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Inflation worries continue for US Fed; No policy rate cut for seventh time
Jerome Powell, US Fed Chair "We are maintaining our restrictive...
Multibillion-euro court battle over stranded Russian jets begins in Dublin
Lessors are suing dozens of insurers around the world over losses...
Remote work may shift 835,000 jobs out of London, Report Says
With more staff able to work remotely, offices could become venues for “fast-moving, high-value tasks,” the report said. Some roles are best suited to offices, including those that require special equipment or that need a secure, regulated environment, the authors noted.
“Overall, the insurance capacity in Asia is shrinking in the Power sector”
“Overall, the insurance capacity in Asia is shrinking in the Power sector. While the rate of hardening has now decreased for most lines of business from last year’s percentage rises, the pressure to keep pushing for year-on-year increases shows little sign of abating. It is important for Power companies to work closely with their risk advisors, using risk and analytics tools to help them manage their cost of risk through purchasing the right limits and retention levels for their insurance programmes.
Cryptocurrency-related cyberattacks grew by 192%: Report
“The digital format of cryptocurrencies make them decentralised in nature and without any regulations, they have become the currency of choice for cybercriminals,” Murali Urs, Country Manager, Barracuda Networks-India, said in a statement.
In 2019, ransom demands ranged from a few thousand dollars to $2 million at the top end. By mid-2021 most demands were in the millions, with a significant number over $20 million.
UK government set for leading role in insuring live entertainment
After months of closure or pared back performances with reduced audiences to allow social distancing, planning ahead to revive the sector is all but impossible without events cancellation insurance, theatre and music directors say. That makes government intervention crucial if the commercial sector will not pay.
Elon Musk’s Starlink to provide internet nearly worldwide within weeks
SpaceX aims to offer broadband to as much as 5% of the world’s population where conventional fiber and wireless networks can’t reach. Musk said he’s signed two deals with “major country” telecom operators but he couldn’t name them yet, and he’s in discussions with more.
Highly transmissible Covid Delta variant detected in 96 countries, says WHO
Furthermore, a recent study conducted in Scotland and published in the international medical journal Lancet found that the hospitalization rate for patients infected with the Delta variant of COVID-19 was 85 per cent higher than for those infected with the Alpha variant.
“This particular Delta variant is faster, it is fitter, it will pick off the more vulnerable more efficiently than previous variants,” Michael Ryan, executive director of the WHO’s Health Emergencies Program, has commented recently.
Covea eyes take over of AXA XL Re
Any deal would make Thierry Derez’s mutual insurer Covéa finally realize its ambition to acquire a large global reinsurance operation and a takeover of AXA XL Re would strengthen its standings in the non-life reinsurance sector and diversify its offering.
AIA Group picks up 24.99% stake in China Post Life Insurance
Lee Yuan Siong, AIA’s Group Chief Executive and President, said: “The Chinese insurance market is already the second-largest in the world with immense long-term growth opportunities given the protection gap of more than US$40 trillion6. This unique investment in China Post Life enables AIA to capture additional areas of growth and benefit from the substantial potential for value creation.
MS&AD becomes the first Japanese insurer to adopt coal exit policy
Yuki Tanabe, Program Director at the Japan Center for a Sustainable Environment and Society (JACSES), said: “We welcome MS&AD’s announcement to completely end insurance underwriting for new coal-fired power generation projects, and urge other Japanese non-life insurers, such as Tokio Marine and Sompo, to establish similar policies immediately.”
$1 billion fund for renewables among key energy commitments made during UN ministerial forums
Globally, nearly 760 million people lack access to electricity and 2.6 billion continue to cook with traditional fuels like wood that not only contribute to carbon emissions but also causes 4 million deaths each year from indoor smoke.