International News

U.S.-China trade war leading to recession

Eco/Invest/Demography, Risk Management       Aug 12, 2019

  New York/Mumbai: Goldman Sachs Group Inc said on Sunday that fears of the U.S.-China trade war leading to a recession are increasing and that Goldman no longer expects a trade deal between the world's two largest economies before the 2020 U.S. presidential election.  "We expect...

World's wealthiest family gets richer by $4 mn every hour, $100 mn a day

Eco/Invest/Demography, Wealth Management       Aug 11, 2019

The numbers are mind-boggling: $70,000 per minute, $4 million per hour, $100 million per day. That’s how quickly the fortune of the Waltons, the clan behind Walmart., has been growing since last year’s Bloomberg ranking of the world’s richest families.   At that rate, their wealth...

Monsoonal flooding across Southern Asia kills hundreds and incurs multi-billion economic loss

  Chicago: Total economic losses, largely flood-driven, were expected to exceed US$600 million, while public and private insurers paid out nearly US$300 million, said Aon in its latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events.   Hurricane...

Global commercial insurance pricing up 6% in Q2:Marsh

  New York: Global commercial insurance pricing increased for the seventh consecutive quarter in the second quarter of 2019, according to Marsh's quarterly Global Insurance Market Index, a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world's major insurance markets and...

UK insurers settle 99% of cyber insurance claims

Non-Life, Reinsurance, Risk Management, Technology       Aug 09, 2019

  London: The Association of British Insurers has, for the first time, revealed that 99% of claims made (207) on ABI-member cyber insurance policies in 2018 were paid*. This is one of the highest claims acceptance rates across all insurance products.   Despite this, the take-up rate...

Insurers Pressured to Drop Coverage of Canada’s Oil Sands Pipeline

A coalition of 32 environmental and indigenous groups on Thursday urged insurers to stop underwriting the Trans Mountain pipeline to pressure Canada to cancel its plan to expand the project which carries crude from Alberta’s oil sands to British Columbia’s Pacific coast.   Self-insurance by the...

UK’s Aviva reviews Asia business

Life       Aug 08, 2019

  London: Britain’s second largest insurer Aviva reported a forecast-beating 1% rise in first-half operating profit on Thursday, helped by a strong performance in its general business and announced a review of its Asian operations.   In his first interim results since being appointed chief executive in...

World warned: Change now or endanger food and climate

  GENEVA: Humanity faces increasingly painful trade-offs between food security and rising temperatures within decades unless it curbs emissions and stops unsustainable farming and deforestation, a landmark climate assessment warned on Thursday.   The UN's Intergovernmental Panel on Climate Change (IPCC) warned that efforts to limit global...

Tesla under U.S. scrutiny over safety claims

Non-Life, Risk Management, Technology       Aug 07, 2019

Tesla Inc. received a cease-and-desist letter last year from the U.S. National Highway Traffic Safety Administration (NHTSA) for making misleading statements over safety ratings of its Model 3 cars, according to documents seen by Reuters.   The documents also showed that Tesla received two subpoenas from...