International News

CCRIF & World Bank issue first parametric fisheries insurance

Non-Life, Risk Management       Jul 08, 2019

  Grand Cayman, Cayman Islands:  CCRIF SPC and the World Bank have announced  that on July 1, the Facility issued the Caribbean Oceans and Aquaculture Sustainability FaciliTy (COAST) fisheries parametric insurance policy to two of its member governments – Grenada and Saint Lucia.   The COAST insurance...

Massive earthquake hits California, towns survey damage amid 1700 aftershocks

  Los Angeles: Communities in the Mojave Desert tallied damage and made emergency repairs to cracked roads and broken pipes Friday as aftershocks from Southern California's largest earthquake in 20 years kept rumbling.   The town of Ridgecrest, close to the epicenter, assessed damage after several fires...

Global insurance prms exceed a record $5 trillion in 2018, to grow by 3% in 2019/20:Swiss Re Study

Eco/Invest/Demography, Life, Non-Life, Reinsurance       Jul 04, 2019

  Zurich: Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6 per cent of world gross domestic product (GDP). This was based mostly on solid growth in the non-life sector, particularly in China and other...

Vatican defends secrecy of Catholic Confessions amid priest sex scandals

Non-Life, Risk Management       Jul 03, 2019

  Amid pedophile clergy scandals, the Vatican has declared “unacceptable” any efforts by politicians or lawmakers to force priests violate their sacred obligation to keep secret what faithful tell them in confession.   The Holy See’s Apostolic Penitentiary, a tribunal dealing with absolution and confessional matters, reiterated...

Britain’s green finance strategy could mandate corporate Climate Risk disclosure

London: British public companies and pension funds may have to publish by 2022 what risks their businesses face from climate change under a new so-called green finance strategy.   Britain last week became the first G7 country to sign into law a requirement to reach net...

Global #MeToo movement provides lots of work for London’s top lawyers

Eco/Invest/Demography, Non-Life, Risk Management       Jul 03, 2019

London: The global #MeToo movement, in which women across much of the corporate world have spoken out about sexual harassment at work, is having an unintended consequence: more work for top city lawyers.   Clifford Chance, one of London’s leading “magic circle” law firms, saw profits...

Markel International launches Cyber 360 Policy

Non-Life, Technology       Jul 02, 2019

  Singapore and London:  Markel International, the specialist insurer, has launched its Markel Cyber 360 policy which provides insureds with all round protection against cyber risks, to help them safeguard their business before, during and after a cyber attack.   Coverage will be provided on a stand-alone...

Foreign ownership limits in life insurers to go by 2020, one year in advance

Eco/Invest/Demography       Jul 02, 2019

  Beijing:  China will end ownership limits for foreign investors in its financial sector including life insurnace industry,securities and futures sector, in 2020, a year earlier than scheduled, to show the world it will keep opening up its markets, Premier Li Keqiang said on Tuesday.   China...

Chubb recognises climate change reality,pulls back from coal

  ZURICH:  Chubb Limited today announced that it has adopted a new policy concerning coal-related underwriting and investment.  With the new policy, the company will no longer underwrite the construction and operation of new coal-fired plants or new risks for companies that generate more than 30%...