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Earnix highlights the potential of synthetic data in specialty insurance
The increasing demand for data in specialty insurance has prompted...
Marsh’s Alex Rosati to join as Asian claim head of WTW for its Corporate Risk & Broking business
Alex Rosati In his role with WTW, Alex will focus on all aspects of...
New Zealand introduces climate change law for financial firms in world first
All banks with total assets of more than 1 billion New Zealand dollars ($700 million), insurers with more than NZ$1 billion in total assets under management, and all equity and debt issuers listed on the country’s stock exchange will have to make disclosures.
Coronavirus pandemic ‘a long way from over’, WHO’s Tedros says
Geneva: Confusion and complacency in addressing Covid-19 means the pandemic is a long way from over, but it can be brought under control in months with proven public health measures, WHO Director-General Tedros Adhanom Ghebreyesus said on Monday. So far some...
Aon, seeking EU nod on $30 billion Willis bid, offers to sell assets
Aon has proposed the sale of businesses in France, Germany, the Netherlands and Spain, including financial and professional lines and aerospace and cyber activities, the person said.
The package of concessions also includes corporate risk- broking activities in some other countries while a potential buyer examines those assets, the person said.
7% growth in global reinsurance capital in 2020, combined ratios improve: Willis Re
James Kent, Global CEO, Willis Re, said: “Such a solid development of the global reinsurance industry’s capital base would hardly have been expected earlier last year, as the COVID-19 pandemic was gathering pace. Willis Re’s analysis provides clear evidence of the strength and resilience of reinsurance market capacity. Reinsurers and insurers alike must contend with the challenges of low interest rates. But, looking through the turbulence of COVID-19 and nat cat claims, and a declining reliance on reserve releases, there is a clear improving trend in underwriting profitability.”
Berkshire Hathaway Specialty Insurance Names Idie Si as Head of Accident & Health Insurance, Asia
“Idie’s appointment reinforces our commitment to the A&H space across the region, where we see tremendous opportunities to further serve our brokers and customers.”
‘Average’ Atlantic hurricane season to reflect more storms
The updated averages for the Atlantic hurricane season have increased with 14 named storms and 7 hurricanes. The average for major hurricanes (Category 3, 4 or 5) remains unchanged at 3. The previous Atlantic storm averages, based on the period from 1981 to 2010, were 12 named storms, 6 hurricanes, and 3 major hurricanes.
Aon launches innovative industry collaboration to protect global COVID-19 vaccine shipments
The solution provides transparent cargo insurance coverage for COVID-19 vaccines by combining sensor data and analytics. The offering enhances All Risk Marine Cargo insurance with timely payment for doses that fall outside of the agreed-upon temperature range while being transported or stored, enabling more effective risk management and claims support. Real-time reporting of any temperature deviation will also provide for the mitigation of losses and help maximize the number of doses that are administered to the public.
Fed chair says cyberattacks main risk to US economy
Powell stressed that the Federal Reserve was considering different types of scenarios: “There are scenarios in which a large payment utility, for example, breaks down and the payment system can’t work. Payments can’t be completed. There are scenarios in which a large financial institution would lose the ability to track the payments that it’s making and things like that,” he said.
Microsoft to buy AI firm Nuance Communications in $19.7 bln deal in healthcare push
The deal comes as both companies, which partnered in 2019 to automate clinical administrative work such as documentation, gain from a boom in telehealth services as medical consultations shifted online due to the COVID-19 pandemic.
Nepal battles worst forest fires in years as air quality drops
A senior official of Nepal’s National Disaster Risk Reduction and Management Authority said that wildfires were burning in at least 60 places across 22 of Nepal’s 77 administrative districts.
The air quality index (AQI) in Kathmandu was at an unhealthy level of 174 on Friday, according to data published on iqair.com, a site that monitors air quality. An AQI level below 50 is considered good.