The G20’s Financial Stability Board (FSB) and IOSCO, a global...
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Shipping firms impose surcharges as Red Sea attacks hit global trade
In total, Maersk said a standard 20-foot container travelling from...
Shipping costs soar as war and climate risks choke key waterways
This week, provisional chartering rates for a Suezmax tanker to...
Wildfires rage in California, stoked by extreme heat in U.S. West
The blaze, growing under “extreme weather conditions,” had devoured nearly 79,000 acres (32,000 hectares) of land, while a cause remained under investigation, the California Department of Forestry and Fire Protection (CalFire) said in a statement.
Japan offeres Mauritius ‘Unprecedented’ support, including financial
The MV Wakashio, owned by Japan’s Nagashiki Shipping, began spilling oil on Aug. 6, prompting the Mauritian government to announce a state environmental emergency. The full impact of the spill is still unfolding, scientists have said.
Japan Foreign Minister Toshimitsu Motegi said Japan’s support measures include helping introduce a maritime navigation safety system in Mauritius, providing fishing gear to small fishing operators, and promoting Mauritius’s trade and tourism.
Etihad to provide Covid-19 insurance to passengers,cover medical and quarantine costs
Airlines around the world are trying to find ways to stimulate demand that has been shattered by the pandemic and expected to take years to recover.Medical costs of up to 150,000 euros ($177,000) and quarantine costs of up to 100 euro a day for 14 days will be covered by Etihad for its passengers who contract the disease within 31 days of first travel.
Munich Re expects Beirut losses of €100 million; sees slowdown in COVID-19 losses
Munich Re said it expects a similar volume of losses from damage caused by hurricanes Hanna, Isaias and Laura in July and August, according to the statement. By contrast, the California wildfire season isn’t seen having a material impact on the company.
US, European Covid-19 vaccine developers pledge to uphold testing rigour
According to the statement, the nine companies pledge to follow established guidance from expert regulatory authorities such as the FDA.
Among other hurdles, approval must be based on large, diverse clinical trials with comparative groups that do not receive the vaccine in question. Participants and those working on the trial must not know which group they belong to, according to the pledge.
Swiss Re sees positive outlook for renewals, further market hardening expected
Overall, Swiss Re expects the non-life insurance market to continue to grow, driven primarily by exposure growth. Swiss Re Institute forecasts a global growth rate of 3.3% in real terms for 2021. Other factors driving demand are the awareness, triggered by COVID-19, of the danger of being uninsured and the increasing frequency of weather-related events.
Swiss Re is making use of advanced technology to lead the way in underwriting. This includes enriching client exposure information with geospatial data to improve both the accuracy and speed of risk and loss assessments. In contracts, natural language processing complements human contract reviews, which helps to flag favourable vs potentially problematic clauses and generate new wording insights
QBE Hong Kong offers new mental health support coverage for individual PA products
The mental health support coverage is a new feature and it will help to subsidise consultations with professional psychologists for those suffering from mental wellbeing concerns brought on by enforced Work-From-Home (WFH) arrangements during COVID-19.
“In the near future, we are looking at creating new products to address mental wellness which will better protect our customers and their families,” said Lei Yu, CEO North Asia and Regional Distribution Head.
Don’t stop us paying dividends, European insurers tell regulators
The pandemic will likely lead to between $50 and $100 billion in losses for insurers, the Insurance Europe trade body said in response to a consultation by the International Association of Insurance Supervisors (IAIS) on the impact of the pandemic
Chedid Capital and Ascoma Gr join forces, to create a leader in broking in ME and Africa
This transaction translates Chedid Capital’s strategic vision of being a leader in insurance broking, serving companies in the Middle East and Africa; these markets represent strong development potential.
90% of China’s Sinovac staff, families took coronavirus vaccine, says CEO
Data gathered from the programme could offer evidence of the vaccine’s safety, but such data, which is not part of the registered clinical trial protocols, will not be used as main materials that regulators review in judging whether to approve the vaccine for commercial use, Yin said.