Reinsurance

Coronavirus impact on shipping industry: idle vessels face new risks, Allianz warns

      May 28, 2020

  Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore: Restrictions on supply chains and international travel due to the coronavirus outbreak have serious implications for the maritime industry. Although the threat from the perils ships usually encounter at sea may have reduced in many cases due to an increasing number of...

Trump executive order to reduce liability shield for social media giants

International News       May 28, 2020

Donald Trump has been raging against Twitter Inc. since the social media platform that helped vault him to the presidency slapped fact-check links on a pair of his tweets.   Now, he’s poised to take action Thursday that could bring a flurry of lawsuits down on...

Private jet demand rises as wealthy Russians spend lockdown in West

Facts       May 27, 2020

Some private jet companies have seen a rise in demand from wealthy Russians who want to spend time in the West during the coronavirus crisis but who were unable to take commercial flights amid tight restrictions by airlines and governments. Passengers are heading for countries...

U.S. sanctions advisory raises hurdles for global maritime industry

International News       May 27, 2020

LONDON/WASHINGTON  Ship owners and insurers say it may be impossible for the maritime industry to fully comply with the Trump administration’s new guidelines on how to avoid sanctions penalties related to Iran, North Korea and Syria, raising the risk of disruptions in a sector already...

FERMA calls for EU resilience framework for catastrophic risks

International News       May 27, 2020

  The Federation of European Risk Management (FERMA) today calls on the European Commission to create an EU resilience framework for catastrophic risks to address the severe shortage of business interruption insurance without physical damage(NDBI).    Today’s letter to the European Commission is the result of urgent...

Pandemic forces virtual safety checks for oil tankers

International News       May 27, 2020

London: Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage.   Oil tankers require rigorous inspections...

Busy Atlantic hurricane season predicted for 2020

International News       May 25, 2020

  HOUSTON: U.S. forecasters expect an above-normal 13-19 named storms during the 2020 Atlantic hurricane season, the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center said on Thursday.NOAA forecasters estimate three to six major hurricanes packing winds of at least 111 miles per hour (179...

Confirmed Pakistan's Airbus A320 Jet Crash death toll at 97 - airline CEO

International News       May 22, 2020

  KARACHI/ISLAMABAD/Paris: At least 97 people are confirmed to have been killed in a plane crash in a residential area of Pakistan’s largest city, Karachi, Pakistan International Airlines’ (PIA) chief executive said on Friday.   The Airbus jet with 99 people on board crashed while approaching the...

IRDA asks insurers to settle Amphan claims expeditiously

Indian News       May 22, 2020

  Hyderabad: The segment regulator IRDAI has asked the insurers to initiate immediate steps for quick registration and disposal of claims out of devastation caused by the cyclone Amphan in the parts of Odisha, West Bengal and other neighboring states.   Chief Minister Mamata Banerjee said 80...

UK’s Aviva expects COVID-19-related claims of nearly $200 Million

International News       May 22, 2020

  London: British insurer Aviva expects 160 million pounds ($195 million) in claims related to the coronavirus pandemic and weaker second quarter sales, it said on Thursday, as government lockdowns aimed at containing the virus hit the global economy.   Insurers globally are likely to face more...