The case stemmed from the March 2020 collapse of the German...
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Issuance of CAT bonds just hit a record high
Issuance of the bonds, including non-property and private...
AM Best revises outlook for global reinsurance industry to positive
"Demand for coverage remains strong due to heightened natural...
Chaucer launches their new Belt & Road Consortium at Lloyd’s
Chaucer will lead and manage the Consortium, which will focus on Political Violence Risk protection for assets under construction or operation and financed through the Belt & Road investment initiative, with support from other leading Lloyd’s syndicates.
Swiss Re sees rising premium trend intact
In contract renewals in April, Swiss Re increased premium volume in property and casualty insurance by a fifth and achieved a 4% price increase. Munich Re underwrote 17% more business, with prices rising by an average of 2.4%.
Water-related disasters throw up complex challenges, threaten lives and jobs
“For decades, natural disasters, [which] have been one of the major causes of worsening poverty, forcing some 26 million people into poverty each year and reversing developmental gains…are almost always connected to water, whether through floods, storms, droughts, tsunamis or landslides”, Secretary-General António Guterres told the Fifth UN Special Thematic Session on Water and Disasters.
Agreement in principle reached over Suez Canal ship dispute
The SCA had demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue before publicly lowering the request to $550 million.
“We agreed to settle this issue in a peaceful way without going through the courts and agreed on a final settlement. The deal is being drafted and will be reviewed,” Suez Canal Authority (SCA) Chairman Osama Rabie told a local Egyptian television programme late on Wednesday.
G20 nations recommit to shaping human-centred recovery
“The crisis has impacted some sectors and groups much harder. In particular, it has hit women and youth, along with those in the informal economy.Those are also the groups facing the most difficult situations today and the biggest risk of being left behind in the months and years ahead,”ILO Director-General Guy Ryder said.
Ryder outlined the cataclysmic impact of COVID-19, which has led to the loss of the equivalent of 161 million full-time jobs in the G20 nations. This, he said, represents a world of work crisis four times as severe as the one triggered by the financial crisis of 2008/09.
Azentio Software acquires insurance digitalisation specialist Candela Labs
This is Azentio’s first acquisition as an independent company following its carve out from 3i Infotech in 2020.The acquisition is an important building block in Azentio’s growth plans as it looks to become the preeminent BFSI led technology products company in the high-growth APAC and MEA markets.
European Commission plans cyber unit to tackle online crime in EU
“Today, we can no longer distinguish between online and offline threats. We need to pool all our resources to defeat cyber risks and enhance our operational capacity,” Commission Vice President Margaritis Schinas said in a statement.
EU watchdog tells banks to have a 10-year climate plan
Climate risks can include “physical” or weather-related events like floods, and “transition” risks from sudden changes in asset values.
A report from the European Banking Authority (EBA) on Wednesday set out recommendations for banks and their supervisors for approaching ESG risks and help the EU meet its goals of cutting carbon emissions by 2050.
FDA to add warning about rare heart inflammation to Pfizer, Moderna vaccines
Health regulators in several countries have been investigating whether the Pfizer/BioNTech and Moderna shots using new mRNA technology present a risk and, if so, how serious.
Now in 85 countries, Delta variant expected to become dominant lineage: WHO
WHO noted that since the last detailed update on June 8, new evidence has been published on the phenotypic characteristics of the Delta variant. A study from Singapore showed that infection with Delta variant was associated with higher odds of oxygen requirement, intensive care unit (ICU) admission, or death, it said.