Top

Category: Geo-Political


Geo-Political, Risk Management

Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure

May 9, 2024

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Shadow-Fleet Oil Tanker That Crashed Had Void Western Insurance

April 29, 2024

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Mosaic expands its political risk coverage to the US

March 28, 2024

Via: Reinsurance News

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 […]


Geo-Political, Risk Management

AM Best Says Losses from California Storms Largely Uninsured, Underinsured

February 9, 2024

Via: Insurance Journal

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, […]


Geo-Political, Risk Management

Wisconsin Governor Declares Flood Insurance Awareness Week

February 7, 2024

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Grain Insurance Program Could Be Blueprint for Ukraine’s Return to Air Travel: Doyle

January 19, 2024

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Turkey Earthquake Tops 2023 Insurance Industry Losses Outside US: CRESTA

January 2, 2024

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Lloyd’s Adds Guyana to Risky Shipping List Amid Escalating Dispute With Venezuela

December 19, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Marsh’s Baker hopes new Ukraine facility will open gates for more insurance solutions

December 11, 2023

Via: Insurance Business

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 […]


Geo-Political, Risk Management

Attacks on Red Sea Shipping Menace 12% of Global Trade as War Risk Premiums Rise

December 6, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Aggregate covers remain unattractive to reinsurance underwriters: Gallagher Re

November 17, 2023

Via: Artemis BM

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 […]


Geo-Political, Risk Management

Airlines Face Israel Insurance Alert in Wake of Weekend Attacks

October 12, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Miller and Clearwater Dynamics partner for Black Sea vessel war risks insurance

September 26, 2023

Via: Reinsurance News

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 […]


Geo-Political, Risk Management

Airlines Face Doubling in War Insurance Premiums After Sudan Losses: Sources

July 26, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Ukraine Finance Chief Sees Urgent Need for War-Risk Insurance

July 7, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Global Parametrics expands One Acre parametric scheme with Howden support

July 3, 2023

Via: Artemis BM

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 […]


Geo-Political, Risk Management

A below average storm season to benefit re/insurers & underwriters: Amwins’ Purviance

June 27, 2023

Via: Reinsurance News

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 […]


Geo-Political, Risk Management

Marsh McLennan to Work With Ukraine to Provide Access to Global Insurance Market

June 23, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

UK PM Unveils War-Risk Insurance Scheme to Spur Ukraine Reconstruction

June 22, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Aon, Lloyd’s and Vienna Insurance Group to Provide Re/Insurance for Ukraine Recovery

June 21, 2023

Via: Insurance Journal

Aon, Lloyd’s and Vienna Insurance Group (VIG) announced they are collaborating to provide foreign re/insurance capacity to support Ukraine’s recovery and reconstruction. As part of the UK-Ukraine Private Finance Partnership, Lloyd’s and Aon have committed to deliver fast-track access to […]