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Mercedes Benz fire incident may slow down EV transition in South Korea
Although batteries are a critical component in electric cars and...
Thousands of fires are burning in the drought-wracked Amazon
Climatologists have warned for decades that events like this year’s...
Japanese general insurance industry to reach $133.1bn in 2025, forecasts GlobalData
Motor insurance is the largest segment in the Japanese general insurance industry with 51.5% of GWP in 2020. It is forecasted to grow by 1.4% in 2021 against the decline of -3.6% in 2020, backed by improved vehicle sales. According to the Japan Auto Manufacture Association (JAMA), new vehicle registrations during January-April 2021 increased by 4.2% as compared to same period in 2020.
The segment is expected to grow at a CAGR of 1.7% during 2020-2025. The launch of fully autonomous vehicles targeting local and global markets as well as expansion of electric car market is expected to drive growth of the motor insurance segment during the forecast period
China passes sweeping data privacy law, toughens regulation on tech companies
Xinhua also reported that the law will create stronger regulation of China’s public surveillance system, requiring the disclosure and labelling of hardware used in identifying people in public places. Collected data can only be used for maintaining public safety, the news agency said. China operates a vast network of cameras, backed by advanced facial recognition and AI-driven technology, to control crime but also to check identities in subways, schools and office buildings.
The law also stipulates that companies cannot use personal data to target individuals for marketing, according to state broadcaster CCTV. And firms must provide easy ways for users to opt-out of targeted marketing, reported CNN. CCTV also reported that sensitive personal information — such as biometrics, health care and financial accounts — should only be processed with the individual’s consent.
Nearly 1Bln children at ‘extremely high risk’ globally because of climate change: UNICEF
“Approximately one billion children, nearly half the world’s 2.2 billion children – live in one of the 33 countries classified as ‘extremely high-risk’,” UNICEF said. The risk factors considered in the study included flooding, cyclones, heatwaves, water scarcity, air pollution, lead pollution, and infectious diseases.
“Climate and environmental shocks are undermining the complete spectrum of children’s rights, from access to clean air, food, and safe water; to education, housing, freedom from exploitation, and even their right to survive. Virtually no child’s life will be unaffected,” UNICEF Executive Director Henrietta Fore said.
Natural disasters spurred by climate volatility remain a focus area for Asian reinsurers:Fitch
The protection gap signals vast potential for reinsurance growth, but Asian reinsurers face challenges in enhancing their risk mitigation capability and managing premium pricing adjustments in light of the frequent catastrophe losses.
The Covid-19 pandemic has dampened Asia’s economic growth and development, but it has also raised the importance and demand for reinsurance.
Tokio Marine Insurance hit by ransomware attack in Singapore
“At this time, we can confirm that there is no indication of a breach of any customer information nor confidential information of the group, We have appointed an external specialized vendor to perform a third-party analysis of the systems to verify scope of impact,”” said the group in the statement.
UK court sets scene for $14 bln-plus class action against MastercardL
Merricks alleges Mastercard charged excessive “interchange” fees – the fees retailers pay credit card companies when consumers use a card to shop – between May 1992 and June 2008 and that those fees were passed on to consumers as retailers raised prices.
Extreme heat growing health issue; killed 356,000 people in 2019: Study
“The effects extreme heat exposure can have on the body present a clear and growing global health issue,” said Ollie Jay, a professor from the University of Sydney, and a co-author of the Heat and Health report.
The findings echo another report, a two-part series called “Heat and Health” that was also published in The Lancet this week. It calls for global warming to be limited to 2.7 degrees F, in line with the Paris Climate Accords, to reduce heat-related mortality in the future. Otherwise, deaths will increase further and extreme heat will also lessen worker productivity and exacerbate other environmental challenges, such as wildfires, researchers said.
Marsh and Citi develop innovative cover, to help speed global delivery of COVAX vaccines
The policy is underwritten by six leading insurers: AXA XL, Chubb, Liberty Specialty Markets, Sovereign Risk Insurance, Swiss Re Corporate Solutions, and Tokio Marine HCC.
Stephen Kay, Political Risk Leader, Marsh said: “Striving for greater global vaccine equity by increasing vaccination rates worldwide will not only help countries recover faster from the impact of the pandemic, but may also reduce the risk of new variants that come from high levels of community transmission. This innovative structure will hasten that process by allowing Gavi to procure and distribute vaccines more speedily and with greater financial confidence.”
Ron Whyte joins Miller to lead broker’s expansion in Asia-Pacific
Whyte, who joins as Head of Strategic Development, will be based in Singapore and brings over 40 years of industry experience to Miller. His focus will be to drive Miller’s growth strategy in the Asia-Pacific region, bringing Miller’s exceptional capabilities and expanding its service proposition to clients and prospects. He will commence his role on 1 September 2021.
AXA XL adds pollution insurance underwriters in the US; promotes environmental claims leader
According to MaryAnn Susavidge, Chief Underwriting Officer for AXA XL’s Environmental insurance business, “The Environmental insurance market continues to show growth opportunities, largely driven by increased construction and M&A activities. Companies looking to minimize their potential environmental liabilities find that pollution insurance is an effective risk management option. “