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Oil shipments at risk from rising sea levels, think tank warns
It said 12 out of the top 15 tanker terminals were expected to be...
Canada plans harsher laws, equipment bans to fight car theft
Canadian car thefts were a C$1.2-billion ($880 million) “gift” to...
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.
Covid-19 claims cost life reinsurers billions
The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada but claims from other countries including South Africa and in Latin America added to the costs. Life reinsurers only have limited exposure to India.
BI estimates Swiss Re accounted for around 35% of claims followed by Reinsurance Group of America on 27% but the decline in deaths should mean much lower claims for the second half of the year.
Howden launches Parhelion, world’s first fully sustainable insurer
Against the backdrop of an insurance industry starved of truly sustainable capacity, Parhelion’s new and diversified ESG products will meet the risk financing needs of a greener economy.
The new business has been seeded by Howden and will match the surge in institutional capital seeking sustainable investment strategies with the growing demand from corporates looking for an insurance provider to support their journey towards ESG transition and a more resilient future.
At the end of 2020, over $40tn of assets globally were invested in ESG-aligned and sustainable impact strategies, nearly double the amount invested just four years earlier*, but very little has been deployed across the (re)insurance industry.
Tencent-owned startup reinsurer FuSure receives license for Hong Kong operation
With an initial capitalisation of HKD 1 billion (approximately USD 129 million), the company is 85.01% owned by Tencent Holdings Limited (Tencent), a technology conglomerate listed on the Hong Kong Stock Exchange, and 14.99% owned by Grand Azure Limited, a privately owned investment company.
Willis Towers Watson launches new Sports and Entertainment Industry Group
Ian Tomlin, Head of Accident & Health, Willis Towers Watson commented, “We are excited to launch the Sports & Entertainment industry group, which will align a breadth of expertise across the network to offer the sector a new comprehensive, global approach to risk management. We are delighted to be working across the global sports industry as well as supporting event organisers and production companies in partnership with the Willis Towers Watson Leisure and Hospitality Practice.”
Scott Sayce appointed Global Head of Cyber at Allianz Global Corporate & Specialty
In 2020, AGCS generated more than EUR 100 million gross premium written with cyber insurance solutions globally. In March 2021, AGCS announced a partnership with Google Cloud and Munich Re offering a unique cyber risk management solution for cloud customers.
7 EU nations start issuing Covid certs
Travellers can move freely if at least one of these three criteria is met. Bulgaria, Czech Republic, Denmark, Germany, Greece, Croatia and Poland made the certificates available. The system would be used in all 27 EU countries as of July 1. NYT
No recovery in global jobs market from pandemic until at least 2023: ILO
Women, young people and the 2 billion people working in informal sectors have been hardest hit, with 108 million more workers worldwide now categorized as poor or extremely poor compared to 2019, it said.
Covid-19 variant 1st reported in India threatens to rapidly spread in sub-region: UNHCR
“. ,“We are particularly worried about the situation in the Asia and Pacific region, which in the past two months has experienced the largest increase in the number of cases globally.The highly infectious variant of the virus which first emerged in India threatens to rapidly spread in the sub-region, including among refugee populations.Over this period, there have been some 38 million recorded Covid-19 cases and more than half a million deaths, the UNHCR spokesperson said.” United Nations High Commissioner for Refugees (UNHCR) spokesperson Andrej Mahecic said
Chubb report reveals risk and uncertainty faced by digital SMEs
Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets around the world and the results revealed four mega-trends that impact businesses pursuing digital transformation.