Persistent geopolitical tensions, rising shipping costs, and high...
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Coal, the dirtiest fossil fuel, is finally preparing for long goodbye
Thanks to a combination of China’s energy insecurity — pushing...
UN adopts first global artificial intelligence resolution
The resolution is the latest in a series of initiatives - few of...
Antitrust lawsuits could force Facebook to sell Instagram and WhatsApp
The lawsuits are the biggest antitrust cases in a generation, comparable to the lawsuit against Microsoft Corp in 1998. The federal government eventually settled that case, but the yearslong court fight and extended antitrust scrutiny prevented the company from thwarting competitors and is credited with clearing the way for the explosive growth of the internet.
French insurers to freeze premiums for sectors hardest hit by virus
Under pressure from French Finance Minister Bruno Le Maire,insurers faced the prospect of being hit by a 1.2 billion euro ($1.45 billion) tax if they did not offer to keep premiums steady next year.
Le Maire, who had been concerned some insurers were preparing to hike premiums, said the freeze would benefit hotels, restaurants and bars as well as firms in the tourism, sports, culture and events industries.
Prudence Foundation launches 2nd edition of its Tech Awards to find life-saving technologies for disaster resilience
Winners will have access to financial support, coaching and networking opportunities to help scale their innovative technology solutions
Since 2000, more than 40 per cent of global disaster events have taken place in the Asia Pacific region, resulting in around 800,000 deaths and affecting 3.2 billion people. This year, the COVID-19 pandemic which has infected more than 11 million people and expected to result in over $2.7 trillion in economic losses[ has magnified the importance of disaster preparedness and collaboration across all sectors in reducing the threat and impact of natural disaster events.
Munich Re to no longer cover events cancelled for pandemics
The world’s largest resinsurer is making the change after it faced large losses this year in the wake of the coronavirus crisis.
Torsten Jeworrek, who oversees the reinsurance segment, said that Munich Re would remain in the business but that the tweak in its strategy was a result of the pandemic. The resinsurer will also adjust prices for event cancellation coverage, he said.
The cancellation and postponement of sports events like the Olympics in Tokyo as well as concerts have been a major burden for Munich Re, which expects a total of 4 billion euros ($4.85 billion) in COVID-related losses.
Get used to limited access, EU tells City of London bankers & insurers
Brexit makes it “even more urgent” for the EU to develop its own capital market to cut reliance on the City of London, Europe’s biggest financial centre, Mairead McGuinness said.
Britain’s full access to the EU ends on Dec. 31 when a transition period that followed Brexit in January expires.
Many banks, asset managers and insurers in London have opened hubs in the bloc to avoid disruption to clients from limited direct access from the UK.
France to help farmers to abandon glyphosate weedkiller developed by Bayer’s Monsanto
Glyphosate, first developed by Bayer’s Monsanto under the Roundup brand, has generated intense global debate over its safety since a World Health Organization agency concluded in 2015 that it probably causes cancer.
While regulators worldwide have determined glyphosate to be safe, Bayer agreed in June to settle nearly 100,000 U.S. lawsuits for $10.9 billion, denying claims that Roundup caused cancer.
British grandma is first in world to get Pfizer vaccine outside trial
Britain is the worst-hit European country from COVID-19, with over 61,000 deaths, but Prime Minister Boris Johnson hopes to turn the tide against the disease by rolling out the Pfizer/BioNTech vaccine before the United States or European Union.
Global reinsurance market outlook stable, reinsurance capital exceeds $470 billion in 2020:AM Best
In its new Best’s Market Segment Report, “Market Segment Outlook: Global Reinsurance,” AM Best states that the current market hardening likely will need to continue for at least a couple of years to have a meaningful impact on the segment. Additionally, pricing momentum will have to be sufficient to offset losses from previous years, including the impact of COVID-19 and ongoing impact from social inflation.
Kia Motors recalling 295,000 vehicles due to risk of engine fires
Last week, the National Highway Traffic Safety Administration announced that Kia and Hyundai must pay USD 137 million in fines and for safety improvements because they moved too slowly to recall more than 1 million vehicles with engines that can fail.
The fines resolve a three-year government probe into the companies’ behavior involving recalls of multiple models dating to the 2011 model year.
Vaccine airlift delivers shot in the arm for airlines
IATA, representing 290 airlines, warns that vaccine rollout could be “compromised” without an easing of the travel curbs and quarantines it has lobbied against.
“There are parts of the world that have no cargo operations once the passenger networks are grounded,” IATA head of cargo Glyn Hughes said.