Factors besides climate change — such as poor flood-control...
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Google ad tech class action gets go ahead from London court
Should the claimants prove that the Alphabet Inc. unit preferred...
Gobinath Athappan to head Fairfax Asia
Gobinath Athappan, chairman and CEO , Fairfax Asia He will be...
Italy’s Generali agrees to buy Axa’s insurance assets in Malaysia
Italy’s top insurer will buy the majority stakes that France’s Axa holds in two local joint-ventures with Malaysia’s Affin Bank, Generali said in a statement.The total consideration for the combined deals is around 262 million euros ($312 million), Generali said.
CFC Syndicate 1988 opens for trading
Unlike traditional syndicates, Syndicate 1988 will be futuristic – it will not have a box at Lloyd’s and through the application of technology will be operated with a lower level of resources than traditional syndicates. Matt Taylor, of CFC, is the Active Underwriter.
European Insurers’ Body warn about market access barriers in India, Argentina, Brazil, Indonesia and Canada
Removing these barriers is vital to reduce protection gaps and to avoid dangerous concentrations of risk in these jurisdictions. Furthermore, to avoid a build-up of climate-related risks in any one jurisdiction and to facilitate the sharing of natural catastrophe risk across (re)insurance markets, it is more important than ever that discriminatory barriers to trade and market access be removed.
Howden Australia appoints Matt Bacon as CEO
Matt, Stuart and Nick join a strong cohort of industry leaders at the firm, driving forward the ambitious growth objectives of Howden Australia, which only launched on 1st March 2021. It is focused on specialist industry and product segments such as Financial Lines, Corporate Risks, Commercial and Affinity, Workers Compensation, Group Risk and Alternative Risk Transfer Solutions.
4 major Korean insurers cut exposure to coal power
Top Korean non-life insurers DB Insurance, Hyundai Marine & Fire Insurance, Hanwha General Insurance, and Hana Insurance, which have provided nearly half of the total US$52 bn coal underwritings by Korean insurance companies — say no more insurance for both construction and operations of coal plants
New compensation offer made over Suez canal blockage
The Suez Canal Authority (SCA) demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue, before publicly lowering the request to $550 million.The Ever Given’s Japanese owners Shoei Kisen and its insurers have disputed the claim and the ship’s detention under an Egyptian court order.
India receives $64 bn FDI in 2020, fifth largest recipient of inflows: UN
The pandemic boosted demand for digital infrastructure and services globally. This led to higher values of greenfield FDI project announcements targeting the ICT industry, rising by more than 22 per cent to USD 81 billion.
Major project announcements in the ICT industry included a USD 2.8 billion investment by online retail giant Amazon in ICT infrastructure in India.FDI inflows to developing Asia grew by 4 per cent to USD 535 billion in 2020, making it the only region to record growth and increasing Asia’s share of global inflows to 54 per cent. In China, FDI increased by 6 per cent to USD 149 billion.
Major corporate polluters lag on setting climate goals
And while many of the 250 companies have set targets for 2050, only 27 – or 11% – have laid out shorter-term plans to make major cuts by 2030, according to the data, compiled from corporate reports and other public disclosures.
This refers to reductions to their biggest source of emissions, often from the use of their products, or so-called Scope 3 emissions.
Climate on agenda as Biden prepares to meet with top financial regulators
Biden issued an executive order in May pushing federal agencies to encourage full disclosure of often-hidden climate-related risks to banks, other financial institutions and the federal government.
Ransomware payment may be allowed tax deductible in US
The IRS, the US body for tax administration, offers no formal guidance on ransomware payments, but multiple tax experts interviewed by The Associated Press said deductions are usually allowed under law and established guidance. It’s a “silver lining” to ransomware victims, as some tax lawyers and accountants put it.
Ransomware has become a multibillion-dollar business, and the average payment was more than $310,000 last year, up 171% from 2019, according to Palo Alto Networks.