Reinsurance

UK regulators approve Lloyd’s multi Insurance Special Purpose Vehicle for new capital

International News       Jan 14, 2021

  London: Lloyd’s today announced that it has received regulatory approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to set up a new multi Insurance Special Purpose Vehicle (mISPV).  The approval is a key milestone for the Future at Lloyd’s strategy,...

Market conditions harden further at January 2021 Renewals

International News       Jan 14, 2021

  London: The reinsurance market continued hardening at the January 2021 renewals as pandemic-related claims, high natural catastrophe losses and pressure on liability lines of business led to widespread price increases that often went beyond claims inflation, Fitch Ratings says in a new report. However, these...

Ship insurers primed to raise rates after Red Sea attacks

International News       Jan 13, 2021

  LONDON:  Insurers are set to raise the cost of providing cover for merchant ships through the Red Sea after a series of incidents that have hit vessels around Saudi Arabian waters, industry sources said.The possibility of more attacks on commercial shipping carrying oil and commodities...

Indonesian divers retrieve flight recorder from Jet crash

International News       Jan 12, 2021

  Indonesian Navy divers retrieved one of the black boxes of the Sriwijaya Air Boeing Co. jet that plunged into the Java Sea shortly after takeoff from Jakarta on Saturday afternoon, a key step in discovering what caused the aircraft carrying 62 people to crash. Black...

Aon launches fuel price insurance product for shipping and aviation industries

International News       Jan 11, 2021

LONDON: Aon plc , a global professional services firm providing a broad range of risk, retirement and health solutions, today announced the launch of its new fuel insurance solution, designed to help companies protect against rising fuel costs.  Backed by AAA-rated credit insurance, the coverage...

Indonesian divers find parts of Sriwijaya Air plane wreckage in Java Sea

International News       Jan 10, 2021

Indonesian divers on Sunday located parts of the wreckage of a Boeing 737-500 at a depth of 23 meters (75 feet) in the Java Sea, a day after the aircraft with 62 people onboard crashed shortly after takeoff from Jakarta. “We received reports from the...

Blast at Chinese recycler shows battery supply-chain risks

International News       Jan 08, 2021

  China’s biggest battery manufacturer has urged a focus on safety issues after an explosion at a recycling affiliate, which has drawn attention to the risks in the industry’s supply chain. The blast at a Hunan Brunp Recycling Technology Co. factory in Hunan province killed one...

Natural disasters cause $210 billion in damage in 2020, insurer says

International News       Jan 07, 2021

  FRANKFURT: Natural catastrophes around the world resulted in $210 billion in damage in 2020, with the United States especially hard hit by hurricanes and wildfires, a top insurer said on Thursday. The damage, tallied by the German reinsurer Munich Re, increased from $166 billion in...

Thai Re launches ASEAN’s first reinsurance smart contract platform using IBM’s blockchain and hybrid cloud technology

International News       Jan 06, 2021

  Bangkok: IBM today announced that Thai Reinsurance Public Company Limited (Thai Re), Thailand’s leading technology-driven professional non-life reinsurer, has successfully launched “Insurer Network,” a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud. Available through ThaiRe Innovation Co., Ltd., the Thai Re...

Final industry loss footprint for Australia's 2019/2020 Bushfires at AUD 1,866m: PERILS

International News       Jan 06, 2021

Zurich: PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has today disclosed its fourth and final industry loss estimate for the Australian bushfires of 2019/2020. The final estimate of the insurance market loss is AUD 1,866m. This compares to the third loss estimate...