The hull was likely insured for around $40 million, while the...
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Mpox emergency may add to economic, fiscal challenges in some African sovereigns: Fitch
In most of African countries , the number of confirmed mpox cases...
GIC Re emerges as the 10th largest global reinsurer in AM Best’s latest chart
In AM Best's `World’s 50 largest reinsurers in 2023’, Munich Re is...
Intel CEO says chip shortage to hit bottom in second half of 2021
“I don’t expect the chip industry is back to a healthy supply-demand situation until ’23,” he said in an interview. “For a variety of industries, I think it’s still getting worse before it gets better.”
Longer-term, the chip industry is positioned for a period of growth, Gelsinger predicted. Over the next decade, the increasing uses for chips – including 5G phone systems, electric vehicles and expanded artificial intelligence – will drive strong demand, he said.
Global Covid-19 caseload tops 179.9 mn; deaths surge to more than 3.89 mn
In its latest update on Friday morning, the University’s Center for Systems Science and Engineering (CSSE) revealed that the current global caseload and death toll stood at 179,928,730 and 3,898,531, respectively.
The US continues to be the worst-hit country with the world’s highest number of cases and deaths at 33,590,360 and 603,149, respectively, according to the CSSE.
In terms of infections, India follows in the second place with 30,082,778 cases.
Price Charles launches new partnership with global insurance industry to tackle climate change
To support the rapid growth of green projects and innovation, the SMI Insurance Task Force will develop a framework to help unlock the more than $30 trillion in assets under management, increasingly directing capital towards investments that drive climate-positive outcomes in both developed and developing nations.
Japan insurers struggle to pinpoint climate change cost estimates
Calculating climate costs is no easy task even for Japanese insurers, armed with sophisticated models to predict the course and intensity of typhoons, and the damage they could cause.
UK Court of Appeal confirms Deliveroo riders are self employed
Employment models across the “gig economy” have been challenged in courts around the world by unions and workers.
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.