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Abbott Labs must face lawsuit over PediaSure height claims
The lawsuit seeks unspecified damages for New Yorkers who were...
Aviation lessor settlements with Russia over trapped planes
Lessors have been suing dozens of insurers over losses of at least...
AXA XL launches Risk Scanning
Maxime Ambourg, Risk Consulting Manager for Innovation & Business Development at AXA XL Risk Consulting, commented: “Traditional loss prevention programmes usually focus on a company’s primary locations. They can neglect the risks associated with smaller sites that are rarely visited by risk engineers, despite being where losses most often occur. By leveraging both the experience of our consultants and new technologies, Risk Scanning allows for a more exhaustive and therefore precise assessment.”
ClearView adopts Munich Re’s new cloud-based digital services solution to automate underwriting decisions
ALLFINANZ Cloud,will enable ClearView to pursue its multi-year IT transformation project, which is centred on the development of an integrated life insurance Policy Administration System and a cloud-based underwriting rules engine, and strives to enhance the customer and advisor experience.
The platform will also support the experience of underwriters and other staff by giving them insights and easy-to-use tools to continually fine-tune underwriting rules, business processes and customer journeys.
Covid-19 Pandemic to slow down top 10 largest global insurance markets in 2020
The world’s 10 largest insurance markets, in order, as defined by total premium written in 2018-2019, are: the United States, China, Japan, the United Kingdom, France, Germany, South Korea, Italy, Canada and Taiwan. The Triple-I’s projection of a 4.5% GDP decrease in the world’s 10 largest insurance markets in 2020 as compared to 2019 was weighted based on the total premium written in each one.
bolt reaches $4 bn in active insurance premium on its platform
“The success of our customers and partners is why it’s so exciting to see us go from $3 billion in May to $4 billion in premium on our platform in such a short time,” said Eric Gewirtzman, CEO of bolt. “We will continue to work closely with our partners with a focus on speed and innovation to stay one step ahead of customers’ needs.”
Reinsurers’ pandemic losses have started to fade:Fitch
All four major reinsurers have remained well capitalised so far in 2020, which was partially achieved by the issuance of subordinated debt. This allowed for strong premium growth in reinsurance, driven by higher prices, rising demand in Asia, and an increased risk appetite.
In the hands of God:’ Central America bears brunt of powerful hurricane Iota
About 40,000 people in Nicaragua have been evacuated to shelters, authorities said. Many coastal areas are at risk of storm surges of as much as 20 feet (6 meters) above normal tides. In Honduras, 80,000 people were moved to safety.
“It’s the strongest hurricane that has touched Nicaraguan soil since records began,” said Marcio Baca, director of the Nicaraguan Institute of Earth Studies.
This is the first time two major hurricanes have formed in the Atlantic basin in November since records began in 1851.
Amazon launches online pharmacy in new contest with drug retail
The company founded as an online bookseller has disrupted industries including retail, computing and now potentially pharmaceuticals, drawing criticism of its size and power from labor groups and lawmakers along the way.
The company said Prime subscribers get up to 80% off generic and up to 40% off brand drugs when they pay without insurance, as well as two-day delivery.
Should Prime members prefer buying in person, Amazon said its discounts on non-insurance purchases apply at more than 50,000 brick-and-mortar pharmacies – including those run by rivals. Inside Rx, a subsidiary of Cigna Corp’s Evernorth, administers that benefit, Amazon said.
Privacy activist files complaints against Apple’s tracking tool
Apple directly rebutted the claims filed by Noyb, the digital rights group founded by Schrems, saying they were “factually inaccurate and we look forward to making that clear to privacy regulators should they examine the complaint”.
Canadian banks, insurers to take part in climate project, central bank says
The project’s aims include enabling authorities and firms to analyze climate scenarios and increase their understanding of potential climate-related risks, and enhance understanding of companies’ governance and risk management..
China’s appetite for luxury cars is now a boon for eastern European nations
Automotive investment has helped transform the former Eastern Bloc. Lured by a cheap but skilled workforce and proximity to major European markets, large producers that also include Hyundai Motor Co. and Kia Motors Corp. have built state-of-the-art assembly lines across the region, which is also home to a web of component makers.