Lloyd's, the world's leading marketplace for insurance and reinsurance, has published a scenario which reveals the global economy could be exposed to losses of $14.5tn over a five-year period from the threat of a hypothetical geopolitical conflict causing widespread disruption to global trade patterns and supply chains.
Miller has appointed Mr Edward Cheak as head of credit and political risk insurance. In his new role, he will broaden Miller's service offering beyond London and Europe into the Asian marketplace.
Dhaka Metro Rail, which was hit by vandals during student street protests in July 2024, did not insure its operations although insurance was acquired during the rail construction phase, according to Mr Jahangir Shah, the spokesperson and director of the Insurance Development and Regulatory Authority (IDRA).
The gross premiums of Sri Lanka-based National Insurance Trust Fund Board's (NITF) are expected to surge this year due to a recent directive requiring primary insurers to remit 100% of motor strikes, riots, civil commotion and terrorism (SRCCT) premiums to NITF, up from the previous 12%, says Fitch Ratings.
AXA XL has appointed Mr Guillaume Parard as head of P&C, Asia, effective 1 January 2025 and Mr Todd Wilhelm as head of specialty, Asia, effective 1 September 2024.
Texel has appointed Ms Angela Chang as managing director of Texel Asia; Mr Jonathan Crossfield as CFO, a newly created role and Mr William Shaw as deputy CEO.
African countries saw 15 credit rating downgrades and only 4 upgrades to their sovereign bonds last year, says leading specialty (re)insurance group Chaucer in a blog.
US-China rivalry and mismanaging China risk are two risks on the "Top 10" list identified through a survey on political risk by global insurance services company WTW.
While Kuwait's dissolution of its parliament and suspension of parts of its constitution (for no longer than four years) could affect Kuwait's long-standing institutional checks and balances, the measures are also likely to speed the passage and implementation of much-needed structural reforms, says S&P Global Ratings (S&P).
In Asia, one in three business leaders reported that political risk was the biggest threat to their business this year.