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Canopius announces Andy Haste as Group Chairman
He has deep insurance expertise; his former roles include group...
Health sector most at risk from AI-related threats, Swiss Re
Christoph Nabholz, Chief Research & Sustainability Officer at...
Burnt-out container ship sinks in sea; Sri Lankan Navy bracing for possible oil spill
The resultant environment and marine ecological pollution is regarded as the worst the island had seen. The ship’s cargo, comprising chemicals and nitric acid, were termed hazardous to the marine ecology.
At least 8 containers had fallen in the sea when it was anchored and went up in flames some 9 nautical miles off the Colombo port.
Ransomware & aggregation issues in US call for new approaches to US Cyber Risk : AM BEST
The loss ratio for cyber insurance rose dramatically in 2020, to 67.8%, from 44.8% in 2019. However, the increase was not limited to just a few insurers—the loss ratio rose for 15 of the 20 largest cyber insurers.
“The rate increases for cyber insurance outpaced that of the broader property/casualty industry, but the increase in cyber losses outstripped the rate hikes, which suggests more trouble for 2021 as ransom demands continue to grow,” said Sridhar Manyem, director, industry research and analytics.
Chasing yield, U.S. private equity firms nudge up risk on insurers
PE-insurance marriages can be joyous: Asset managers have skills and access to investments that insurers lack, and insurers provide cheap funding. PE firms also earn significant fees, even though their investments do not always capture outsized returns.
PE firms are nudging up risk on a large pool of money. They now own 7.4% of all U.S. life and annuity assets, or $376 billion, double the tally in 2015, credit agency AM Best said. Pending deals could add $250 billion this year, pushing PE ownership to 12%.
Risk of COVID-19 surge threatens Africa’s health facilities
Only around two per cent of the population has received at least one dose of COVID-19 vaccine, compared with the 24 per cent global figure.
In the last two weeks, the continent has recorded a 20 per cent increase in coronavirus infections, compared to the previous fortnight.
“The pandemic is trending upwards in 14 countries and in the past week alone (and) eight countries witnessed an abrupt rise of over 30 per cent in cases,” WHO said in a statement.
Aon to sell its U.S. Retirement Business to Aquiline and its Aon Retiree Health Exchange Business to Alight
Aon and Willis Towers Watson have previously announced the divestiture of Willis Re, a set of Willis Towers Watson corporate risk and broking and health and benefits services, and Aon’s retirement and investment business in Germany.
US SC rejects Johnson & Johnson’s appeal of $2 billion penalty in baby powder cancer case
An investigation found that J&J knew for decades that asbestos, a carcinogen, was present in its talc products. Internal company records, trial testimony and other evidence showed that from at least 1971 to the early 2000s, J&J’s raw talc and finished powders sometimes tested positive for small amounts of asbestos.
The company said in May 2020 it would stop selling its baby powder talc in the United States and Canada, citing changes in consumer habits and what it called “misinformation” about the product’s safety amid numerous legal challenges.
Google women in US suing over gender bias win class-action status
A San Francisco state judge certified the class action Thursday, allowing the four lead plaintiffs to represent 10,800 women over claims that Google pays men more for doing the same job. A previously disclosed analysis showed that the case seeks more than $600 million in damages. The women allege violations of California’s Equal Pay Act, one of the strongest measures of its kind nationwide.
Safety ratings yanked after Tesla pulls radar from 2 Models:Consumer Reports
“If a driver thinks their vehicle has a safety feature and it doesn’t, that fundamentally changes the safety profile of the vehicle,” David Friedman, Consumer Reports’ vice president of advocacy, said in a statement. “It might not be there when they think it would save their lives.”
Disaster feared as chemical cargo ship sinks off Sri Lanka
The Singapore-registered MV X-Press Pearl, carrying 1,486 containers, including 25 tonnes of nitric acid, along with other chemicals and cosmetics, was anchored off the island’s west coast when a fire erupted on May 20. Authorities have been battling the blaze since then, as flaming containers laden with chemicals have fallen from the ship’s deck, the navy said last month.
China’s new three-child policy draws scepticism, cost questions
James Liang, a professor at Peking University’s School of Economics and founder of online travel giant Trip.com Group, last month urged China to give parents of each newborn 1 million yuan to lift a fertility rate of just 1.3 children per woman in 2020. That rate is in line with countries such as Japan and Italy and far short of the 2.1 replacement rate.
He said this week that China would need to spend about 5% of GDP, compared with “practically 0% now”, in cash, tax breaks, housing subsidies, daycare, and other incentives to get the fertility rate up to about 1.6, and expects the government soon to step up building day-care centers and kindergartens. Developed counties typically spend 1% to 4% of GDP on such support, he said.