The slowdown has led to severe congestion, with around 850 oil...
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IRDAI meets stakeholders of healthcare industry,forms 5 Working Groups for addressing critical challenges in health insurance
"The collaboration between payers and providers is essential for a...
Swiss reinsurer Echo Re opens branch in GIFT City
Fabian Pütz (PhD) Pütz, chief executive officer, commented, “The...
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, transparency and comparability in financial reporting across the insurance sector, in alignment with globally accepted standards,while preserving regulatory prudence and safeguarding policyholder interests...
War risk insurance premiums for ships likely to rise amid West Asia crisis: Re/insurance brokers
Vessels of the Shipping Corporation of India (SCI) are also involved in the movement of crude oil and LNG, especially through areas around the Red Sea, and would have to pay an additional premium for war cover to ensure risk cover. In aviation, hull war risk (HWR)...
Iran vows to attack any ship trying to pass through Strait of Hormuz
"The strait (of Hormuz) is closed. If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze," Ebrahim Jabari, a senior adviser to the Guards commander-in-chief, said in remarks carried by state media. CAIRO:...
Middle East Crisis: Govt engages with all stakeholders to ensure trade continuity amid geopolitical unrest
The Centre reiterated its readiness to facilitate trade operations, including procedural flexibility in export-related authorisations in cases of genuine disruption; coordination with Customs authorities to ensure smooth clearance; engagement with financial and...
Zurich Insurance to acquire UK’s Beazley for $11 billion
"Together with Beazley, we will create the world’s leading Specialty underwriter, with around $15 billion of pro forma gross written premiums, exceptional underwriting expertise and data capabilities, and leading access to global distribution," said Mario Greco,...
Middle East Crisis: More oil tankers idle in Persian Gulf as attacks disrupt Hormuz
More than half of the world’s largest maritime insurance clubs have also now scrapped war-risk insurance for vessels entering the Gulf Dozens of laden oil tankers are hunkering down inside the Persian Gulf after attacks near the Strait of Hormuz have all but closed...
Middle East Crisis:Global Marine re/insurers issue notices of cancellation(NOC) under standard 7-day war clauses
Additional premiums for vessels transiting high-risk waters are rising sharply and may continue to fluctuate in the short term.Cargo war risk remains available; however, rates are increasing and quotations are being reviewed on a voyage-by-voyage basis, particularly...
Rising tensions in Middle East may impact trade, push up freight, insurance costs
``The disruption in the Strait of Hormuz threatens a major share of India's crude oil and LNG imports, raising freight costs, insurance premiums, and fuel prices, while a surge in global oil prices could widen the current account deficit and fuel inflation''GTRI...
Govt to meet shipping firms and exporters on Monday to assess impact of Iran tensions on trade
Iran's state media said on February 28 that the Islamic Republic has shut the Strait of Hormuz - one of the world's most critical energy chokepoints through which about a fifth of global oil and gas supplies transit - in response to US and Israeli missile strikes. "We...
Airports, hotel hit in overnight Iranian strikes in UAE, missiles and drones intercepted
"The Ministry stated that, since the beginning of the attack, 137 Iranian ballistic missiles launched towards the UAE had been detected, of which 132 were destroyed, while five fell into the sea. A total of 209 Iranian drones were also detected; 195 were intercepted,...