The former US Secretary of State said that it’s time for countries to “rethink” the coverage sector. Former US Secretary of State Hillary Clinton spoke at a COP28 climate panel at the start of this month, calling for insurance industry reforms. The purpose is to address the sector’s issues as insurers increasingly withdraw protection against climate perils. Among the countries and people most impacted by climate change are those in lower-income nations. They also face the greatest struggle to access coverage to protect themselves against economic effects. “We need to…
Read MoreCategory: International Insurance News
News from around the world and how change in this industry affects other lines of business globally.
Illegal charters and protest damage lead to insurance coverage challenges
Experts are encouraging business aviation professionals to think about indemnity liability policies. With a growing number of protests and illegal charters leading to expensive damage, insurance coverage concerns have been on the rise among business aviation professionals. The industry is continuing to struggle to determine what type of effect these events will have on cost. Last June, anti-private aviation protestors broke into the Sylt Airport in Germany, coating a Cessna Citation Mustang in orange paint. The damage caused by the vandalism was valued at more than $1 million, meaning that…
Read MoreGerman regulator mislead by Greensill on insurance deal, says IAG
According to the accusation, the dupe was mean tot help reduce the unit’s capital requirements. One of Greensill Capital’s insurers has alleged that the failed lender duped German regulators regarding an insurance deal in an effort to try to shrink its Bremen-based unit’s capital requirements. Greensill investors are currently suing the Insurance Australia Group (IAG) as they face billions in losses. The investors have accused defunct Greensill supply-chain finance group of hiding that it did not have the insurance deal in place that they were led to believe. Instead, the…
Read MoreNavigating Insurance in Lithuania: Protecting Your Future
Insurance is an essential aspect of financial planning, ensuring security and peace of mind for individuals and families. In Lithuania, understanding and selecting the right insurance can significantly impact your financial well-being. Let’s conduct a small expert study of the insurance system in Lithuania and try to find some of its features. Insurance Essentials in Lithuania To make informed decisions about insurance in Lithuania, it’s crucial to understand the fundamental aspects: Diverse Insurance Options: Lithuania provides a wide range of insurance products, catering to various needs – life insurance, property…
Read MoreNew marine insurance facility established for Ukraine grain exports
The facility was created along with Ukrainian authorities to use the country’s sea corridor. Ukrainian authorities and marine insurance broker Miller have collaborated to create a new marine coverage facility for Ukraine’s grain experts using the country’s sea corridor. In July, Russia backed out of a UN-supported deal to allow Ukraine’s grain exports to sail from three ports. Since Russia’s withdrawal from the deal, Kyiv has created what it refers to as a new temporary humanitarian corridor for the purpose of sidestepping the stoppage Russia has put in place. Recently,…
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