Around 200 ships, including oil and liquefied natural gas tankers...
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Strait of Hormuz shipping is at near-total halt, JMIC says
A review of shipping signals have confirmed only two commercial...
London marine insurers still offering Middle East cover as War Risk rates rise: Gallagher
“Given the challenging maritime security environment, rates have...
Strong reinsurer appetite drives excess property catastrophe capacity at January 1:Guy Carpenter
Dean Klisura, President & CEO of Guy Carpenter. “Renewal outcomes at year-end reflect reinsurers’ positive property experience over the last two years and casualty portfolios that are well-positioned for future profitability,” said GC. London: Global reinsurance...
GIC Re issues fiat for stricter underwriting and pricing to fix undercutting of Fire premium
``We are closely monitoring the evolving market dynamics and are taking all steps necessary to protect GIC Re’s interests. These measures would include enhanced risk assessment, collaboration with insurers and also prudent capacity allocation.’’ N Ramaswamy, CMD, GIC...
Jan1 renewals: Property catastrophe & specialty see reduction in risk adjusted pricing across board
Globally, reinsurers are on track to produce a combined ratio near or below 90% and a low-teens ROE for 2024. Not only have reinsurers' operating and performance ratios improved but so have aggregate balance sheet metrics, providing some context around how quickly and...
Jan 1 renewals see softening of reinsurance pricing, favourable market conditions to persist in 2025: Howden
After an extended period of rate increases across the (re)insurance sector – driven by accumulating and intersecting crises, capital constraints and cyclical adjustments – the availability of deployable capacity in the marketplace signals a new phase in the cycle,...
General insurers remain bullish on industry’s growth in 2025
"Cyber insurance is expected to gain prominence alongside the adoption of parametric insurance for disaster management and surety bonds as alternatives to traditional bank guarantees in infrastructure projects," Bajaj Allianz General Insurance MD & CEO Tapan...
Commercial aviation suffers deadliest year since 2018
The spike in fatalities marks a reversal from 2023, which became the safest year ever in aviation with no deaths among large passenger jetliners — typically planes made by Airbus SE and Boeing. Commercial aviation has suffered its deadliest year since 2018 after the...
Govt extends PMFSBY and RWBCIC till FY25-26, sets up Rs 824.77 crore technology fund for crop claim settlement
Prime Minister Narendra Modi For large scale technology infusion in implementation of the scheme leading to increasing transparency and claim calculation and settlement, the Union Cabinet has also approved creation of Fund for Innovation and Technology (FIAT) with a...
2024 Insurance Amendment Bill: Ushering in a New Era in Indian Insurance
Shailaja Lall & Shivangi Talwarer Some clarity has been provided on ‘services related or incidental to insurance business’ under the 2024 Amendment Bill which includes carrying on and transacting guarantee and indemnity business, managing, selling and realising...
20th SIRC-Revolutionise(Re)Insurance
After Monte Carlo Rendez-Vous de Septembre and Baden Baden Reinsurance Meet, the global reinsurance industry has gathered in Singapore for 20th SIRC ,in the 1st week of November, to prepare itself for the Jan 1 renewals. Asia Insurance Post had prepared a special...
South Korea’s Jeju Air crash insured by Samsung Fire & Marine and 4 others, reinsured by AXA XL
The aviation insurance industry could be looking at a claim for about $15-$20 million under the airline hull insurance policy, and total passenger liability claims of $120-$180 million due to the crash, according to Marcos Alvarez, managing director of global...