Australia-based telecommunications company Singtel Optus Pty Ltd. could face huge multimillion-dollar penalties over the latest ransomware attack that compromised the personal information of almost 10 million of its customers.
Hong Kong-based insurer China Merchants Insurance Co. Ltd. has agreed to transfer its general insurance business to CMB Wing Lung Insurance Co. Ltd., a wholly owned subsidiary of CMB Wing Lung Bank Ltd.
French energy and petroleum company TotalEnergies SE was forced to halt its oil refining and delivery across seven plants in France for the third day on Sept. 29 amid an ongoing workers strike over wage hikes.
Data from the Polish Chamber of Insurance said that local insurers aggregate gross written premium dropped by 0.5% year-on-year to almost 7.6 billion ($7.4 billion) in the first half of the year, mostly due to the more than 8% decline in life insurance premiums.
According to the Post Disaster Needs Assessment, total losses from the recent devastating floods in Pakistan have reached $28 billion.
Telecommunication companies in European countries, including France, Sweden and Germany, have raised concerns of mobile network connectivity disruptions this winter should the energy crisis in Europe lead to power cuts for telecom companies.
U.S.-based insurance broker Acrisure LLC has acquired U.K.-based specialist commercial insurance broker CRK Commercial Insurance Services Ltd.
Data from Indonesias Financial Services Authority said that credit insurance claims reached a staggering 5.7 trillion ($374 million) as of July 31, reflecting an 80% annual increase.
A report by U.S.-based financial intelligence company Moody's Analytics said that the threat of supply chain disruptions is expected to persist in the upcoming months as China is likely to continue with its stringent zero-COVID-19 policy through the end of this year.
According to the Catastrophe Indices and Quantification Inc., summer storms caused more than $300 million Canadian ($226 million) in insured losses in western Canada this year.
Rahul Khanna, global head of Marine Risk Consulting at Allianz Global Corporate & Specialty SE, said that digitalization of the maritime industry has increased the industrys exposure to cyber risks.
German reinsurer Hannover Re SE said that prices for catastrophe coverage have risen steadily in recent years in response to elevated losses arising from natural catastrophes and the trend is expected to continue.
Canadian insurance broker Westland Insurance Group Ltd. has acquired film and entertainment insurance brokerage, Front Row Insurance Brokers.
U.K.-based Howden Re and U.S.-based reinsurance brokerage TigerRisk Partners LLC have agreed to merge their operations to create Howden Tiger SabRE.
Analysts at U.S.-based J.P. Morgan Chase & Co. expect reinsurance rate hikes to continue in 2023 even if this years hurricane season is relatively benign.
According to insurer Allianz Global Corporate & Specialty SE, lithium-ion (Li-ion) batteries pose a great risk of igniting fires onboard ships, creating a considerable safety risk.
U.K.-based marine insurer The Standard Club Ltd. has warned ship operators entering the rapidly expanding offshore renewable energy sector that they may be exposed to risks not covered by standard protection and indemnity pooling arrangements.
According to Swiss Reinsurance Co. Ltd., global insured and reinsured losses from floods reached $20 billion in 2021, as global flood losses continue to increase.
Analysts at U.S.-based A.M. Best Co. Inc. said that inflation and the Russia-Ukraine war could significantly affect the Lloyds of London insurance and reinsurance market.
Member companies of the Association of Bermuda Insurers and Reinsurers posted 21% year-on-year increase in aggregate net premium written to $98.6 billion in 2021.
U.S.-based insurance broker Lockton Cos. Inc. has advised the hospitality sector to closely evaluate building reinstatement values as it warns them of the risks of being inadvertently underinsured in the face of surging inflation.
A report by Swiss cyber security firm Acronis International GmbH predicts that ransomware could cause $30 billion in damages to global organizations by 2023, thereby remaining the top cyber threat to corporates and governments.
Gallagher Re said that underwriting results of reinsurers and insurers around the world were exceptionally strong in the first half of the year, with their average combined ratio coming at 94.1%.