By 2050 instances of clear air turbulence (CAT) are likely to double over the north Indian airspace due to climate change according to a study by the UK's University of Reading.
Dubai-headquartered aircraft leasing firm Dubai Aerospace Enterprise (DAE) has filed a London lawsuit against 11 insurers, including Lloyd's of London, AIG, Chubb and Swiss Re, two months after it wrote off almost $600m for 19 aircraft stuck in Russia, reported Reuters.
WTW and the University of Cambridge's Centre for Risk Studies have launched an Airport Risk Index. The index allows the world's airports will be able to introduce new risk profiling methods to future proof their resilience planning.
For the various rounds of treaty renewals in 2023, Hannover Re anticipates rising prices as well as some restructuring of reinsurance programmes in both aviation and marine business, the global reinsurance giant says in comments on how specialty lines will fare in the 1 January renewals.
The state-owned Ethiopian Insurance Corporation (EIC) has paid out ETB5.4bn ($103m) in claims during the just-ended financial year ended 30 June 2022 (FY2022).
A report by InsurTech Go Digit has revealed that there has been a spike in demand for travel policies in India in FY21-22 compared to pre-COVID levels in FY19-20.
Total net written premiums (NWP) increased by 8.2% to SAR34.6bn ($9.2bn) in 2021 from SAR31.99bn in 2020, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
India's flag carrier, Air India, under its new Tata management, has taken a INR608bn ($8bn) cover, costing it a premium of INR2.66bn to a syndicate of insurance companies, including Tata AIG General Insurance.
The likely huge insurance claims related to the cancellation of aircraft leases in Russia is already leading to "horrendous" hikes in the cost of renewing policies, Reuters reported, quoting the chief executive of major lessor BOC Aviation.
Tata Group-owned Air India has suspended its flights from Delhi to Moscow after international insurance underwriters conveyed to the airline that its flights landing in Russia would not be valid for insurance given the threat perception there on account of the war, two people familiar with the development told The Indian Express.