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Consulting firm McKinsey agrees to USD 78 million settlement with insurers over opioids
The insurers argued that McKinsey worked with Purdue Pharma – the...
Eurostar cancels trains due to flooding, stranding hundreds of travelers in Paris and London
The U.K. has been battered by strong, gusty winds and heavy rain...
Insurance losses from Western U.S. Wildfires to Be Between $4bn and $8bn:RMS
RMS estimates include losses from property damage, including evacuation and smoke damage, business interruption (BI) across residential, commercial, industrial lines, and additional living expenses (ALE). Smoke and evacuation are significant contributors to losses during the ongoing Western U.S. wildfires, contributing about 20 percent of losses in Northern California fires and about 35 percent in Oregon and Washington fires, respectively.
UK insurers under fire as watchdog proposes ‘radical’ ban on loyalty penalties
“The FCA estimates that its proposals will save consumers 3.7 billion pounds ($4.74 billion) over 10 years,” FCA interim chief executive Christopher Woolard said.
PartnerRe appoints John Mok as CEO Life & Health, Asia Pacific
Commenting on . Mok’s appointment, Marc Archambault, CEO Life & Health and Group Executive Committee member.said, “ We believe in the growth potential of these markets and Asia Pacific is an important part of growth plans for the Life & Health business. . Mok’s appointment underlines our commitment to the region, and to continuing to deliver reinsurance solutions and value added service to our clients in Asia Pacific. I look forward to leveraging John’s experience to continue to build the team, develop profitable business and grow the Life & Health business.”
Russia to share legal risks of COVID-19 vaccine
“Russia is so confident in its vaccine that it has not asked for full indemnity and this is a major differentiating factor versus any Western vaccine,” said Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), the state sovereign wealth fund that is backing the vaccine.
“All of them are asking for full indemnity of legal risks.”
More than 150 nations join global vaccine plan,U.S.,but China absent
With some wealthier nations reticent over COVAX, the plan has highlighted the challenge of distributing vaccines equitably around a world of haves and have-nots.
The vaccine alliance said it expected another 38 wealthy countries to join the initiative in coming days.
It said it had received commitments for $1.4 billion towards vaccine research and development, but a further $700 million-$800 million was urgently needed.
AIR Worldwide Releases updated Multiple Peril Crop Insurance Model for China
An outbreak of African swine fever—a highly infectious and deadly disease—started impacting pigs in China in 2018, resulting in a loss of half of China’s 400 million pigs, or 40% of the world’s total agricultural pig population, as of the first half of 2020.
“China is a leading global producer of wood and paper products; the country’s forests can be insured under the national crop insurance scheme and incur large losses not only from extreme weather but also fire, pests, and disease,In addition, livestock (including poultry) policies now make up about a quarter of agricultural premiums in the country and have a large potential for losses. To get a comprehensive view of agricultural risk in China, companies must consider the risk to crops, forests, and livestock,”said Yizhong Qu, assistant vice president, AIR Worldwide China.
Risk professionals face six challenges in addressing reputational risks:Airmic,RIMS Report
The six challenges are Unclear definition of reputation,Confusion on the categorization of risks to reputation,No commonly agreed upon, consistent measurement of the business impact from specific risks to reputation,No framework for linking the strategic, operational, and tactical aspects of reputational risk management,An absence of integrated ownership and accountability across organizations and Slow development of solutions for risk transfer including insurance.
The report states that risk professionals today are at a crossroads, where they can follow one of two paths: the first, where they have the responsibility but no influence and control; or the second, where they can contribute value to the organization by leading implementation of a structured, data-driven and systematic approach to reputational risk that draws the whole organization together around a common framework
Nick Hawkins appointed as MD and CEO of IAG
Hawkins succeeds Peter Harmer whose retirement was announced in April this year. Harmer will leave the company on 1 November 2020 after five years as IAG CEO
Toyota Insurance Services to join Swiss Re ADAS risk platform
The ADAS risk score was launched by Swiss Re and BMW Group in 2019 with the aim of solving this issue and developing a vehicle-specific insurance rating that primary insurers worldwide can use to calculate insurance premiums, taking safety-relevant driver assistance systems into account.
On the journey towards autonomous vehicles, cars are increasingly equipped with advanced driving assistance systems (ADAS) that actively support the driver in avoiding accidents. Insurers face the challenge of knowing which ADAS features are installed in a vehicle, what their impact on safety is, and to what extent drivers use them.
Carbon emissions of richest 1% more than double the emissions of the poorest half of humanity:Oxfam
The report assesses the consumption emissions of different income groups between 1990 and 2015 – 25 years when humanity doubled the amount of carbon dioxide in the atmosphere. It found:
The richest 10 percent accounted for over half (52 percent) of the emissions added to the atmosphere between 1990 and 2015. The richest one percent were responsible for 15 percent of emissions during this time – more than all the citizens of the EU and more than twice that of the poorest half of humanity (7 percent).