International News

WHO welcomes Industry action to align with global trans fat elimination targets

Health       May 08, 2019

  Geneva  World Health Organisation (WHO) welcomed the commitment by the International Food and Beverage Alliance (IFBA) to align with the WHO target to eliminate industrially produced trans fat from the global food supply by 2023.   Trans fat intake is responsible for over 500,000 deaths from...

J&J agrees to pay about $1 billion to resolve hip implant lawsuits: Report

Health       May 07, 2019

  Johnson & Johnson agreed to pay about $1 billion to resolve the bulk of lawsuits claiming the company sold defective metal-on-metal hip implants that ultimately had to be removed, Bloomberg reported on Tuesday, citing people with knowledge of the matter.   The agreement resolves over 95...

More than $1.1 billion raised through ILS in Q1 , market slows further

Reinsurance       May 07, 2019

  Singapore: Growth of the Insurance-linked securities (ILS) market continued to slow in the first quarter of 2019 following the reduction seen in Q4 2018. Slightly more than $1.1 billion was raised through non-life catastrophe bond issues, compared with an average of $1.8 million over the...

Hannover Re's Apr 1  treaty renewals increased by 6.6 %

Reinsurance       May 07, 2019

  Hanover: Hannover Re, the fourth-largest reinsurer in the world, said its treaty renewals as at 1 April 2019 increased by 6.6 per cent.The company is targeting a combined ratio of no more than 97 per cent in 2019..   Business in Japan is traditionally renewed at...

SCOR to implement an alternative natural catastrophe reinsurance scheme in France

  Paris:  SCOR notes the decision of the General Court of the European Union, which confirms the decision of September 26, 2016, by the European Commission concerning the guarantee granted by the French State to the CCR regarding natural catastrophe reinsurance in France. The General Court...

Brexit boom lifts Luxembourg insurance sector

Eco/Invest/Demography, Life, Non-Life       May 22, 2019

LUXEMBOURG : The Luxembourg insurance sector was buoyed by Brexit effect in the first quarter, the national insurance commission said on Monday, with international non-life premiums showing a fourfold increase from a year earlier.   Premiums in the non-life sector, including domestic business, jumped by 218...

Forgers are forcing $9-trillion global trade financing into digital age

The $9 trillion business of financing global trade needs to go digital, according to southeast Asia’s second-biggest lender.   Forgers have become so adept at faking documents used by banks that going paperless has become a necessity for the industry, said Ng Chuey Peng, managing director...

Boeing did not disclose 737 MAX alert issue for more than a year, says FAA

Risk Management       May 06, 2019

  Chicago | Washington:  Boeing Co did not tell US regulators for more than a year that it inadvertently made an alarm alerting pilots to a mismatch of flight data optional on the 737 MAX, instead of standard as on earlier 737s, but insisted on Sunday...

41 feared dead after Russian passenger plane crash-lands in Moscow: Report

Non-Life       May 05, 2019

Moscow: Forty-one people including at least two children are believed to have died when a Russian passenger plane made an emergency landing and was engulfed in flames at Moscow's busiest airport Sunday, investigators said.   Dramatic footage shared on social media showed Aeroflot's Sukhoi Superjet 100...