Kenneth Reilly, CEO, Insurance, Sampo, Asia Pacific region James...
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APAC’s Nat Cat economic losses at $65 billion in 2023, 91% uninsured
George Attard, CEO of Reinsurance Solutions for Aon’s Asia Pacific...
Shipowner in Baltimore bridge collapse seeks to limit liability to $43.7 mn
The company, Grace Ocean, could face hundreds of millions of...
Antares places Lloyd’s China operation into run-off
London: Antares Managing Agency, the Lloyd’s specialist insurance and reinsurance subsidiary of QIC Global, on Wednesday, announced it has placed Syndicate 1274’s Lloyd’s China operation into run-off. Antares will cease accepting...
Property Cat Bond Placement reaches a record $ 11 billion in 2020: Aon report
Quarterly issuance of $ 3.7 billion, was a record Q4 issuance quarter
The total amount of property cat bonds outstanding is marginally up (<2%) compared to 2019 at $29.5 billion.
McKinsey to pay $573 million to settle claims over opioid crisis role: Report
More than 3,200 lawsuits are pending, seeking to hold drug makers, distributors and pharmacies responsible for an opioid addiction epidemic that according to U.S. government data resulted in 450,000 overdose deaths from 1999 to 2018.
Majority of companies expect COVID-19 to continue impacting their business next year:Aon Survey
Rory Moloney, Chief Executive Officer, Global Risk Consulting, Aon, said: “There is no question that the COVID-19 pandemic will permanently change the way companies operate. There is a long way to go before we are in the ‘post-COVID era’, but as we move towards a recovery phase, companies must now ask what risk management and resilience should look like going forward. Among the top priorities for companies seeking to reshape their business are the new and accelerated use of technology, redeploying resources, workforce planning and rethinking the future of work—this is only the beginning of a much more long-term evolution in risk management.”
Coronavirus can be controlled, WHO Chief says, pointing to decrease in number of new cases
On Friday, the WHO chief warned against coronavirus vaccine hoarding, saying it could lead to slow global economic recovery and most importantly a never-ending pandemic.
Since the start of the pandemic last year, more than 103 million coronavirus cases have been confirmed worldwide, with over 2.2 million fatalities, according to Johns Hopkins University.
Insurer AIG pays $12 million fine in NY pension transfer probe
An AIG life insurance unit, American General Life Insurance Company, entered into four large-scale deals involving such plans and bid on several others between January 2014 and June 2019 without being licensed in New York, the regulator said.
AIG will also transfer the handling of such transactions to a New York-based subsidiary, the regulator added.
Aviva investors threatens to ditch top carbon emitters over climate inaction
Among the actions Aviva said it expects of the companies are that they commit to net zero carbon emissions by 2050 and ensure their plan to do so is in line with the Science-Based Targets Initiative, an NGO-led group that signs off on corporate climate plans.
The companies would need to integrate the climate goals into their business strategy, including capital expenditure plans; set short- and medium-term targets; align management pay with the goals; and ensure lobbying efforts supported the goals.
“Average ransomware payout grows from $10,000 per event in 2018 to more than $233,000 in 2020”er event in 2020
People should understand that this problem is not going away, said Eva Velasquez, ITRC’s president and CEO. Cybercriminals are simply shifting their tactics to find a new way to attack businesses and consumers.”
Above-average annual insured natural cat losses in 2020 despite multiple ‘near-misses’:Willis
In Asia, Tropical Cyclone Haishen caused under $1 billion of insured losses, well below those caused by similar storms during 2019’s cyclone season. The largest event of 2020 to hit Latin America and the Caribbean was hurricane Iota in November, with an estimated economic loss of about $1.3 billion, but a much lower insured loss.
India tells Sri Lanka to honour pact after Colombo takes back port contract
Sri Lanka had previously said the port would be 49% operated by India and Japan, with SLPA retaining the majority stake.The decision comes less than a month after a visit by Indian Foreign Minister S. Jaishankar to Colombo to shore up support for the 2019 deal, that also involved Japan and India’s Adani Group.