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Middle East conflict: Exporters fear rise in logistics, insurance costs, impact on shipments
"Air routes are being altered, and maritime trade through the Red...
Miller expands reinsurance offering into MENA through acquisition of Shields
James Hands, CEO, Miller, said, “Miller has worked with clients in...
Bridge Specialty International completes acquisition of Singapore-based Acorn International Network
Tim Coles, Chief Executive Officer of Bridge Specialty International, said: “This acquisition establishes us in the Singapore insurance market, further expanding our Asia presence and enabling us now to build a leading wholesale and specialty hub in the region. David...
AM Best upgrades GIC Re’s rating, assesses its business profile as favourable
AM Best upgraded GIC Re's Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) Singapore: After downgrading GIC Re's rating four years ago, AM Best on Friday has upgraded it that will...
Hurricane Milton leaves at least 10 dead, millions without power in Florida
More than 3 million homes and businesses in Florida were without power on Thursday morning, according to PowerOutage.us. At least some had already been waiting days for power to be restored after Hurricane Helene hit the area two weeks ago. Hurricane Milton plowed...
Milton’s insured losses will range from $30 billion-$50 billion: Fitch
Milton will push global industry insured losses thus far in 2024 to over $100 billion, which is the fifth consecutive year losses have crossed this threshold. This heightened level of catastrophe losses will likely limit any potential for rate declines in property...
Catastrophe bonds dodge worst-case scenario after Milton
Overall, Icosa Investments AG now sees insured losses in the range of $20 billion to $60 billion, meaning cat-bond investors look to be facing a maximum hit of 4%. On Wednesday, before Milton landed, Icosa warned that a direct hit to Tampa threatened to cause insured...
Lloyd’s of London must stop supporting fossil fuel expansion says NGO
“Lloyd’s will continue to follow government policy and regulatory requirements globally, while remaining committed to support an urgent and orderly just transition and remain agile in response to external shocks,” the emailed statement said. London: The Lloyd’s of...
Russian strikes on Ukraine’s ports and ships push insurance rates up
Insurance sources said on Thursday the war premiums had jumped around 30% this week to just over 1% of the value of the vessel from around 0.7% in early September, which would mean hundreds of thousands of dollars in extra costs A series of Russian missile strikes on...
Catastrophe bond investors brace for major losses as Milton rages
Catastrophe bonds, or cat bonds as they’re known in the industry, are issued by insurers and reinsurers to provide financial protection against the most severe natural disasters. Investors who buy the bonds stand to make large gains if a predefined event doesn’t...
Hurricane Milton could cost insurers up to $100 billion, analysts say
The Category 5 hurricane is due to make landfall on the Gulf Coast of Florida late on Wednesday or early Thursday, and is potentially one of the most destructive ever to hit the region, which is still recovering from devastation caused by Hurricane Helene less than...
Geopolitical conflict: Global economy could lose $14.5 trillion over a 5-yr period, says Lloyd’s
With more than 80% of the world’s imports and exports – around 11 billion tons of goods – at sea at any given time, the closure of major trade routes due to a geopolitical conflict is one of the greatest threats to the resources needed for a resilient economy London:...