When it comes to climate impacts, the frontline of the finance industry is insurance. Last year’s payout from damages caused by extreme-weather events totaled $120 billion—about the same as the economic output of Kenya. And that’s a 50% increase over …
LONDON –– Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year, reflecting higher war risk insurance rates, industry sources said. The Black Sea is crucial …
LONDON — S&P Global sees losses in the speciality insurance market of $16-35 billion from the Russia-Ukraine conflict, the ratings agency said on Thursday. This includes possible aviation insurance losses totalling $6-15 billion, S&P said in a report. Other speciality …
LONDON — Major reinsurers have already pulled back from providing bespoke cover for coal projects as part of efforts to meet global climate change commitments, but now comes the hard part – finding ways to exclude coal from bulk-buy contracts, …
LONDON — The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss …
LONDON — Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two …
Some of the world’s biggest reinsurers are bracing for potential losses running into tens of millions of euros after last week’s explosion that ravaged much of downtown Beirut. Property damage alone from the blast, which killed at least 171 people …
The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already battered by the impact of the coronavirus pandemic on their underwriting and investment positions. However, recent years of hefty damage …
Technology innovation will provide the biggest growth opportunities for reinsurers in the year ahead, according to a just released survey by Guy Carpenter & Company, LLC, global risk and reinsurance specialist and wholly owned subsidiary of Marsh & McLennan Companies. …
Claim professionals gain invaluable insight from education and networking opportunities, according to industry experts who spoke with Claims Journal in exclusive interviews during the International Association of Claim Professionals (IACP) 47th annual conference in Sonoma, Calif., in September. The conference …