PwC faces a fine of at least 1 billion yuan ($138 million), the...
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1st June Renewals: Moderated risk-adjusted property-catastrophe reinsurance pricing, says Howden Re
Risk-adjusted property-catastrophe rate-on-line 5% lower on...
Lloyd’s and Bermuda Monetary Authority to foster innovation and education access
``This joint agreement will ensure we share the knowledge and...
Reinsurers look at dumping coal from bulk-buy policies in green gambit
Five of the world’s six largest reinsurers – Swiss Re, Munich Re, Hannover Re, SCOR and Lloyd’s of London – have already scaled back bespoke coverage for coal projects. But only Swiss Re, in a statement in March, has said it will go further and tighten its treaty reinsurance stance.
A rail contractor to Adani Enterprises’ giant Australian coal project last month, for example, asked the Australian government for help to obtain insurance that it was not able to secure from the market.
“The first consequence is insurance is harder to get, the second consequence is it’s expensive, the third consequence is there are all sorts of caveats on it and at the extreme you might not be offered it”, said Paul Merrey, insurance partner at KPMG.
Google must face shareholder lawsuit claiming it hid security risks
The lawsuit, led by the state of Rhode Island, followed an October 2018 Wall Street Journal article that said Google concealed the exposure of private data for nearly 500,000 Google+ users because it feared regulatory scrutiny and reputational harm.
French chef seeks $1.9 million from Allianz for Covid-19 BI losses
Tensions between French restaurant operators and insurers over such claims have failed to dissipate after a year of public fights and legal disputes. AXA, which was ordered to compensate some restaurants, offered a 300 million-euro settlement to its policyholders last week, seeking to appease clients.
Global COVID-19 death toll exceeds 4 mln
The top five countries by total number of deaths – the United States, Brazil, India, Russia and Mexico – represent about 50% of all deaths in the world, while Peru, Hungary, Bosnia, the Czech Republic and Gibraltar have the highest death rates when adjusted for population. Countries in Latin America are facing their worst outbreak since March, with 43 of every 100 infections in the world being reported in the region, according to a Reuters analysis
UN chief: Desertification and drought destabilizing well-being of 3.2 billion people
Having contributed to the collapse of biodiversity and promoting zoonoses – diseases which jump from animals to humans
Audrey Azoulay, Director-General of the Educational, Scientific and Cultural Organization (UNESCO) called desertification “another reminder” that human health and that of the environment, are “deeply intertwined”.
Desertification and drought also increase water scarcity, at a time when two billion people still lack access to safe drinking water, said Ms. Azoulay, adding that “over three billion may have to confront a similar situation by 2050”.
GM boosts spending on electric vehicles, to add two new U.S. battery plants
“EV adoption is increasing and reaching an inflection point,” GM Chief Financial Officer Paul Jacobson told reporters on a conference call. “We want to be ready to be able to produce the capacity that we need to meet demand over time.”The No. 1 U.S. automaker said it will now spend $35 billion through 2025 on EVs, an increase of 75% from March 2020 before the COVID-19 pandemic shut down the industry.
US Justice Department sues to block Aon’s acquisition of Willis Towers Watson
“Today’s action demonstrates the Justice Department’s commitment to stopping harmful consolidation and preserving competition that directly and indirectly benefits Americans across the country,” said Attorney General Merrick B. Garland.
Coca-Cola’s market value plunges $4 billion after Cristiano Ronaldo’s snub
Coca-Cola’s share price dropped from $56.10 to $55.22 almost immediately after Ronaldo’s gesture, a 1.6% dip. The market value of Coca-Cola went from $242bn to $238bn – a drop of $4bn.
The Portugal captain is a renowned health fanatic and made it clear what he thinks of the carbonated soft drink.
Japan considering limited domestic spectators at Olympics – media
Foreign spectators are already prohibited from the Olympics beginning on July 23. Organisers and government officials in Japan have said they would continue to work on coronavirus measures for a “safe and secure” Games, and that a decision on domestic spectators would be made this month.
Alibaba victim of huge data leak by consultant: Chinese Court
A central Chinese court ruled that an employee of a consultant that helps merchants on Alibaba’s Taobao online mall was guilty of dredging up more than a billion data items on Taobao users since 2019, using that to serve clients. The court imposed jail terms of more than three years on the staffer and his employer, alongside fines totaling 450,000 yuan ($70,260).