WTO Director-General Ngozi Okonjo-Iweala said, “We are making...
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US federal court orders Philips to restrict production of sleep apnea devices
The agreement followed the recall of millions of breathing devices...
Swiss women win landmark climate victory at human rights court
The Swiss government had violated the human right to a private and...
Brexodus from City of London to the EU slows
Financial services are not included in the EU-UK trade deal that came into effect on Jan. 1, largely cutting off the City from the EU.
“After the major hurdle of standing up new EU hubs, the days of significant swathes of asset and job relocation announcements appear to have passed and will likely be replaced by the slower yet ongoing movement of people and assets to Europe for compliance purposes,” Omar Ali, a financial services managing partner at EY, said.
UK business interruption insurance anguish far from over
The Financial Conduct Authority (FCA) said the case could affect 370,000 policyholders and 60 insurers, with the potential for billions of pounds in claims.
Many small businesses had policies that enabled them to claim a maximum of 50,000-100,000 pounds for disruption caused by the pandemic and subsequent lockdowns.
Munich Re partners with Google Cloud and Allianz for Cyber Insurance
The joint offering, achieved by linking technology with insurance know-how and facilitating the sharing of in-depth data, brings a new level of maturity to the market.
Munich Re and AGCS have developed the Cloud Protection + policy exclusively for Google Cloud customers.
The policy will initially be offered to Google Cloud customers in the United States and will be available to organisations with revenues of between US$ 500m and US$ 5bn. At a later stage, the scope will be extended to include organisations in other revenue segments and countries.
Swiss Re partners with radar satellite-based flood monitoring provider ICEYE
The partnership announced today will advance Swiss Re’s natural catastrophe services by enabling early warning systems and near real-time flood monitoring built on ICEYE’s world-leading flood monitoring capabilities with radar satellite imaging.
Pranav Pasricha, Swiss Re’s Global Head of P&C Solutions: ”By combining Swiss Re’s risk knowledge with ICEYE’s data, we will be able to further expand our capabilities in geo and remote sensing. The partnership will enable us to develop solutions, advance our services to the benefit of our clients and enable faster claims payouts. We see this as an important commitment for a serious natural catastrophe threat and think it could become a real game changer.”
Insurtech platform premiums to exceed $556 Billion globally in 2025, as AI drives market transformation
Insurtech to Represent 8% of Global Insurance Premiums by 2025
The top 5 leading vendors were found to be:Ping An,Axa,Munich Re,Humana and Allianz.
The report identified that weakened customer loyalty, and the driving down of premiums by increased competition and the shift to digital will cause seismic change in insurance over the next five years.
Cinven and Singapore’s GIC complete acquisition of Miller
Greg Collins, CEO, Miller, commented,“Today marks the start of a new phase of growth. From this point onwards you will begin to see us make precise strategic investments as we look to establish Miller as the leading independent specialist (re)insurance broking firm for clients across the specialist sectors in which we choose to do business. This includes expanding our offering in Asia, Europe and North America, alongside recruiting and incentivising highly skilled specialist brokers to add to the depth of our existing talent base.
Less than 10 pc of world’s population have coronavirus antibodies: WHO Chief scientist
The only way to achieve mass herd immunity is through vaccination, the WHO chief scientist stressed.
According to Swaminathan, the currently approved vaccines offer good protection against severe disease, hospitalization and death from COVID-19. The vaccines’ effectiveness with regard to mild disease and asymptomatic coronavirus infection is still being studied.
Claire Le Gall-Robinson appointed to the SCOR’s group executive committee
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “ Claire has fulfilled her duties as General Secretary with great professionalism. She knows the company extremely well, and her professional and human qualities are appreciated by everyone she deals with. I am confident that Claire will be successful in this new key role. This appointment bears witness to the depth and breadth of the company’s talent and demonstrates our determination to develop and promote all talent within the Group.”
British insurer Aviva sets out net zero 2040 climate strategy
Aviva will by the end of this year stop underwriting insurance for companies making more than 5% of their revenue from coal or “unconventional” fossil fuels such as shale gas, unless they have signed up to the Science Based Targets initiative, an NGO-led group that signs off on corporate climate plans.
U.S. authorizes Johnson & Johnson’s COVID-19 vaccine
The single-shot vaccine is highly effective in preventing severe Covid-19, including against newer variants, the Food and Drug Administration (FDA) said before giving it a green light.