The cost of the impact could total around 20 million pounds ($26...
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MS Amlin binds landmark Ukraine reinsurance facility
Under the scheme, MS Amlin has committed EUR 80 million in...
Regulatory breaches emerge as top risk for Asian Boards, Willis & Clyde & Co survey
While the risk of data loss and cyber-attacks remains among the top...
U.S. Treasury proposes a new rule to collect data on climate-related risks from P&C insurers
U.S. Treasury Secretary Janet Yellen has pressed U.S. financial regulators to make assessment of climate change risks a normal part of their everyday work, including a demand that companies increase disclosures of such risks to investors Treasury said the proposed...
Swiss Re estimates Hurricane Ian claims at approximately $1.3 billion
Swiss Re estimates the preliminary total insured market loss from Hurricane Ian at USD 50–65 billion Swiss Re's P&C business reported and normalised combined ratios were affected in the third quarter by an increase in small- to mid-sized claims, partly driven by...
Global cost of cybercrime may reach $10.5 trillion by 2025: Interpol
Jurgen Stock,Secretary General,Interpol Interpol Secretary General Jurgen Stock said Interpol had developed its global stop-payment mechanism, the Anti-Money Laundering Rapid Response Protocol, which in the past 10 months alone had helped members recover more than $60...
Credit Suisse to pay $495 mn in US to settle securities case
Credit Suisse faces a longer list of legal woes. Last week, the prospect of fresh legal risks for the bank arose when US authorities launched a probe investigating whether the bank helped clients hide assets Credit Suisse Group AG agreed to pay $495 million to settle...
AXIS Capital refuses to underwrite energy, mining and other projects without backing of local indigenous communities
Non-governmental organization Rainforest Action Network (RAN) told Reuters that AXIS was the first North American insurer to adopt such a policy, and believed it set a fresh standard for best practice Two insurers in Europe – Swiss Re and Allianz – mention FPIC in...
Employers may need to justify bans on wearing religious signs, EU court says
However, the court said an employer's neutrality rule could be deemed indirectly discriminatory if it results in someone of a particular religion or belief being put at a disadvantage. It said that in this particular dispute, it would be up to a works tribunal in...
Plastic Pollution: Litigation could cost the industry and its insurers $20 billion in US over next 8 yrs, says Report
More than 300 million tons of plastic are produced every year and at least 14 million tons ends up in the ocean where it is ingested by animals and can enter the human food chain, according to the International Union for Conservation of Nature Like climate...
Climate finance by major multilateral banks rose 24 pc in 2021
"In Asia and the Pacific, we are uniquely vulnerable. Whether it's historic levels of flooding in Pakistan, devastating drought in the People's Republic of China, or cyclones in the Pacific, our region knows full well the ever-present impact of climate change. It's...
AM Best downgrades Peak Re’s outlooks to negative from stable
The negative outlooks reflect AM Best’s expectation that macroeconomic headwinds and current unfavourable capital and investment market conditions may exacerbate financial stress on Fosun over the short to intermediate term HONG KONG: AM Best has revised the outlooks...
New Covid-19 variant BQ.1 behind 1 in every 10 cases in US: CDC
Experts have cited the "sizable number of unique mutations" in variants like BQ.1 in speculating that it could evade immunity from prior infections or vaccination New York: New Covid strains are gaining ground across the world and in the US, new variant BQ.1 now makes...