In terms of risk management practices, the report pointed out that...
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Willis and Rare partners to launch innovative insurance solution for fishers in the Philippines
Christopher Au, Head of APAC Climate Risk Centre, at Willis, said:...
Google sued for secretly amassing user data via Gemini AI
In the past, users of Gmail, Chat and Meet were given the option to...
Canadian school boards sue social media giants for over C$4 bln in damages
The products are “negligently designed for compulsive use, have rewired the way children think, behave and learn,” a joint statement by the boards said. That has caused learning and mental health crises in students, resulting in the schools having to invest more in...
Apr 1 Renewals: Transitioning’ property catastrophe sector heralds buyers’ market, says Aon
George Attard, CEO of Asia Pacific for Aon’s Reinsurance Solutions, said, “The April 1st reinsurance renewals were more predictable and generally favorable to reinsurance buyers. As mid-year renewals get under way for the catastrophe-exposed markets of Florida,...
Building a new Key Bridge could take years and cost at least $400 million, experts say
The Key Bridge collapsed Tuesday, killing six members of a crew that was working on the span, after the Dali cargo ship plowed into one its supports. Officials are scrambling to clean up and rebuild after the accident, which has shuttered the city's busy port and a...
Foreign firms’ losses from exiting Russia top $107 billion
Moscow demands discounts of at least 50% on foreign asset sales and has steadily tightened exit requirements, often accepting nominal fees as little as one rouble.So far this year, sales of assets owned by Shell, HSBC, Polymetal International and Yandex have been...
Lloyd’s of London swings to $13.5 billion profit in 2023
“We’ll continue working with our market to deliver consistent profitable performance through disciplined underwriting,” Chief Executive John Neal said in a statement London: Lloyd’s of London swung to a pre-tax profit of 10.7 billion pounds ($13.51 billion) in 2023,...
Baltimore bridge collapse could result in ‘one of the largest marine losses in history’: Lloyds of London CEO
``If you look at it from a marine point of view, this could be one of the largest marine losses in history. Insurance companies will be liable to cover the multi-billion-dollar losses. The vessel is insured, the bridge is insured, the port authority's insured, so this...
China’s latest EV is a ‘connected’ car from smart appliance maker Xiaomi
The combined share of EVs and hybrids in China's auto sales is likely to reach 42 per cent to 45 per cent this year, up from 36 per cent in 2023, according to Fitch Ratings. But the agency said in a December report that the competition could put pressure on...
India’s Disaster Management Authority head appointed UN Asst Secretary-General
Kamal Kishore, UN Assistant Secretary-General with the disaster risk reduction portfolio Kishore brings to the position nearly three decades of experience in disaster risk reduction, climate action and sustainable development at the global, regional, national and...
Insurers could face record losses of up to $4 bln after Baltimore bridge tragedy, AXA is lead reinsurer
Claims could total up to $4 bln, record for shipping disasterInsurance lines affected include property, marine, liabilityInternational Group of P&I marine insurers have reinsurance cover of $3.1 blnAXA lead reinsurer on first layer of IG reinsurance...
Titanic Law helps ship owner limit bridge collapse liability
A key to determining any insurance claims will be proving whether the accident was caused by negligence, and if so by whom, or mechanical failure, according to Bloomberg Intelligence. The ship is insured by the Britannia Protection and Indemnity Club, which is a...