Category: Geo-Political

June 26, 2024

Insurers can no longer avoid the need to explicitly quantify geopolitical risk in their pricing, modelling and risk management processes, says Broadstone, the independent pensions, employee benefits, investment and insurance consultancy. Broadstone’s latest Insurance Risk Monitor states that the current […]

May 9, 2024

Three insurance companies have rejected Chevron’s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California. The Chevron-chartered tanker Advantage Sweet was boarded by Iranian […]

April 29, 2024

A shadow-fleet oil tanker that crashed in Denmark’s vital straits produced a set of insurance documents that weren’t valid, a stark example of how there’s little clarity about who would pay the bill if such a ship had a major […]

March 28, 2024

Mosaic Insurance, a specialist firm, has extended its political risk coverage to the US market and launched a new insurance product named Arbitration Award Default Insurance (AADI), offering a global coverage limit of $65 million. AADI is designed to compensate […]

February 9, 2024

The economic losses from the latest round of California storms will be significant, with many of these losses may not be insured because only 2% of California residents have purchased flood insurance, David Blades, associate director, industry research and analytics, […]

February 7, 2024

Wisconsin Governor Tony Evers has proclaimed February 4-10, 2024, Flood Insurance Awareness Week in Wisconsin to recognize the state’s increasing flood risk and the importance of having appropriate insurance coverage. “Now is the time to prepare for spring flooding and […]

January 19, 2024

Ukraine is working “intensively” with partners to restore air travel suspended for nearly two years, with the main focus on Boryspil International Airport outside the capital Kyiv, a presidential official said on Thursday. Ukraine’s airspace was abruptly closed by Russia’s […]

January 2, 2024

The largest non-US natural catastrophe in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on Feb. 6, which generated an industry loss of US$5.8 billion, the largest ever cat loss for the Turkish insurance market, according to CRESTA, the Zurich […]

December 19, 2023

One of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s Market Association’s Joint War Committee on Monday applies only to […]

December 11, 2023

Marsh McLennan’s new facility to cover Ukrainian grain exports could pave the way for more insurance solutions to support the country amid the ongoing conflict. That’s what Marcus Baker, global head of marine, cargo & logistics at Marsh, hopes will […]

December 6, 2023

Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade. War-risk premiums for some vessels have been climbing since shortly after the […]

November 17, 2023

Property catastrophe reinsurance capacity is expected to remain relatively flat at the January 2024 renewals according to a survey from broker Gallagher Re, which also suggests that reinsurer appetite for writing aggregate coverage and lower-layers remains limited. It’s yet another […]

October 12, 2023

Governments and airlines scrambled to lay on flights to evacuate thousands of tourists from Israel and repatriate the country’s citizens, as the industry faced a warning over insurance cover in the wake of weekend attacks. Israeli flag carrier El Al […]

September 26, 2023

Miller, a leading independent specialist (re)insurance broker, and Clearwater Dynamics (CWD), in collaboration with Ukrainian authorities, have joined forces to introduce comprehensive War Risks insurance coverage for vessels operating in the Black Sea. This groundbreaking solution leverages Clearwater Dynamics’ cutting-edge […]

July 26, 2023

Airlines could end up paying twice as much for insurance they need to protect themselves against losses triggered by war after a bruising year wiped out aviation war insurers’ revenue for 2023, industry sources say. Aircraft were destroyed at Khartoum […]

July 7, 2023

Ukraine’s wartime defense spending will remain high next year, underscoring the need for allies to provide war-risk insurance to help attract investment, the nation’s finance minister said. “Without international support, without war-risk insurance, we will not attract as much investment […]

July 3, 2023

Global Parametrics, the parametric and index-based disaster risk transfer company, has partnered with broking group Howden to deliver an expansion to its parametric insurance scheme with One Acre Fund for smallholder farmers in Africa. The expansion of the parametric insurance […]

June 27, 2023

2023 is predicted to be a below average storm season in the US, which along with price increases achieved over the past several years, should benefit re/insurers and underwriters; this amid a “fatigued” market caused by a challenging last 5 […]

June 23, 2023

Marsh McLennan, the professional services firm in the areas of risk, strategy and people, today announced that it will work with the Ukrainian government to help it unlock access to the global insurance market. As part of the support, it […]

June 22, 2023

UK Prime Minister Rishi Sunak announced the creation of a framework for war-risk insurance backed by the Group of Seven and designed to encourage private investors to help rebuild Ukraine. Speaking at the opening of the Ukraine Recovery Conference in […]