War Archives - InsuranceAsia News https://insuranceasianews.com/industry_segments/war/ Tue, 11 Jun 2024 02:26:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Asian geopolitical threats cast a shadow in boardrooms https://insuranceasianews.com/asian-geopolitical-threats-loom-large-on-risk-managers-radar/ Mon, 10 Jun 2024 23:30:16 +0000 https://insuranceasianews.com/?p=155531 Demand for political violence coverage continues to increase while reinsurance capacity and appetite are reducing over fears that escalation in the South China Sea could disrupt supply chains and trigger civil unrests.

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Insurers, brokers and risk managers are growing increasingly concerned over the threat of a major geopolitical event in Asia, as they point to ramifications ranging from civil unrests to loss of suppl...

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]]> Skuld, Steamship and West P&I offer reinstatements as all clubs cancel Red Sea war cover https://insuranceasianews.com/skuld-steamship-and-west-pi-offer-reinstatements-as-all-clubs-cancel-red-sea-war-cover/ Sun, 18 Feb 2024 22:16:32 +0000 https://insuranceasianews.com/?p=146530 Some of the other clubs are still exploring solutions to offer buy-back cover from the reinsurance markets; Gard has announced an extension of cover for crew liabilities.

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With Japan P&I Club issuing a notice of cancellation of Red Sea war cover on February 16, now all International Group of P&I Clubs have announced war exclusions.
Skuld, Steamship Mutual and We...

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]]> Alternative shipping routes create new risks for (re)insurers https://insuranceasianews.com/alternative-routes-create-new-risks-for-insurers-as-red-sea-remains-us3tn-threat/ Thu, 25 Jan 2024 23:30:06 +0000 https://insuranceasianews.com/?p=144848 As vessels look for solutions to escalating Red Sea crisis, increasing costs, delays, piracy risks and dangers of regulatory action because of increased carbon emissions present challenges to carriers.

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Asian businesses’ attempts to circumvent the impact on trade of the ongoing attacks on merchant vessels in the Red Sea will create new risks for insurers.
Suki Basi, managing director, at data and ana...

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]]> Asia SRCC and terrorism market seeks further protection as unrest looms https://insuranceasianews.com/asia-srcc-and-terrorism-market-seeks-further-protection-as-unrest-looms/ Thu, 11 Jan 2024 23:30:24 +0000 https://insuranceasianews.com/?p=143868 Underwriters unsettled by rising losses are looking to limit exposures with political and civil unrest risks going up in more than 50% of countries over the last 12 months.

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The specialty Strikes Riot and Civil Commotion (SRCC) and Political Violence (PV) sectors in Asia are continuing to limit their possible exposures in the face of a growing landscape of political tumul...

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]]> January 1 renewals seeing ‘flattish pricing’, better terms https://insuranceasianews.com/january-1-renewals-seeing-flattish-pricing-better-terms/ Wed, 20 Dec 2023 23:30:59 +0000 https://insuranceasianews.com/?p=140561 Political risk and war will see the most challenging conversations with capacity available for other classes as reinsurance or retro markets have not been too affected by 2023 catastrophes.

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After the market saw strong corrections last year, January 1, 2024, renewals conversations are expected to be more orderly and bring better terms and conditions and ‘flattish pricing’ with risk-adjust...

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]]> Liberty Specialty Markets hires Cristin Li as senior underwriter https://insuranceasianews.com/liberty-specialty-markets-hires-cristin-li-as-senior-underwriter/ Mon, 23 Oct 2023 22:55:25 +0000 https://insuranceasianews.com/?p=136941 Hong Kong-based Li will look after the insurer's war and terrorism portfolio in north Asia.

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Liberty Specialty Markets has appointed Cristin Li as a senior underwriter in the war and terrorism team, a company statement said. Li was property underwriter for Chubb prior to this move.
Based in ...

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]]> Asian aviation, marine markets react to war risk peril as Israel conflict breaks out https://insuranceasianews.com/asian-airlines-react-to-war-risk-peril-as-israel-conflict-breaks-out/ Thu, 12 Oct 2023 23:45:51 +0000 https://insuranceasianews.com/?p=136390 A senior market source tells IAN that airlines are unlikely to be able to gain cover as Israeli government steps in with US$6bn to support home carriers.

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Airlines in Asia and across their world are scrambling to protect their passengers and aircraft by cancelling multiple flights to Israel and are also avoiding Israeli airspace after war broke out with...

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]]> SMBC Aviation receives US$710m insurance settlement for jets stranded in Russia https://insuranceasianews.com/smbc-aviation-receives-us710m-cash-settlement-for-jets-stranded-in-russia/ Tue, 03 Oct 2023 07:36:08 +0000 https://insuranceasianews.com/?p=135658 The Japanese lessor had commenced litigation in the Irish courts late last year against 11 insurers over its 34 aircraft stuck in Russia following European sanctions.

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Japanese aircraft lessor SMBC Aviation Capital has received a cash insurance settlement of US$710 million for its jets previously leased to Russia’s state-owned airline Aeroflot, a company statement s...

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]]> RVS Monte Carlo: What APAC markets can learn from the 2023 edition https://insuranceasianews.com/rvs-monte-carlo-2023-what-the-apac-market-can-learn/ Wed, 13 Sep 2023 23:52:45 +0000 https://insuranceasianews.com/?p=134340 Secondary perils, cyber risk and pressure from the war in Ukraine dominated discussions at the reinsurer meet-up, as well as the return of industry legend Brian Duperreault.

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This week the great and good of the (re)insurance market congregated on the sun-soaked slopes of Cote D’Azur in the principality of Monaco for arguably the most important gathering of the year, namely...

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]]> Political violence market on guard over Taiwan tensions https://insuranceasianews.com/political-violence-insurance-taiwan-tensions/ Tue, 22 Aug 2023 23:45:04 +0000 https://insuranceasianews.com/?p=132451 While some carriers are excluding Taiwan completely, most have been sub-limiting exposure to US$10–25m in the aggregate.

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The global political violence (PV) market, overwhelmed by the protracted conflict in Ukraine, is on guard and ready to react to the slightest possibility of potential conflict in Taiwan.
Pricing is ti...

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