Thomas Blunck, member of the Board of Management, Munich Re...
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United, Alaska find loose parts on 737 MAX planes, raising pressure on Boeing
The Federal Aviation Administration said planes would remain...
Microsoft, OpenAI hit with new lawsuit by authors over AI training
Writers Nicholas Basbanes and Nicholas Gage told the court in a...
U.S. lawmakers detail Big Tech’s market abuses and press for strict reform
The report by the antitrust subcommittee of the Judiciary Committee recommends that Alphabet Inc.’s Google, Apple Inc., Amazon.com and Facebook – with a combined market value of over $5 trillion – should not both control and compete in related businesses.
Google faces antitrust case in India over abuse in smart TVs market: Report
The case has been filed by two Indian antitrust lawyers, Kshitiz Arya and Purushottam Anand. They both confirmed the case filing against Google for alleged abuse in the smart television market, but declined to comment further.
The case is Google’s fourth major antitrust challenge in India, one of its key markets where it is currently facing public criticism from local startups for enforcing certain policies and company charges they contend hurt their growth.
September was world’s hottest on record, EU climate change service says
Extending a long-term warming trend caused by emissions of heat-trapping gases, high temperatures this year have played a major role in disasters from fires in California and the Arctic to floods in Asia, scientists say.
“As we go into an even warmer world, certain extremes are likely to happen more often and be more intense,” Copernicus senior scientist Freja Vamborg told Reuters, pointing to heat waves and periods of intense rain as examples of this.
U.S. appeals court revives Glaxo $235.5 million verdict against Teva
The case arose after Teva began selling a Coreg generic in 2007 with “skinny” labels indicating treatment for the first two conditions, and was required by the Food and Drug Administration to add congestive heart failure to the labels in 2011.
Glaxo, whose patent expired in 2015, sued Teva, and a Delaware jury ordered the Israeli drugmaker to pay $234.1 million for lost profit plus $1.4 million in royalties.
U.S. District Judge Leonard Stark overturned the verdict, saying other factors could have caused doctors to prescribe generic Coreg, including for congestive heart failure.
Covid-19 is changing global claims trends, risk exposures for companies and their insurers:Allianz
Going forward, many businesses are expected to review and de-risk their supply chains and build in more resilience. This could involve some reshoring of critical production areas because of disruption caused by the pandemic. Such a move would likely impact frequency of claims and the costs of any future business interruptions.
Asia-Pacific motor insurance market to surpass $257bn in 2023:GlobalData
Another key trend which can be observed in the motor insurance market is the pace of product innovations. New insurance products such as short-term car insurance and pay-as-you-go (PAYG) products are being offered by motor insurance companies to support sales at a time when car usage is low due to lockdown restrictions. For instance, insurance start-ups such as UbiCar, Real and Kogan in Australia are offering pay-as-you-go insurance policies.
China’s insurance industry rakes in $ 625.5 billion premium in 2019
Last year, China’s insurance industry raked in a total of 4.26 trillion yuan (about 625.5 billion U.S. dollars) in premium income, insuring an aggregate amount of 6,470 trillion yuan, according to the report.
IAG reaches $99 mln settlement over mis-sold insurance
Insurance Australia Group had agreed to a class action settlement involving a gross payment of $99 million over add-on insurance products sold through motor vehicle and motorcycle dealers
Hitachi and Swiss Re join hands to offer industry first ‘digital risk’ solutions
“We are excited to work with a global technology leader like Hitachi to advance corporate insurance through digital market platforms and accelerate the adoption of innovative, smart manufacturing.,Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector. Ultimately this will enable us to price risk more precisely, ensure effective pay-out mechanisms, and provide a seamless risk management experience that addresses industry inefficiencies and is tailored to our customers’ needs,” said Andreas Berger, CEO, Swiss Re Corporate Solutions.
Hollywood shutdowns to cost insurer millions
The disruption of entertainment companies has translated into a rush of claims seeking compensation from insurers for lost income. Allianz alone took a 1.2 billion-euro hit to earnings in the first half from virus-related claims. In response, some insurers have stopped selling coverage to protect against business losses in future pandemics.