Final results

UK Club well positioned for future growth

The UK P&I Club, a leading provider of P&I insurance and other services to the international shipping community, announces its financial results for the year ended 20 February 2022. The Club’s financial position remains strong with free reserves of $488 million as at 20 February 2022

Modelling hadn't factored in government shutdowns

Underwriters puzzle over how to make pandemics insurable again / FOCUS

London - When much of the global economy locked down last year, insurers, facing estimated losses of more than $100 billion globally, reached straight for their red pens to strike pandemic cover from all new business policies

The incident

Reinsurers set to bear brunt of costs for Suez Canal grounding

Alan Mackinnon, chief claims officer with UK Club, the Ever Given's P&I insurer, said it expected a claim against the ship’s owner from the canal authorities for possible damage to the canal and for loss of revenues, and separately claims for compensation from some of the owners of the delayed ships.

Munich Re says

Natural disasters cause $210 billion in damage in 2020

Frankfurt - Natural catastrophes around the world resulted in $210 billion in damage in 2020, with the United States especially hard hit by hurricanes and wildfires, a top insurer said. The damage, tallied by the German reinsurer Munich Re, increased from $166 billion in the previous year, and comes as a warming planet heightens risks

After port blast

Next Lebanon government to face $30 billion reform test / FOCUS

Beirut - Lebanon may be in line for $298 million in emergency aid after the Beirut port blast, but the more than $30 billion some estimate it may need to rebuild its shattered economy will not be forthcoming without reform


UnipolSai bets on renewables

Bologna - Italian insurance group Unipol increases its commitment on the renewable energy sector and creates Unipolsai Energia, it is announced from company’s headquarter. Up to 2018, Unipol has invested 326 million euros in funds and investments to implement the UN 2030 agenda for sustainable development


ANIA insurers hold 15% of Italian public debt

Rome - The insurance industry gives a “still significant support” for Italian public debt, noted the president of ANIA (the National Association of Italian Insurers) Maria Bianca Farina, specifying in the report to the annual meeting that government Italian bonds touch around 40% of total insurance companies investments


Generali completes sale of Worldwide and Link

Trieste - Assicurazioni Generali announces that it has completed the sale of its entire shareholding in Generali Worldwide Insurance Company Limited and Generali Link to Life Company Consolidation Group. This follows the announcement of the sale by Generali on July 19, 2018


Generali: internal solvency model extended to Austria, Switzerland

Trieste - Assicurazioni Generali announced that, following the authorization request submitted by the Company, IVASS - the Italian insurance regulatory agency – with its instruction of 19 November 2018, authorized the Company to extend , starting from December, 31, the scope of the Group’s internal model


Magnitude 6.5 earthquake hits Alaska

Kaktovik - A magnitude 6.5 earthquake struck 40 miles (64 km) southwest of Kaktovik in Alaska, the U.S. Geological Survey said on Sunday.


Fireball near Bologna airport after road crash explosion

Bologna - A tanker truck ploughed into a lorry on a motorway near Bologna airport in northern Italy on Monday, exploding in flames and sending a huge ball of fire and black smoke into the sky.


Sea surges may devastate parts of Florida

Miami - A powerful sea surge will accompany Hurricane Irma as the storm moves through Florida, and that blast of ocean water could badly damage coastal areas, Florida Governor Rick Scott said.


Antitrust Authority slaps Carige Insurance

Genoa - Carige Insurance has been fined €1 million.The sanction was decided by the Antitrust Authority, in order to combat, “unfair and aggressive business practices.” In the crosshairs of the regulatory agency are the measures put in place by the Insurer to recover its claims


Generali: plenty of profits

Trieste - Generali Insurance group closes a record second quarter with net income up sharply to 1.3 billion (+21.6%) and an operating profit up 11.3% to 2.8 billion, the best in the past eight years. The forecast for the end of 2015, according to CEO, Mario Greco, points, “to significant strengthening in net income”


Allianz lead insurer for jet shot down in Ukraine

Kiev - Germany’s Allianz SE is the lead hull and liability reinsurer covering the Malaysian airliner that was shot down over eastern Ukraine on Thursday. Willis Group Holdings brokered the insurance. In the Malaysia Airlines Boeing 777 there were 298 people aboard