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Peak Re appoints Swiss Re’s Peter Hämmerli as Head of Business Operations
“His deep expertise and dedication to excellence make him a perfect...
Australians can now ignore after-hours work calls and emails under new legislation
Under the laws, that came into effect on Monday,employers face...
Ida losses to range from $17 to $ 25 billion:AIR
Included in the estimates are losses to onshore residential, commercial, industrial properties, and automobiles for their building, contents, and time element coverage, as well as estimated insurance take-up rates for wind and flood across the entirety of Ida’s track, including the flooding that occurred in the Northeast.
AIR’s losses do not include any estimate of losses from the National Flood Insurance Program, or any losses from offshore assets. The industry loss estimates also reflect an adjustment to account for increased material and other repair costs in the current construction market.
Britain begins world’s largest trial of blood test for 50 types of cancer
The Galleri test looks at the DNA in a patient’s blood to determine if any come from cancer cells. Earlier diagnosis of cancers leads to dramatically increased survival rates.
“We need to study the Galleri test carefully to find out whether it can significantly reduce the number of cancers diagnosed at a late stage,” said Peter Sasieni, professor of cancer prevention at King’s College London.
Lung cancer is by far the most common cause of cancer death in the United Kingdom, accounting for around a fifth of all cancer deaths. Lung, bowel, prostate and breast cancers account for 45% of the United Kingdom’s cancer deaths, the NHS said.
Need deeper cooperation to address global health crisis: UN chief
“We need deeper international cooperation to address the global health crisis, reduce poverty and inequality, achieve the Sustainable Development Goals and avert climate catastrophe,” the top UN official said on Sunday in his video message on the UN Day for South-South Cooperation, which is celebrated globally on September 12 every year.
“The Covid-19 pandemic is the most complex immediate challenge facing our world and it is undermining hard won social, economic and environmental gains,” Guterres was quoted as saying by Xinhua news agency.
Global shipping is earning the most money since 2008 as pandemic pain wanes
This boom’s causes are twofold — an economic reopening after Covid that has spurred surging demand for goods and raw materials. Alongside that, the virus continues to cause disruption in global supply chains, choking up ports and delaying vessels, all of which is limiting how many are available to haul goods across oceans. That’s left the majority of the shipping sector with bumper earnings in recent months.
Willis Towers Watson has around $5 billion for possible M&A -incoming CEO
Willis is going ahead with plans originally agreed during the Aon merger talks to sell its reinsurance business to rival Gallagher for an initial consideration of $3.25 billion.
Activist investor TCI, founded by British billionaire Chris Hohn, is seeking to build up a stake in the London-based firm, according to media reports.
Offshore operators face big Ida losses as insurers trim cover
Insured losses to offshore platforms, rigs, and pipelines are estimated to be between $700 million and $1.5 billion, according to industry experts.
That is markedly below $2 billion to $3 billion of insured losses suffered by operators during Hurricane Katrina in 2005 as estimated by the Insurance Information Institute.
Biden’s vaccine rules to set off barrage of legal challenges
The White House is gearing up for legal challenges and believes that even if some of the mandates are tossed out, millions of Americans will get a shot because of the new requirements — saving lives and preventing the spread of the virus.
Biden is putting enforcement in the hands of the Occupational Safety and Health Administration, which is drafting a rule “over the coming weeks,” Jeffrey Zients, the White House coronavirus response coordinator, said Friday.
He warned that “if a workplace refuses to follow the standard, the OSHA fines could be quite significant.” \\ Courts have upheld vaccination requirements as a condition of employment, both before the pandemic — in challenges brought by health care workers — and since the coronavirus outbreak, said Lindsay Wiley, director of the Health Law and Policy Program at American University Washington College of Law.
China launches wealth management product pilots for retirement in four cities
Last month, China set up a state pension company with registered capital of 11.2 billion yuan, with 17 bank-affiliated wealth management units, insurers and state institutions taking stake, to help boost funds for retirees.
Despite looming changes, China’s retirement age is 60 for men and 55 for women, civil servants and white-collar workers.
Australia appoints former Macquarie boss to supervise financial regulators
The new three-person regulatory body, including corporate lawyer Gina Cass-Gottlieb, will supervise both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
U.S. Treasury climate official seeks insurance changes for extreme weather
The Federal Insurance Office will accept input for 75 days and then come up with recommendations for better pricing the risks that climate change posed to insured properties and activities, John Morton, Climate counselor, U.S. Treasury
said.
“The question is, how do we … better understand and begin to price the risk inherent in the underlying activities,” he said.