Africa Specialty Risks (ASR), the Africa and Middle East focused (re)insurance group, announces the launch of the first Africa Focused Lloyd's Consortium.
Lloyd's, the world's leading marketplace for insurance and reinsurance, has published a scenario which reveals the global economy could be exposed to losses of $14.5tn over a five-year period from the threat of a hypothetical geopolitical conflict causing widespread disruption to global trade patterns and supply chains.
Dhaka Metro Rail, which was hit by vandals during student street protests in July 2024, did not insure its operations although insurance was acquired during the rail construction phase, according to Mr Jahangir Shah, the spokesperson and director of the Insurance Development and Regulatory Authority (IDRA).
The gross premiums of Sri Lanka-based National Insurance Trust Fund Board's (NITF) are expected to surge this year due to a recent directive requiring primary insurers to remit 100% of motor strikes, riots, civil commotion and terrorism (SRCCT) premiums to NITF, up from the previous 12%, says Fitch Ratings.
Australian Reinsurance Pool Corporation (ARPC) is in the process of reviewing the current Cyclone Reinsurance Pool premium rates and is considering minor changes that would be applicable from 1 April 2025.
Reinsurance capacity and the general appetite to underwrite political violence risks is reducing as insured losses from civil unrest grow according to a new report by Allianz Commercial.
The Financial Intelligence Processing Unit (CTRF) of the Ministry of Finance has contacted financial institutions, including insurance companies and banks, about complying with regulations covering anti-money laundering and countering the financing of terrorism (AML/CFT).
War risk premiums appear to have soared from approximately 0.1% of the value of a ship to 0.7-1%, given the perils faced by commercial ships in the Red Sea, says the Insurance Association of Turkiye (TSB).
International think-tank the Institute for Economics & Peace (IEP) has launched the 11th annual edition of the Global Terrorism Index (GTI) in March 2024.
A new directive that Sri Lankan non-life insurers remit 100% of motor insurance strike, riot, civil commotion and terrorism (SRCCT) premiums to state-owned National Insurance Trust Fund Board (NITF) should benefit NITF while the underwriting profitability of non-life insurers is likely to worsen, says Fitch Ratings.