Category: Geo-Political

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 […]

June 21, 2023

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 […]

April 18, 2023

Fierce fighting has erupted in Sudan’s capital, Khartoum, amid a power struggle between its army and paramilitary force RSF. Nearly 100 civilians were reportedly killed in the clashes over the weekend. The violence deepens concerns among insurers, who are still […]

March 30, 2023

Russia still relies on Western insurers to cover more than half of the tanker fleet that exports its oil, according to data compiled by Bloomberg, and the country’s energy officials are voicing concerns about the situation. The Group of Seven […]

March 24, 2023

The Insurance Council of New Zealand (ICNZ) has recorded more than 40,000 claims for Cyclone Gabrielle totalling approximately $890 million, of which roughly $70 million has been paid. Cyclone Gabrielle caused significant flooding and landslides across the North Island of […]

March 13, 2023

Insurers led by AIG are asking London’s High Court to merge various lawsuits brought by aircraft lessors against insurance companies refusing to pay out claims for jets effectively confiscated in Russia. AerCap Holdings NV, the world’s biggest jet lessor, is […]

March 6, 2023

With strikes, riots and civil commotion (SRCC) around the world expected to rise, businesses need to remain vigilant about the different threats this heightened risk environment can pose, as this can result in significant loss of income, according to an […]

February 28, 2023

Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages. At this level, losses from the February quakes would be […]

February 14, 2023

The impact of investment losses, Hurricane Ian, and the ongoing war in Ukraine has seen MS Amlin post a net loss of £305 million for the period January to end of September 2022, as the firm’s combined ratio weakened to […]

January 30, 2023

A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry. The California floods hit from late December to early January. The state was hit with extreme […]

January 18, 2023

Parametric flood insurance company FloodFlash has announced that it has entered the US insurance market. The UK-based company said it is the first insurance provider to pay catastrophic flood claims in as little as four hours. In the wake of […]

January 4, 2023

The geopolitical and macroeconomic shocks of the past year have led to a highly challenged and complex January 1 renewal period, according to global broking group Howden. In its renewal report titled The Great Realignment, Howden noted how high inflation, […]

January 3, 2023

CRESTA, the re/insurance industry organisation that provides a global standard for risk accumulation zones and cat industry losses, has released its Q4 update of the CRESTA Industry Loss Index (CLIX), highlighting a significant rise in weather-related catastrophe losses over the […]

December 28, 2022

Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance […]

December 27, 2022

The Japanese government has asked insurers to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said. The Financial Services Agency and Agency […]