Unsold Korean ships covered by Munich credit reinsurance
Munich Re has made a provision against a possible $200m claim from South Korean container shipbuilders stuck with vessels that have not been paid for, Reuters reports.
"We don't expect further expenses for this damage claim, at least not in a significant amount," a spokesman for the company was quoted as saying in the Financial Times Deutschland that hits newsstands on Friday.
The financial crisis is boosting insolvencies and would create "considerable losses" in Munich Re's credit and surety business this year and next, finance chief Joerg Schneider said.
Claims would total hundreds of millions of euros each for both 2009 and 2010.
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
