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Jessica Schappell appointed as Beazley’s APAC head
Jessica Schappell The risks facing the region are getting more...
Justice Department says TikTok collected US user views on issues like abortion and gun control
TikTok employees used Lark to send sensitive data about U.S. users,...
India to Indonesia: Asian economies challenged by Delta Covid variant
Supply chains from Vietnam to Thailand, where outbreaks are surging, have also been interrupted, with factories that make goods for Nike Inc. and Adidas AG shutting down over virus restrictions, potentially missing out on the crucial holiday shopping season. That raises the prospect of Asia’s delta hit reverberating worldwide, if exports are delayed longer term.
“The current delta wave in Asia may snarl production networks further,” said Frederic Neumann, co-head of Asian economic research at HSBC Holdings Plc in Hong Kong. “The risk is that growth scars linger for longer.”
GIC Re shuts down Dubai branch, moves its MENA business to India’s GIFT City
.“Following a review of the branch operations, it has been decided to underwrite business emanating from the MENA region (both new and renewal), effective 3 July 2021, from Gujarat International Finance Tec-City,” GIC Re said in a letter addressed to all business partners on 5th August, signed by Balaji Thiagarajan, CEO, GIC Re, Dubai.
GIC Re said that it will continue to service the underwriting and claims run-off from business underwritten earlier from its Dubai office,
Global Covid deaths estimated to reach 5.3 million by December
There have been almost 4.3 million deaths from Covid-19 globally since the start of the pandemic, according to the World Health Organization.
The delta variant is associated with viral loads that are more than 1,200 times higher in newly infected individuals compared with the original coronavirus strain, which means that delta can spread as easily as chickenpox.
AIG is reducing cyber insurance limits as cost of coverage soars
“We continue to carefully reduce cyber limits and are obtaining tighter terms and conditions to address increasing cyber loss trends, the rising threat associated with ransomware and the systemic nature of cyber risk generally,” CEO Peter Zaffino said on a conference call with analysts, according to a transcript produced by Refinitiv.
United States now averaging 100,000 new Covid-19 infections a day
The virus is spreading quickly through unvaccinated populations, especially in the Deep South. Florida, Louisiana and Mississippi have had hospitals overrun with patients.
The US first crossed the 100,000 average number in November and peaked at about 250,000 in early January before bottoming out in late June.
Cash glut at Warren Buffett’s Berkshire may trap tech titans next
With Buffett hoarding more than $100 billion of cash at Berkshire the last few years, the perception is that the investing icon has lost his touch in a technology-driven economy that would seem to be full of investment opportunities.
Tech titans Amazon, Google, Microsoft join US cyber team to fight ransomware
The tech giants are among firms signed on to be part of a Joint Cyber Defense Collaborative intended to combine government and private skills and resources to fight hackers, according to the Cybersecurity and Infrastructure Security Agency (CISA).
“With these extraordinarily capable partners, our initial focus will be on efforts to combat ransomware and developing a planning framework to coordinate incidents affecting cloud service providers,” said CISA director Jen Easterly.
Moody’s to acquire risk modelling firm RMS for $2 billion
The acquisition will immediately increase Moody’s insurance data and analytics business to nearly $500 million in revenue and will accelerate the development of the company’s global integrated risk capabilities to address the next generation of risk assessment.
With over 400 risk models covering 120 countries, RMS is the world’s leading provider of climate and natural disaster risk modeling serving the global property and casualty (P&C) insurance and reinsurance industries.
COVID-19 Pandemic:UK govt partners with Lloyd’s to launch $1 Billion reinsurance scheme to cover music festivals
The insurance will be available from Lloyd’s of London syndicates including Beazley, Hiscox and Munich Re, with the government acting as a reinsurer.
“With this new insurance scheme, everything from live music in Margate to business events in Birmingham can go ahead with confidence,” British finance minister Rishi Sunak said.
Africa Specialty risks launches Bermuda reinsurer
Mikir Shah, CEO at ASR, commented: “Launching our reinsurer in Bermuda is another big step for Africa Specialty Risks as we continue to build a comprehensive offering of specialty reinsurance products and services for the African markets and beyond