A drought driven by the El Nino weather pattern is likely to trigger insurance payouts to four southern African countries who took out cover with an agency of the African Union. Malawi, Zambia, Zimbabwe and Mozambique will receive payments at …
Nord Stream’s insurers have denied that their policies provide cover for gas pipelines damaged by blasts in 2022 because the damage was caused by war, in their written defense to a lawsuit filed at London’s High Court. Nord Stream is …
Climate change will inflict losses to the global economy worth an annual $38 trillion by 2049, as extreme weather ravages agricultural yields, harms labor productivity and destroys infrastructure, according to researchers at the Potsdam Institute for Climate Impact Research (PIK). …
The rising cost of car insurance has triggered a barrage of complaints in the cost of living crisis, Britain’s financial watchdog told lawmakers on Wednesday, as the sector insisted that prices remain at 2018 levels in real terms. Matt Brewis, …
Dubai flights have been severely disrupted and cars were left stranded on flooded roads after record rainfall over the past day brought the city to a standstill. The United Arab Emirates experienced its heaviest downpour since records began in 1949, …
A section of TC Energy’s NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday, sparking a wildfire in a remote area, the company said. “An initial ignition of natural gas at the rupture site is now extinguished. …
Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their …
Aspen Insurance Holdings Ltd. and PIMCO Investment Management Co. announced the formation of Pando Re Ltd., a Bermuda-domiciled collateralized re/insurer focused on casualty business. Under a long-term agreement, Aspen will be the sole cedent to Pando Re and PIMCO will …
DUAL, the specialist underwriting arm of Howden Group Holdings, announced it has significantly strengthened its marine capability in Europe with the acquisition of Swiss Re’s Genoa, Italy-based Marine team with the authority to write marine business for Swiss Re going …
Coral reefs around the world are experiencing global bleaching for the fourth time, top reef scientists declared Monday, a result of warming ocean waters amid human-caused climate change. Coral reef bleaching across at least 53 countries, territories or local economies …
