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New leaders at Hannover Re: Clemens Jungsthöfel to succeed Jean-Jacques Henchoz as CEO from 1 April 2025
Clemens Jungsthöfel , CFO and CEO designate, Hannover Re Further...
Spain approves €10.6 billion relief package for flood victims
The package includes direct aid for households, self-employed...
Surging collision risks Satellite and Space Debris force insurers to exit satellite coverage market
Space coverage has been a lucrative niche for insurers, which took in $475 million in gross premiums to cover satellites, rockets and unmanned space flights last year and paid just $425 million in losses, according to Seradata.
Space premiums are 10-20 times aviation premiums, said Peter Elson, CEO of insurance broker Gallagher Aerospace.
Only 11 spacecraft have suffered a partial or total failure due to suspected debris strikes over the past decade, according to Seradata, making insurer worries largely theoretical for now.
Yet because insurers predict risks over the life of current and future policies, space underwriters fret over doomsday scenarios years ahead.
WHO warns new Mu variant of Covid-19 could be more vaccine-resistant
The new variant was added to the WHO’s watchlist on August 30 after it was detected in 39 countries and found to possess a “constellation of mutations that indicate potential properties of immune escape,” it said.
Number of people with dementia set to jump 40% to 78 mln by 2030 -WHO
Only one in four countries has a national policy in place to support dementia patients and their families, it said, urging governments to step up to the public health challenge.
“Dementia robs millions of people of their memories, independence and dignity, but it also robs the rest of us of the people we know and love,” said Tedros Adhanom Ghebreyesus, WHO director-general.
Munich Re raises €1bn green bond
Christoph Jurecka, chief financial officer(CFO), Munich Re , said climate protection is an integral part of our Ambition 2025 Group strategy.
“By issuing a green bond, we have once again leveraged the capital markets to fund green investments. We strengthen our capital base, which gives us the financial flexibility to take advantage of current growth opportunities,” he said.
Swiss Re creates a central cyber underwriting team,John Coletti to head Global Cyber
With his expertise, John Coletti will help Swiss Re to address the complex nature of cyber risk, including important industry issues such as ransomware and risk aggregation. John Coletti will report into Gregory Schiffer, Head of Global Specialty, and will be responsible for Swiss Re’s global cyber business, which includes portfolio ownership, global underwriting activities as well as cyber product development.
Singapore rolls out SPAC rules as global scrutiny rises
A spokesperson from the Monetary Authority of Singapore said the local rules position SGX “as a regional first-mover in serving Asia’s fast-growing new tech and new economy companies’ financing needs,” while providing safeguards for investors.
In other markets, Hong Kong and Indonesia are taking tentative steps for potential SPAC listings, while Britain has eased rules. But such investment vehicles are peaking in popularity in the United States as regulators there clamp down on SPACs after a listing frenzy.
WhatsApp fined $266 mn by Irish regulator over data transparency breaches
Under the three-year-old GDPR law, authorities have powers to fine companies as much as 4% of their annual sales. The rules put watchdogs based in a company’s chosen EU hub in charge of supervising them. But the Irish regulator, which has at least 28 privacy probes open targeting tech giants such as Apple Inc. and Alphabet Inc.’s Google, has faced mounting criticism for taking too long to wrap up its cases.
Weather disasters becoming more frequent and costly, UN agency says
“Thanks to our early warning service improvement we have been able to have a decrease of the casualties at these kind of events, but the bad news is that the economic losses have been growing very rapidly and this growth is supposed to continue,” WMO Secretary-General Petteri Taalas told a press conference.
“We are going to see more climatic extreme because of climate change and this negative trend in climate will continue for the coming decades,” he said.
US govt asks Tesla how Autopilot responds to emergency vehicles
The agency wants to know how Teslas detect a crash scene, including flashing lights, road flares, reflectorized vests worn by responders and vehicles parked on the road.
More than 4 billion people still lack any social protection, ILO report
Social protection includes access to health care and income security, particularly in relation to old age, unemployment, sickness, disability, work injury, maternity or loss of a main income earner, as well as for families with children.
There are significant regional inequalities in social protection. Europe and Central Asia have the highest rates of coverage, with 84 per cent of people being covered by at least one benefit.
The Americas are also above the global average, with 64.3 per cent. Asia and the Pacific (44 per cent), the Arab States (40 per cent) and Africa (17.4 per cent) have marked coverage gaps.
Government spending on social protection also varies significantly. On average, countries spend 12.8 per cent of their gross domestic product (GDP) on social protection (excluding health), however high-income countries spend 16.4 per cent and low-income countries only 1.1 per cent of their GDP on social protection.