by AIP Online Bureau | Mar 3, 2026 | Eco/Invest/Demography, International News, Non-Life, Reinsurance
Jeremy Nixon, the CEO of Ocean Network Express, said Monday there were about 750 ships caught up in what was effectively the closure of the Strait of Hormuz, with about half of them inside of the Gulf and half on the way there. About 100 of those are container ships,...
by AIP Online Bureau | Mar 3, 2026 | Eco/Invest/Demography, International News, Non-Life, Reinsurance
War risk premiums have risen up to 1% of the value of a ship in the past 48 hours, from around 0.2% last week, industry sources said on Monday, which adds hundreds of thousands of dollars in costs for every shipment Insurance companies are canceling war risk coverage...
by AIP Online Bureau | Mar 3, 2026 | Eco/Invest/Demography, International News, Non-Life, Reinsurance
Airlines have aviation war cover for their fleets, including damage to aircraft and liability, but revenue losses from operational disruption typically fall under business insurance policies that include war exclusions, leaving airlines to foot the bill, a second...
by AIP Online Bureau | Mar 3, 2026 | Eco/Invest/Demography, Indian News, Risk Management
The attacks have also effectively brought oil and LNG shipments through the Strait of Hormuz to a near halt, driving up global energy prices as well as sharply raising war-risk insurance and shipping costs. New Delhi:In a first such event, after Iran has attacked...
by AIP Online Bureau | Mar 3, 2026 | Eco/Invest/Demography, Health, Indian News, Life, Non-Life, Reinsurance
The proposed amendments aim to promote greater consistency, transparency and comparability in financial reporting across the insurance sector, in alignment with globally accepted standards,while preserving regulatory prudence and safeguarding policyholder interests...
by AIP Online Bureau | Mar 3, 2026 | Eco/Invest/Demography, Indian News, Non-Life, Pension & Social Security
“The perusal of the statement of objects of the said legislation makes it crystal clear that the said legislation is a social welfare statute brought in by Parliament to redress the grievances of the employees in case of accidents that may occur in or during the...
by AIP Online Bureau | Mar 3, 2026 | Eco/Invest/Demography, Indian News, Non-Life, Reinsurance
Vessels of the Shipping Corporation of India (SCI) are also involved in the movement of crude oil and LNG, especially through areas around the Red Sea, and would have to pay an additional premium for war cover to ensure risk cover. In aviation, hull war risk (HWR)...
by AIP Online Bureau | Mar 3, 2026 | Workplace/Employee Benefits
The Directorate General of Shipping is closely monitoring the evolving maritime security situation in the Persian Gulf, Strait of Hormuz, Gulf of Oman and adjoining sea areas in light of recent regional and geopolitical developments, where reported threats have...
by AIP Online Bureau | Mar 3, 2026 | Eco/Invest/Demography, International News, Non-Life, Policy, Reinsurance
“The strait (of Hormuz) is closed. If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze,” Ebrahim Jabari, a senior adviser to the Guards commander-in-chief, said in remarks carried by state...
by AIP Online Bureau | Mar 3, 2026 | Indian News, Non-Life, Regulation
This is the first deal by any foreign insurer to have a 100 per cent venture in India after the new act,The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025,was enacted by the Indian parliament in December, 2025, allowing 100 per cent foreign direct...
