Indian insurers and reinsurers have canceled hull coverages in...
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Maritime insurance premiums surge as Iran conflict widens,in some cases by more than 1,000%
Analysts at Jefferies estimated on Thursday that potential industry...
EU countries give final approval to 2040 climate target for 90% emissions cut
In practice, the target will require an 85% emissions reduction...
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:...
Beazley adds to its cyber capabilities with launch of ‘Beazley Quantum’
This new cyber consortium provides comprehensive cover for large corporates with a turnover in excess of $1 billion, infusing $100 million of new capacity into the cyber market London: Beazley, the leading specialty insurer announced the launch of Beazley Quantum on...
Cyber Risks: Frequency of large claims (>€1mn) up 14%, severity increase 17% in H1 2024
Worldwide, the average cost of a data breach reached an all-time high in 2024 of $4.9mn. In comparison, the average data breach costs in Japan, South Korea, ASEAN, and India are $4.19mn, $3.62mn, $3.23mn, and $2.35mn respectively, according to IBM's Cost of a Data...
Floridians flee looming catastrophe as Hurricane Milton approaches
The storm was on a collision course for the Tampa Bay metropolitan area, home to more than 3 million people, though forecasters said the path could vary before the storm makes landfall late Wednesday night or early Thursday morning. Officials from U.S. President Joe...
Absence of major losses paves the way for competitive pricing in power insurance sector: WTW
A shift in appetite from coal to non-coal power and the phasing out of underwriting existing coal risks have combined to encourage insurers to seek new opportunities in deploying their capital. We are seeing an increasing number of insurers seeking to offer long-term...
Mahindra Insurance Brokers launches its new reinsurance division in Dubai International Financial Centre
Salman Jaffery, Chief Business Development Officer of DIFC Authority, said: “We are delighted to welcome Mahindra Insurance Brokers to DIFC. The firm joins over 125 registered insurers, reinsurers, captives, MGAs and insurance-related entities in the Centre. Our...