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Republican-led states sue US SEC over climate risk disclosure rules
The rules aim to standardize climate-related company disclosures...
Lloyd’s of London underwriting profit doubles to $7.52 billion in 2023
Gross written premiums rose by 11.6% to 52.1 billion pounds across...
No-deal Brexit will do more damage to the economy than the coronavirus, Bank of England governor warns
“Well, I think the long-term effects … would be larger than the long-term effects of COVID,” Bailey said when asked by a lawmaker about the consequences for the economy if Britain and the European Union fail to strike a post-Brexit trade deal.
London and Brussels remain locked in negotiations ahead of the Dec. 31 expiry of Britain’s Brexit transition period.
Japanese FWD Fuji Life adopts Swiss Re’s automated underwriting solution, to offer digitalised customer experience
FWD Fuji Life customers can digitally submit their information and receive initial policy offerings directly at the point of sale, substantially simplifying the customer journey without the hassle of handling paper forms. Applications are automatically checked for any incomplete information to further speed up the process. Customers get their policies on the spot, and they are better protected with the right questions asked via Magnum.
AXA XL appoints Nicola Harris as Head of Energy, UK and Lloyd’s market
Peter Welton, Chief Underwriting Officer for Marine, Energy & Aerospace, UK & Lloyd’s market, commented: “Global economic uncertainty resulting from the COVID-19 pandemic has significantly affected the global energy market, which was already facing several headwinds. Having the right team in place is an integral part of our commitment to our clients, as they manage the associated risks today and in the future.
UNICEF and IATA partner to deliver COVID-19 vaccines to over 92 countries
Since January, UNICEF has delivered more than US$190 million worth of COVID-19 supplies such as masks, gowns, oxygen concentrators and diagnostic test kits in support of countries as they respond to the pandemic.
Making Covid-19 vaccines too expensive to hit poor countries
It should not be surprising then that several developing countries, led by India and South Africa, argued last week at the World Trade Organization’s intellectual property rights council that IPR-related payments should be suspended for the duration of the pandemic for Covid-19 related vaccines, therapeutics and equipment. They worry about “intellectual property rights hindering or potentially hindering timely provisioning of affordable medical products” to their citizens.
Ransomware, attacker behaviour to shape IT security in 2021
Another ransomware trend is “secondary extortion”, where alongside the data encryption the attackers steal and threaten to publish sensitive or confidential information if their demands are not met.
Carbon pricing rises as world’s weapon of choice in climate fight
The principle is simple: a carbon price establishes how much companies need to pay for their emissions. The higher the price, the greater the incentive to pollute less and invest in low-carbon technology.
Governments can force these payments through a carbon tax – a levy companies must pay when they pollute – or through an emissions-trading system (ETS).
“Each country will have to come up with its own path to reaching net zero, but the expectation is carbon pricing is going to be a very important part,” said Wendy Hughes, Carbon Markets and Innovation Manager at the World Bank.
Howden acquiers cyber and tech specialist broker Safeonline
“Cyber as a class has been growing strongly for us over recent years and this acquisition supercharges our growth in this important market, In a stroke, it gives us the ability to service retail SME clients and enlarge our U.S. wholesale cyber book. It also means we can improve our service to large global retail accounts and grow further our Financial Lines retail capability.commented Charlie Langdale, managing director, Financial Lines.
Hamilton sets up a new Bermuda special purpose insurer ‘Ada Re’
“Ada Re will give investors immediate access to the improving pricing, terms and conditions, and expected returns in the retro market. The establishment of Ada Re is indicative of our ability to quickly capitalize on dynamic reinsurance market conditions for the benefit of third-party capital investors,” Tony Ursano, group CFO and head of Strategic Partnerships at Hamilton.
Giant wind turbine collapses in northern Sweden; no one hurt
Maria Roske, chief executive of windmill operator WPD, told the local Norran newspaper that there were no construction workers on site when the incident happened.
She added that she believed it was the first time such an incident took place in Sweden.Roske told Norran that Vestas will investigate the collapse because the group built the wind turbine. with Vestas, which is the manufacturer. It”s their power plant, their turbine.”