The decision came in April after the utility sought advice from the...
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London marine insurers widen high risk zone in Red Sea as attacks surge
Iranian-backed Houthi militants in Yemen have stepped up attacks on...
US news publisher sues Google for ‘siphoning off’ ad revenue via AI tech
The lawsuit claimed that Google's recent advances in AI-based...
Google, Apple roll out built-in COVID-19 exposure notifications to phones
The new system – called Exposure Notifications Express – will allow public health officials to submit a small configuration file to Apple and Google. The two tech companies will then use the file to set up systems that phone owners can opt in to in order to determine whether they have been near someone who has tested positive for the novel coronavirus
Uber Vows Better Disclosure of Safety Data on Self-Driving Cars
The National Transportation Safety Board voted in 2019 that the probable cause of the crash was “the failure of the vehicle operator to monitor the environment and the operation of the automated driving system because she was visually distracted throughout her trip by her personal cellphone.”
The board also cited three shortcomings by Uber: the company’s inadequate safety risk assessment procedures; ineffective oversight of vehicle operators; and lack of adequate mechanisms to address complacency by operators as the cars drove themselves.Voluntary Approach
Climate change bigger economic risk than Pandemic, ECB’s Schnabel says
With climate change posing an even bigger risk, the ECB must keep this issue high on its agenda as it reviews its policy framework, Schnabel told Reuters in an interview.
“Climate change is probably the biggest challenge we are facing, much bigger than the pandemic,” Schnabel said.
“Even though this health shock was entirely unrelated to monetary policy, it nevertheless has huge implications for monetary policy,” she said. “The same is true for climate change and this is why central banks cannot ignore it.”
Tesla targeted in failed ransomware extortion scheme
According to the billionaire, the scheme took aim at the electric car company’s 1.9 million-square-foot factory in Sparks, Nevada, which makes batteries for Tesla vehicles and energy storage units.
This was a serious attack, Tesla CEO Elon Musk tweeted Thursday night, responding to a Tesla blog post that detailed the brazen scheme.
Global COVID-19 cases cross 25 million as India sets grim record
The official number of global coronavirus cases is now at least five times the number of severe influenza illnesses recorded annually, according to World Health Organization data.
Around the world, there have been more than 840,000 deaths, considered a lagging indicator given the two-week incubation period of the virus. That has exceeded the upper range of 290,000 to 650,000 annual deaths linked to influenza.
Afghanistan flash floods kill 160, search for bodies continues
Thirteen provinces, mostly in the country’s north, had been affected by floods, according to the Ministry for Disaster Management.
China approves a new state-back agricultural reinsurance firm: Xinhua
The firm will help expanding the insurance coverage of catastrophe losses, and further safeguard country’s agricultural production, according to the report.
Global reinsurers report weak half-year earnings as coronavirus claims intensify:Moody’s
Coronavirus-related claims increased significantly during the second quarter
Ongoing uncertainty regarding business interruption claims as policy forms and contract litigation vary
Pandemic related mortality losses in life reinsurance are rising
2020 California wildfires may lead to further spikes in reinsurance rates
The COVID-19 pandemic has significantly contributed to a hardening market, and given the current wildfire situation, reinsurers and alternate capital may demand significant rate hikes, which would result in higher reinsurance costs for primary carriers and make the risk-reward tradeoff to underwrite California wildfire risk a much more challenging decision going forward.
ILS retrocession capacity further squeezed in the Pandemic era
The Best’s Commentary, titled, “The ILS Retro Market, COVID-19 and Pre-Emptive Trapping,” notes that the retro market is estimated at $20 billion, with the ILS market supplying approximately 75-80% of the capacity for this segment.