May 22, 2024
Once perceived as intricate, time-consuming, and on occasion, frustrating, insurance claims processing has undergone a substantial transformation with the integration of new technological solutions. From artificial intelligence (AI) to big data and automation, the insurance industry is witnessing a rapid …
March 14, 2024
The Lloyd’s market and the Bermuda Monetary Authority (BMA) are jointly developing an initiative to share risk expertise between these two major re/insurance hubs. The focus will be on fostering innovation through the Lloyd’s Lab and improving access to education …
December 20, 2023
The cost of insuring vessels that will transit the Red Sea jumped again this week after mounting attacks in the region forced some ships to avoid the vital waterway, underscoring the need to secure an area that’s pivotal to global …
December 19, 2023
Shipping in the Red Sea is grinding to a halt with oil tankers idling and container vessels rerouting around Africa as violence linked to the Israel-Hamas war threatens to undermine the global economy. Two European oil and gas giants said …
December 19, 2023
One of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s Market Association’s Joint War Committee on Monday applies only to …
December 18, 2023
London’s marine insurance market has widened the area in the Red Sea it deems as high risk after a surge in attacks on commercial ships, according to a statement issued on Monday. Guidance from the Joint War Committee (JWC), which …
October 12, 2023
Airlines wrestled with the safety risk of evacuation operations in Israel on Thursday, with carriers including Dutch KLM canceling flights while sister airline Air France mounted a special relief flight chartered by the French foreign ministry. Airlines have faced warnings …
September 7, 2023
ACORD, the standards-setting body for the global insurance industry, announced the publication of the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data. The CRP Standard was …
July 17, 2023
Insurers are reviewing whether to freeze cover for any ships willing to sail to Ukraine after Russia on Monday quit a U.N.-backed deal that allows the export of grain through a wartime Black Sea safe corridor, industry sources said. The …
May 9, 2023
The rollout of the Lloyd’s cyber war exclusions has received considerable criticism for the chaos and confusion caused in the weeks leading up to the March 31st effective date. But there are some certainties to keep in mind about the …