Lawyers for the shareholders plan to seek legal fees of up to 13%...
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Toyota’s Japanese insurer sues South Africa over $361 million flood claim
The claim alleges that the floods, which closed the Prospecton...
Iranian parliament approves a measure to close Strait of Hormuz
Around 20% of global oil and gas flows through Strait of Hormuz....
Ukraine urgently needs war risk insurance for rebuilding its economy – Finance minister
“Without international support, without war-risk insurance, we will not attract as much investment as we need for reconstruction,” Finance Minister Serhiy Marchenko told Bloomberg Television on Friday. “We need investment right now — we don’t need to wait until the...
China to end Ant Group’s regulatory revamp with fine of at least $1.1 bln-sources
Jack Ma,founder, Ant Group The penalty, which would be one of the largest ever fines for an internet company in the country, will help pave the way for the fintech firm to secure a financial holding company license, seek growth, and eventually, revive its plans for a...
UN climate alliance scraps emissions rules for insurers after exodus
Under the NZIA's “Target-Setting Protocol” published in January, insurance members had until the end of July to publish emissions targets for 2030 using recommended types of targets and were then required to update on their progress annually The Net-Zero Insurance...
New WHO guideline on policies to protect children from harmful impact of food marketing
Food marketing remains a threat to public health and continues to negatively affect children’s food choices, intended choices and their dietary intake. It also negatively influences the development of children’s norms about food consumption. All of these guidelines...
Ransomware attack hits Japan’s biggest port, disrupting cargo shipments
The Nagoya port authority said Russia-based ransomware group Lockbit 3.0 was responsible for the hack, Kyodo News reported Wednesday Recent data breaches often involve “double extortion” in which a ransom is demanded for the recovery of stolen information as well as...
French insurers receive $305 million riot claims
French employers’ lobby Medef estimated the cost of violence since the police shooting of Nahel, a 17-year-old of North African descent, last Tuesday at more than €1 billion ($1.1 billion), with 200 businesses looted, and 300 bank branches and 250 tobacco stores...
Law firms wooing AI experts as clients demand ‘More for less
Legal services are the most vulnerable to ChatGPT-style software, according to a recent University of Pennsylvania study. The widely-accessible technology is particularly suited to time-consuming legal work, because of its ability to instantly analyze large documents,...
Reinsurance market continues to recalibrate at mid-year 2023 renewals: Guy Carpenter
The preliminary year-to-date Guy Carpenter US Property Catastrophe Rate on Line Index, an alternative measure of price change that incorporates the impact of structural adjustments and current views of risk on actual dollars paid, increased 35 percent for January...
Russia rejects bank compromise as Black Sea grain expiry looms
Russia says the severing of the bank's access to SWIFT is one of the obstacles facing its own exports of food and fertiliser, and that it cannot keep renewing the Black Sea deal unless those issues are addressed Russia on Tuesday restated a demand for its state...
EV batteries remain major challenge for insurers – UK’s Thatcham
Batteries can make up half of an EV's cost and Thatcham found a replacement battery can cost more than the used price of the vehicle after only one year, making replacing them uneconomical LONDON: A lack of data on electric vehicle (EV) batteries continues to...