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Global Nat Cat insured losses at $ 62bn in H1 24, significantly higher than 10-yr average of $ 37bn, Munich Re report
Thomas Blunck,Member of the Board of Management, Munich Re...
SCOR sees first quarterly loss since 2022
Thierry Leger,Chief Executive Officer,SCOR SE The Paris-based...
IEA’s urgent fossil fuel warning earns mixed reception from producers
The United States, Britain, Canada, France, Germany, Italy and Japan, plus the European Union, said in a joint statement: “international investments in unabated coal must stop now”.
Biden doubles U.S. spending on preparations for extreme weather
The $1 billion will help communities prepare for hurricanes, floods and wildfires, with a portion allotted specifically to disadvantaged communities, the White House said.
It said the United States had 22 separate weather- and climate-related disasters in 2020 costing a total of nearly $100 billion in losses.
Africa Specialty Risks unveils Parametric Underwriting Division
Mikir Shah, CEO of ASR, commented: “The establishment of the parametric division demonstrates our commitment to de-risking investment and increasing resilience across the African continent. Our vision is to unlock greater and more streamlined protections for insureds, ensuring that inward investment in Africa continues to boost economic activity and growth on the continent, via the integration of innovative, technological solutions.
Indian ports on east coast restrict activities ahead of cyclone
The Indian Meteorological Department (IMD) has warned that a “very severe cyclonic storm” would impact Indian states including Odisha and West Bengal, where key ports are located.
Macron calls for WHO powers to be boosted, Merkel backs call for pandemic treaty
Macron and German Chancellor Angela Merkel, in separate pre-recorded remarks to the WHO’s annual ministerial assembly, called for the U.N. agency’s funding to be improved and backed the idea of a new international treaty to prevent pandemics.
As China grows old, elder care costs loom large
According to the National Bureau of Statistics (NBS), in about 25 years, one-third of China’s population will be retirees, and their living and health care expenses will take up one-fourth of the country’s Gross domestic product (GDP). Moreover, China’s increasing elderly population will reduce the supply of labor force and increase the burden on families’ elder care and the pressure on the supply of basic public services.
AIIB strengthens its Environmental and Social Standards
The ESF guides AIIB and its clients in the management of environmental and social risks and impacts of AIIB-financed projects.
Originally adopted in February 2016, the ESF serves as the cornerstone of AIIB’s commitment to supporting environmentally and socially sustainable infrastructure projects for its clients.
Ship owner says Suez Canal was at fault over Ever Given grounding: Lawyer
The Ever Given, one of the world’s largest container ships, became jammed across the canal in high winds on March 23, and remained grounded for six days, blocking traffic in both directions and disrupting global trade.
The vessel has since been held in a lake between two stretches of the canal as the Suez Canal Authority (SCA) pursues a $916.5 million claim against Japanese owner Shoei Kisen.
CNA Paid $40 Million in Ransom After March Cyber Attack
Ransomware attacks — and particularly payments — are rarely disclosed so it’s difficult to know what the biggest ransoms have been. The average payment in 2020 was $312,493, according to Palo Alto Networks, a 171% increase over the previous year. The $40 million payment is bigger than any previously disclosed payments to hackers, according to three people familiar with ransomware negotiations.
Biden directs US federal agencies to mitigate financial risk from climate
An executive order Biden issued Thursday calls for concrete steps to mitigate climate risks, while protecting workers’ life savings, spurring job creation and helping the United States lower greenhouse gas emissions that contribute to climate change.
New regulations could be issued on the banking, housing and agriculture sectors, among others.