As climate change gains increasing prominence driving the demand for protection, Italian agricultural insurer Assicurazioni Rischi Agricoli VMG 1857 (ARA) has entered into an acquisition agreement with Japan’s Sompo Holdings. ARA provides coverage against weather-related crop failures, including from hail, frost and droughts, and controls roughly 10 percent of the...
Renaissance Insurance Group, a privately owned insurer, announced recently that it would IPO on Moscow Exchange. “Renaissance Insurance Group JSC, a Russian diversified independent insurance company, today announces its intention to conduct an initial public offering of ordinary shares and to list on Moscow Exchange,” the company had said in...
A volcano on Spain’s Atlantic Ocean island of La Palma erupted recently after a weeklong buildup of seismic activity, prompting authorities to evacuate thousands as lava flows destroyed isolated houses and threatened to reach the coast. The Canary Islands Volcanology Institute reported the initial eruption near the southern end of...
The International Union of Marine Insurance (IUMI) has conveyed in a statement that it fully supports the shipping industry’s move to decarbonisation but recognises that adequate risk management provision must be in place to underpin the transition. New fuel types such as ammonia and hydrogen are being promoted and their...
The level of comfort in talking about mental health over the past 12 months has increased with 6 in 10 believe people will be more comfortable talking about their mental health in the future. However, just 1 in 10 made use of counselling services during the pandemic, demonstrating a disconnect...
Recent floods in western Germany have likely caused insured damage to the tune of about EUR7 billion (USD8.2 billion), according to the latest estimate of the German Insurance Association (GIA). More than 180 people died in Germany and hundreds more were injured in the July 14-15 floods, which also claimed...
Insurance firms may not be ready to implement new product governance rules there to ensure insurance provides fair value, according to a review published recently by the Financial Conduct Authority (FCA). Part of the FCA’s ongoing work to ensure consumers receive fair value, the review looked at how firms designed, sold...
Swiss Re and carbon dioxide air capture technology firm Climeworks recently partnered to sign the world’s first long-term purchase agreement for direct air capture and storage of carbon dioxide, worth USD10 million over 10 years. Both the length of the term of ten years and the total value of USD 10 million are...
The number of stand-alone policies against identity theft has jumped as awareness and severity continues to grow, according to a new AM Best report. The report notes that the highly digitised environment has elevated personal cyber risks, especially during the pandemic. Personal lines cyber coverage generally handles key risks like identity theft, cyber...
The Bank for International Settlements (BIS), the International Association of Insurance Supervisors (IAIS), the Central Banks and Supervisors Network for Greening the Financial System (NGFS) and the UN-convened Sustainable Insurance Forum (SIF) will collaborate to enhance the availability of training resources for national financial authorities responding to climate risks. The...
