: Re/insurers face complex set of financial, operational, and strategic risks
The Iran-Israel conflict is, in many ways, a stark reminder of the insurance industry's evolving role as an absorber of geopolitical and systemic risk in an increasingly interconnected world, says Morningstar DBRS, a global credit rating agency The hostilities between...
Escalating Hormuz tensions drive up Middle East war risk insurance costs, sources say
War risk insurance premiums for shipments to the Middle East Gulf have jumped to 0.5% from around 0.2-0.3% a week ago, as risks grow to the critical Strait of Hormuz, the sources said LONDON: U.S. and Israeli attacks on Iran and Tehran's reprisals have doubled the...
Aon launches Aon Broker Copilot to modernize insurance placement with AI and data at scale
" "The industry is undergoing a fundamental shift. As risk becomes more complex, the future of broking will belong to firms that can combine expertise with intelligence at scale. Aon Broker Copilot reflects how Aon is undertaking one of the most ambitious digital...
Supertankers cross Hormuz shipping strait after avoiding it in past 24 hours
Greece’s shipping ministry warned on Sunday that the country’s owners should think twice about Hormuz transit and instead head to a safe port Two supertankers, each capable of hauling about 2 million barrels of crude, headed through the Hormuz shipping strait at the...
Insurance and vessels not available for Iran-bound cargo amid Middle East conflict, India’s basmati rice shipments to Iran stuck at ports
The shipments are primarily held up at Kandla and Mundra ports in Gujarat, with neither vessels nor insurance available for Iran-bound cargo due to the Middle East conflict, said president Satish Goyal New Delhi: Around 1,00,000 tonnes of basmati rice destined for...
Toyota’s Japanese insurer sues South Africa over $361 million flood claim
The claim alleges that the floods, which closed the Prospecton plant for four months, cost the company about 4.5 billion rand in plant repairs and rehabilitation and more than 2 billion rand in business interruption, the newspaper reported. A 6.5 billion rand ($361...