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The embedded insurance specialist for the cargo market now plans to accelerate the development of its proprietary smart technology.
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The new sanctions, which came into force at 17:00 UK time yesterday, give insurers until 28 March to cancel all existing direct or indirect contracts with Russia.
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Multiple interlocking dependencies will determine whether huge potential claims from leasing companies are ultimately paid.
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The market fears that stranded vessels could result in claims, while coverage to enter the Black Sea is scarce and expensive.
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The intermediary’s London Market Appetite Survey also found increased enthusiasm for sustainable energy risks.
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The London CEO laid out the broker’s plans for overseas expansion, his views on market modernisation and the broking war for talent in a wide-ranging interview.
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The theme of yesterday’s market briefing is that Lloyd’s is now moving into a period of growth, having completed remediation, but it wants smarter, sustainable growth.
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Interim active underwriter David Message will assume the position of energy lead underwriter.
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The Corporation’s chief of markets said managing agents will be expected to articulate the differences between cat loss ratios from modelling to plan.
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Allianz looks the most exposed to the conflict, with roughly EUR2bn of its EUR809bn of investment assets at risk, according to the analyst.
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Whether the sanctions are effective immediately remains unclear.
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Government departments have published guidance on trading activities with Russia, including insurance of certain entities, that will now be prohibited.