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Cathay Pacific grounds many flights after engine component failure
Cathay Pacific has not specified which engine component failed, but...
HP to continue $4 billion damages case against Mike Lynch
HP had bought Autonomy for $11.1 billion in 2011 in one of the UK’s...
Global hunger to rise in 2021 due to income losses from Covid-19 pandemic
Most of the additional people the USDA expects to fall into food insecurity this year are in Asia, which accounts for 72% of the increase. Bangladesh, India, Pakistan, and Indonesia will see particularly large jumps in the number of people without enough food, according to the report. Sub-Saharan Africa accounts for 21% of the global increase in undernourished people.
Asian nations impose stricter COVID-19 restrictions due to Delta outbreaks
The U.S. Centers for Disease Control and Prevention (CDC) has described Delta to be as contagious as chickenpox and could cause severe illness, the New York Times reported, citing an internal CDC document. read more
Detected in some 96 countries, the Delta variant, first identified in India, has become a concern globally, prompting even countries with advanced vaccination programmes such as the United States, Israel and Singapore to re-impose some restrictions.
Lloyd’s of London plans electric vehicle, hydrogen insurance in climate change fight
Lloyd’s will design insurance for electric vehicles which will cover a breakdown in internet connections, and look at ways to insure hydrogen transportation, it said in a report.
Howden acquires Italian independent broker
Establishing operations in Italy adds a further market to Howden’s growing European platform, enabling them to deliver service to both local and multinational clients supported by the full weight of Howden’s specialty offering.
Record global InsurTech funding balloons to $4.8 billion in Q2, H1 2021 investment exceeds full-year flow in 2020:Willis Towers Watson
InsurTechs focused on distribution accounted for 55% of start-up deals, and for 10 of the 15 mega-rounds. Most of the distribution InsurTechs target reduced dependence on agent channels.
Of all Q2 deals, 73% were for P&C-related InsurTechs, while 43 companies raised funds for L&H technology. Funds were raised by companies from 35 countries, including new entrants Botswana, Mali, Romania, Saudi Arabia, and Turkey.
China urges insurers to increase offerings for natural disaster coverage
Chinese insurers have received a total 376,200 claims relating to the Henan floods as of July 26, the CBIRC said, and the total payouts so far reached 492 million yuan.
Expand number of types of cybercrimes from 9 to 23, Russia proposes to UN
The draft convention, presented by Gorodov in Vienna, “introduces new elements of crimes committed using information and communication”.
“The draft reflects 23 corpus delicti, including unauthorized access to personal data, illegal distribution of counterfeit medicines and medical devices, terrorism, extremism, rehabilitation of Nazism, illegal trafficking of drugs, weapons, involvement of minors in illegal activities and much more — all the most relevant in the world of cybercrime,” Deputy Prosecutor General Petr Gorodov said.
AIR Worldwide enhances extreme event models for Japan, Releases updated earthquake and typhoon models
“In 2018 and 2019, four powerful typhoons struck Japan, incurring total insured losses of approximately USD 30 billion from wind and flood damage,” said Dr. Boyko Dodov, vice president of research, AIR Worldwide.
“As is the case after any major storm or severe storm season, we have been analyzing and reanalyzing a plethora of meteorological data, market exposure and company claims data sets from these and previous historical storms,” he said.
Global banks show tantalising signs of stability: S&P
S&P said its base case is that the global banking sector will continue to slowly stabilise as the economic rebound gains momentum and as support is gradually withdrawn. Should a re-intensification of risks occur, this will require more support from public authorities for the real economy.For 11 of the top 20 banking jurisdictions, S&P estimates that a return to pre-Covid-19 levels of financial strength will not occur until 2023 or beyond. For the other nine, it estimates that recovery may occur by year-end 2022.
Progress on tobacco fight, but new nicotine products pose increasing threat
Of particular concern, new data shows that children who use electronic nicotine delivery systems, such as ‘e-cigarettes’ are up to three times more likely to use tobacco products in the future.
WHO is concerned that these products are often being marketed to children and adolescents by the tobacco and related industries that manufacture them, using thousands of appealing flavours and misleading claims about the products.