Wildfires and droughts are often the byproduct of extreme heat and...
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Global financial watchdogs to ramp up monitoring of AI
Banks have been broadly optimistic that AI will make them more...
Aon bolsters its broking capabilities with two senior leadership appointments
Both appointments are effective immediately, with Michelle and Lucy...
European Commission to propose floating Russian oil price cap
The Commission proposed lowering the Group of Seven (G7) nations’ price cap from $60 a barrel to $45 barrel in June in its 18th package of sanctions against Russia for its invasion of Ukraine. The G7 price cap, aimed at curbing Russia’s ability to finance the war in...
Insurance cost surge for commercial ships sailing past Yemen’s Houthi militants
Shipowners now have to pay about 1% of a ship’s value if they want to pass through the Red Sea, said Marcus Baker, global head of marine cargo and logistics at Marsh McLennan, the world’s largest insurance broker. That’s up from 0.2% to 0.3% in recent months, a period...
Extreme Weather: Euro Zone could lose 5% of GDP, says ECB
“Climate-related risks are an immediate concern for financial stability and economic growth,” Stracca and Bundesbank board member Sabine Mauderer said in a blog published by the ECB Extreme weather events such as heatwaves, flooding and wildfires could wipe as much...
AM Best maintains stable outlook on global cyber insurance segment
The AI-driven proliferation of cyber-attacks also can increase the scale and complexity of attacks. Additionally, the ongoing challenge of ransomware, business email compromise and funds transfer fraud continues to escalate Rating agency AM Best said it is maintaining...
China’s blistering heat leaves workers exposed as gig economy booms
Almost half of China’s platform workers don’t have any social insurance coverage, and fewer than a third of the total working population have insurance for work-related injuries, research shows. On a scorching morning in Beijing, Hao and a dozen other food delivery...
China economy to top $19.5 trillion this year, says state planner
Zheng Shanjie, chair of the National Development and Reform Commission highlighted progress made under the 2021–2025 five-year plan, which focuses on key priorities such as economic development, technological innovation, green transformation, and improvements in...
Credit fund’s collapse leads to $1 billion lawsuit against EY
In a claim filed with Ontario’s Superior Court last month, PricewaterhouseCoopers alleged that EY issued unqualified opinions on Bridging’s books from 2014 to 2020 despite red flags, including inflated asset values and hidden defaults. Bridging Finance Inc.’s receiver...
Trump’s Tariff Shock: Global economic & insurance premium growth to slow down, says Swiss Re
Jérôme Haegeli, Swiss Re's Group Chief Economist, said: "While insurers' profitability outlook is still benefiting from rising investment income, we expect tariffs to slow global GDP growth, and consequently weigh on insurance demand. In the long term, US tariff...
Impostor uses AI to impersonate Rubio, contact foreign and US officials
Marco Rubio US ,Secretary of State The misuse of AI to deceive people is likely to grow as the technology improves and becomes more widely available, and the FBI warned this past spring about “malicious actors” impersonating senior U.S. government officials in a text...
Houthi militants continued to pound a commercial ship in the Red Sea
“These incidents highlight the Houthis’ disregard for human life, as they continue to exploit seafarers as pawns in their strategic conflicts,” said Jakob Larsen, chief safety and security officer at BIMCO, the world’s largest direct-membership trade group for the...