Category: Geo-Political

June 27, 2022

Group of Seven nations are discussing a cap on the price of Russian oil that would work by imposing restrictions on insurance and shipping, according to people familiar with the matter. The potential mechanism would only allow the transportation of […]

June 20, 2022

The “green transition” to renewable energy is expected to create inflationary pressure over the next decade. And the faster renewables are adopted, the worse this problem is expected to become in the medium term. However, according to a new forecast […]

June 15, 2022

A new report from Beazley outlines how business leaders are fearing the consequences of war and inflation. The report, Spotlight on Geopolitical Risks, shows that US and UK business leaders feel able to manage current geopolitical risks, even as concerns […]

June 14, 2022

Operations at Russia’s Sakhalin 1 oil project will continue to face disruptions for “a couple of months” as Western sanctions have hit insurance cover for ships to transport crude, according to India’s ONGC Videsh, a stakeholder. ONGC Videsh, the overseas […]

June 9, 2022

PERILS says that its industry loss estimate for the Eastern Australia floods earlier this year now stands at AUD $4,895m. It said that in line with its event definition, the loss number covers the property and motor hull lines of […]

June 7, 2022

Colorado State University’s tropical meteorology team led by Phil Klotzbach has increased its forecast for activity in the 2022 Atlantic hurricane season, saying they now anticipate a “well above-average” hurricane season ahead also raising its landfall probability forecasts. “We have […]

June 1, 2022

Lloyd’s of London, the world’s oldest insurance market, said on Wednesday that it was working closely with British and international governments and regulators to implement global sanctions against Russia. “Lloyd’s supports and remains focused on the delivery of a global […]

June 1, 2022

Munich Re is warning that this year’s hurricane season could be ‘exceptionally active’ in a new outlook just posted on its website. The reinsurance giant said that the main phase of the hurricane season, which is due to start in […]

May 31, 2022

97 days into the Ukraine-Russia conflict, the ongoing impacts of the strife are only becoming clearer. A recent report from Reuters has highlighted that industry sources are seeing insurance premiums doubling or more for aviation and marine business which are […]

May 25, 2022

Having now published the results of its Climate Biennial Exploratory Scenario (CBES), looking at the financial risks posed by climate change for the largest banks and insurers operating in the UK, the Bank of England believes that over-time climate risks […]

May 24, 2022

Russia’s invasion of Ukraine has ‘dashed’ hopes for a bumper year for the insurance industry, says a new report from Allianz. The Allianz Global Insurance Report 2022 says that this year was expected to be ‘another bumper year’ for the […]

May 23, 2022

Insurance firm Swiss Re and banking giant UBS are among five founding buyers of credits from a scheme set up by a Swiss company to drive down the cost of taking carbon dioxide out of the atmosphere. Even with pledges […]

May 17, 2022

Climate change is hurting the insurance industry and only 8% of insurers are preparing adequately for its impact, consultants Capgemini and financial industry body Efma said in a report on Tuesday. Insured losses from natural catastrophes have increased 250% in […]

May 10, 2022

Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, insurer Allianz Global Corporate & Specialty (AGCS) said in a report on Tuesday. Two seafarers […]

May 9, 2022

The European Union is set to soften its sanctions package on Russian oil exports after a weekend of wrangling, though it aims to keep a key shipping provision that will hinder Moscow’s ability to export its crude. The bloc will […]

May 6, 2022

The storms and floods that hit South-East Queensland and coastal New South Wales in February and March are likely to be Australia’s costliest floods on record, according to the Insurance Council of Australia (ICA). Using updated data, the ICA said […]

May 3, 2022

The rise in demand for coal following Russia’s invasion of Ukraine is a setback to reaching a net-zero economy by 2050 but will also help bolster investment in renewable energy, a Bank of England (BoE) policymaker said on Tuesday. Elisabeth […]

April 29, 2022

Recent figures released from the Association of British Insurers (ABI) show that the damage caused by Storms Dudley, Eunice and Frankin, that hit much of the UK during February 2022, is expected to lead to insurers paying out nearly £500m […]

April 25, 2022

A group that won a victory over energy major Shell last year with a Dutch court order that it deepen greenhouse gas cuts, has warned the company’s board of possible personal responsibility if it fails to implement the verdict. The […]

April 22, 2022

Preliminary flood risk information and updated Flood Insurance Rate Maps are available for review in Johnson County, Texas, FEMA announced this week. Residents and business owners are encouraged to review the latest information to learn about local flood risks and […]