George Attard, CEO of Asia Pacific for Aon’s Reinsurance Solutions,...
Category:
International News
Latest
Building a new Key Bridge could take years and cost at least $400 million, experts say
The Key Bridge collapsed Tuesday, killing six members of a crew...
Foreign firms’ losses from exiting Russia top $107 billion
Moscow demands discounts of at least 50% on foreign asset sales and...
Ransomware attacks on the rise even as cyber insurers scale back
Ransomware attacks typically involve the infection of computers with malicious software, often downloaded by clicking on seemingly innocuous links in emails or other website pop-ups and leaving users locked out of their systems, with the demand of a ransom to be paid to restore computer functions.
Paul Bantick, Beazley’s global head of cyber and technology, said that ransomware attackers were demanding more money than in the past and had also become more creative in ways in which they sought to extort money.
“COVID-19, coronavirus, vaccines, all these things, they have enabled people to target organizations,” Bantick said.
EU watchdog wants a more hands-on approach to insurer capital
Insurance Europe, an industry body, said EIOPA’s “disappointing” proposals would make the capital rules more conservative and create a less competitive sector.
The review should focus on what needs fixing and not be an overhaul as proposed by EIOPA with its “very extensive list” of potential changes, Insurance Europe said.
Dutch court case claims Shell’s operations violate human rights
The case brought by the Dutch arm of Friends of the Earth, Milieudefensie, links the oil major’s stance on climate change with human rights. The ruling will also have implications for Shell’s European peers as pressure mounts on polluting energy companies to step up the fight against global warming.
Over two weeks of court proceedings, lawyers for Milieudefensie have argued that Shell is violating human rights by extracting fossil fuels and undermining the Paris Agreement’s aim of keeping temperature rises below 1.5 degrees Celsius. Shell says it’s playing its part in addressing climate change, which can only be tackled through collaboration and not court action.
S.African court dismisses insurer Guardrisk’s appeal in COVID-19 claims case
In South Africa, insurers argue that national lockdowns to stem the virus’ spread, forcing firms across many industries to shutter for weeks at a time, were not covered under their business interruption policies.
Canada records 20-year high in outbound insurance M&A
International deals in insurers involving Canadian investors rose to $11.6 billion in 2020, the highest in at least two decades, according to data from Refinitiv.
That places Canadian investors as the third biggest investors in insurance deals, behind the UK and the United States, according to the data. Last year, Canadian investors were the fifth largest in the space.
Japan Post insurer plans $2.9 billion buyback from parent
Japan Post Insurance is currently governed by a strict privatization law, which limits activities such as sales of new products, as well as mergers and acquisitions. Such restrictions will be eased if the holding company’s stake drops to 50% or less.
Insurers, drugmakers sail into unknown with COVID vaccine rollout
Prices for new contracts in the transport insurance market were climbing sharply even before the pandemic following rising claims and reduced competition, and industry sources expect insurance rates to jump when pharma companies involved in COVID-19 vaccines renew their annual policies next year, given the additional risk
Some vaccine doses kept too cold, Pfizer having manufacturing issues, U.S. officials say
Officials are investigating whether storing the vaccines at excessively cold temperatures poses a safety or efficacy risk, he said.
UN head stresses need of virus vaccine for all nations
Across the globe we have seen how populist approaches that ignore science have misled the public,” Guterres said. “Coupled with false news and wild conspiracies, things have become manifestly worse.”
Philips buys American cardiac care company BioTelemetry in $2.8 billion deal
Once a sprawling conglomerate, Philips has become purely focused on healthcare after spinning off its lighting and consumer electronics divisions in recent years.
“The acquisition of BioTelemetry fits perfectly with our strategy to be a leading provider of patient care management solutions for the hospital and the home”, Philips Chief Executive Frans van Houten said.