Live Insurance News

Regulator lets insurance companies buy green bonds as infrastructure investments

January 19, 2023January 17, 2023 Nordstrom

India’s top industry authority will classify the purchases as an investment into domestic infrastructure. The Insurance Regulatory and Development Authority of India has announced that insurance companies will be permitted to treat their sovereign green bond purchases as the equivalent to making infrastructure investments. The regulator recently released the decision in a circular, including its purpose for making it. In the circular, the regulator said that it made the decision to allow insurance companies to categorize their green bond purchases this way for the purpose of “de-concentration and diversification” of…

Worldwide aerospace insurance renewals season could bring change

January 18, 2023January 17, 2023 Marc

The industry is facing an opportunity to look again at pricing, policy conditions and retention levels. This year’s aerospace insurance and reinsurance renewal season is arriving and is providing the opportunity to make changes for more favorable retention and pricing levels as well as policy conditions, said reinsurance broker Gallagher analysts. The global market is facing several a number of changes and renewal season is an opportunity to adapt. The aerospace insurance and reinsurance renewal season can open the door to adapt is a way that will allow insurers and…

Insurance losses hit $120 billion in 2022 due to hurricanes and flooding

January 16, 2023January 16, 2023 H. Cutner

Insurance losses Flooding damage Flodded roads

The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…

Family goes viral with travel insurance caution following nightmare vacation

January 11, 2023January 10, 2023 G. Turner

A motorcycle crash in Thailand left a family crowdfunding for medical costs despite their policy. The day after Christmas, a UK man named Adam Davies was in a motorcycle accident in Thailand and, despite his travel insurance, is now facing massive medical bills due to his serious injuries including a fractured skull. Though he had a policy, the massive medical costs he incurred were not included in his coverage. When Davies consulted with his travel insurance to help pay for the hospital bills that were accumulating for his care, he…

An issue with insurance sanctions has oil tankers stuck at the Turkish straits

December 13, 2022December 12, 2022 H. Cutner

Insurance sanctions - Water - Turkish Flag

Negotiations have yet to come up with a solution to move ships carrying 23 million barrels of crude. The Turkish straits continue to have a backlog of oil tankers as of the writing of this article, and negotiations haven’t shown any indication of offering an insurance sanctions glitch solution. The tankers contain over 23 million barrels of oil from Kazakhstan and have been stopped from moving. The twenty six tankers were unable to pass the Bosphorus and Dardanelles straits last week due to issues relating to the insurance sanctions against…

Insurance companies have halted cargo coverage for Ukrainian grain

November 3, 2022November 2, 2022 Nordstrom

Insurers have withdrawn their coverage products for shipments of grain leaving Ukraine. Insurance companies have put a stop to the coverage they were providing to cargo shipments from Ukraine through a safe corridor backed by the UN after Russia announced the suspension of its participation, according to industry sources and recent media reports. The export deal between Russia and Ukraine in July was intended to ease a global hunger crisis. The July export deal was brokered by the United Nations and Turkey to ease the world hunger crisis that was…

Insurance costs associated with war in Ukraine higher than Iraq war

October 24, 2022October 21, 2022 H. Cutner

Industry sources are saying that coverage is now more expensive and more challenging to organize. Insurance costs associated with journalists, humanitarian workers, engineers and other people traveling to Ukraine are now more expensive and tougher to organize than was the case during the Iraq war. A growing number of insurers have started working their way into providing coverage for this destination. Though insurers had initially been hesitant to provide coverage immediately after Russia invaded Ukraine in February, several have started easing back, according to industry sources. That said, insurance costs…