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Fitch maintains ‘deteriorating’ outlook on the global reinsurance sector for 2027
``Our expectations of further price declines – although less pronounced than in 2026 – amid abundant capacity drive the outlook. This, alongside rising claims costs, will lead to margin and revenue erosion, although not enough to materially affect the sector’s very...
Home secy Govind Mohan reviews preparedness of Himalayan states/UT for GLOF and snow avalanches
Govind Mohan,Union Home Secretary The meeting concluded with directions for continued inter-agency coordination, regular sharing of risk information and strengthening of early warning and response mechanisms to minimise loss of life and property in vulnerable...
Controlling Strait of Hormuz: US attacks prompt Iranian retaliation as fighting intensifies
The resumption of hostilities brought an abrupt end to a month of subdued military activity, during which oil shipments through the Strait of Hormuz recovered to roughly half of pre-war levels. The improvement in flows risks being curtailed, affecting supplies of oil,...
German power grid hit twice in latest suspected sabotage
Countries across Europe are racing to harden power grids against sabotage, cyberattacks and military threats. The push follows Russia’s repeated attacks on Ukraine’s energy infrastructure and a series of sabotage incidents across Europe. Germany’s power grid was hit...
Ships adopt makeshift anti-drone defences as Black Sea attacks intensify
The scale of attacks from Russia and Ukraine on commercial ships and port infrastructure has increased sharply and may rise further, said Corey Ranslem, chief executive of maritime security group Dryad Global. Tankers and cargo ships are transiting the Bosphorus...
Howden Re launches analytics on SRCC risk
The launch comes at a moment of acute market focus on SRCC risk. Insured losses from civil unrest events have risen sharply in recent years, driven by an increasingly volatile geopolitical environment, yet the analytical tools available to the market have not kept...
Nepal Floods Catastrophe:15 non-life insurers report losses of Rs25.87 billion
The scale of the claims is being driven primarily by engineering and construction exposures, highlighting the concentration of insured losses in large infrastructure projects following the August 26 disaster. Kathmandu:Insurance claims arising from the devastating...
ICICI Bank acquires 2% stake from joint venture partner of its life insurance arm for Rs 1,470 cr
the bank's shareholding in ICICI Life stands at approximately 52.8 per cent. New Delhi: ICICI Bank on Wednesday said it has raised its stake in its life insurance venture by buying a 2 per cent stake from its joint venture partner for a sum of Rs 1,470 crore. The bank...
Fatal floods expose Threats to Hydropower in the Roof of the World
Costs of insuring projects may also increase as the recent flooding events “are likely to make insurers more cautious and the market for hydropower risks may harden further,” said Benjamin Ng, Asia power leader for Aon The devastating deluge that swept through the...
Lohiya asks PSGICs to strengthen their performance monitoring through standardised KPIs and quaterly review
Sanjay Lohiya, secretary,DFS advised the PSGICs to strengthen their focus on profitable lines of business and adopt suitable measures to bring down the Incurred Claim Ratio (ICR). New Delhi:Sanjay Lohiya, secretary,Department of Financial Services (DFS), Ministry of...
Peak Re announces 2 senior appointments
Victor Kuk, Chief Executive Officer of Peak Re, said, "The new appointments reflect our commitment to investing in the capabilities and talent needed to support the next phase of Peak Re's development. Hong Kong: Peak Re today announced the appointments of Nattakorn...
IFFCO-TOKIO General appoints Tatsuya Fujimoto as MD & CEO
Tatsuya Fujimoto,Managing Director and CEO Designate, IFFCO-TOKIO General Insurance Company Prior to this, he was director (Operations) at the general insurance company and replaced Subrata Mondal as MD and CEO. New Delhi: In a change of guard, IFFCO-TOKIO General...
Guy Carpenter changes its brand name to Marsh Re
Guy Carpenter, the reinsurance arm of Marsh, the largest international re/insurance broker has changed its brand name to Marsh Re. ``As Marsh Re, we are entering a new chapter that enhances how we serve clients in an increasingly complex risk environment.With the full...
Thailand shifts disaster risk to insurers with $467 million plan
The government on Tuesday approved a 15.5 billion baht ($467 million) annual insurance program to cover 30 million households against floods, storms and earthquakes, said Prime Minister Anutin Charnvirakul Thailand plans to provide government-funded disaster insurance...
Aon strikes $17 billion deal for rival USI as insurance consolidation accelerates
“Combining with USI will establish the premier U.S. middle-market platform, deepen our context advantage and position Aon to accelerate organic growth,” said Greg Case, president and CEO of Aon, in a statement. Aon plc early Monday confirmed a definite agreement to...
ASR upgraded to ‘A3’ with Stable Outlook by Moody’s
Mikir Shah, chief executive officer, commented,``This upgrade recognises the strength of our underwriting, our growing relevance in developing markets, and the strong capital foundation supporting the next stage of our expansion.As we broaden our reach across new...
LIC launches 2 New Plans: Bima Platinum and Jeevan Raksha
On the occasion of 70th anniversary of Life Insurance Corporation, R. Doraiswamy, the CEO & MD,LIC, launched two new plans- Bima Platinum (Plan 770) andJeevan Raksha (Plan 894). LIC’s Bima Platinum is a Non-Par, Non-Linked, Individual Plan which offers an...
IGI launches of Cipher, a Specialty Treaty Reinsurance platform focussing Cyber
Waleed Jabsheh,President & CEO,IGI The initial focus of Cipher is to develop a portfolio of cyber treaty business with lead capabilities, targeting high-growth emerging risks within an MGA structure. This platform can be utilized for future growth and...