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Swiss Re acquires Fathom, a leader in water risk intelligence
Russell Higginbotham, CEO of Swiss Re Reinsurance Solutions, said:...
Tesla recalls over 2 million vehicles in US fitted with its Autopilot
Tesla said in a recall filing that Autopilot’s software system...
Hedge Fund collects $3 billion as wildfire insurance claims
The payout yielded Baupost’s biggest profit generator last month and represented a sizable markup from what the firm had anticipated, it told investors Thursday. The fund bought $6.8 billion of subrogation claims against PG&E.
In a subrogation claim, an insurer sells the right to sue to recoup damages suffered by policyholders. Insurers offer the claims at a discount to investors in return for the certainty of being paid upfront.
Tougher EU climate target technically, economically feasible, researchers say
EU countries, which must approve the new climate target, are divided. Western and Nordic countries back the more ambitious level and eastern nations refuse to consider bigger cuts before seeing an assessment of the costs.
The researchers said there is “no credible pathway” towards a 55% target for 2030 without a bigger contribution from states such as Poland and Czech Republic that say the economic fallout from the COVID-19 pandemic will make climate goals more challenging.
17th SIRC postponed to Nov, 2021
To fill the void this November, the Organising Committee is planning a virtual event – tentatively coined ‘SIRC 2020 Re-Mind’ – to mark the dates More details of this virtual event will be announced in mid-October.
All important international events like Monte Carlo Rendezvous,during second week of Sept,Baden-Baden Reinsurance Meet,during 4th week of Oct and East Asian Insurance Congress(EAIC), scheduled during last week of Aug, have been cancelled this year due to Covid-19 pandemic.
Bears are going extinct in US stock market’s $13 trillion rebound
“It looks like all those fund managers over the past quarter went from being bearish and expecting a stock market crash to now bullish,” Shawn Cruz, senior market strategist at TD Ameritrade, said in an interview. “Sentiment’s turned positive about equities in general but also sentiment is turning positive for a return to growth.”
The tide is getting harder to fight with retail investors flocking to unprofitable companies such as Nikola Corp. and Moderna Inc. More money managers are forced to embrace the rally, ignoring this year’s profit contraction and banking on fiscal and monetary stimulus. At 26 times forecast earnings, the S&P 500 was trading at the highest multiple since the dot-com era.
Global coronavirus deaths exceed 800,000
The rate of deaths is holding steady with it taking 17 days to go from 700,000 to 800,000 deaths — the same time it took to go from 600,000 to 700,000.
The U.S. death toll surpassed 170,000 on Sunday, the highest in the world. While the number of new cases is down from a peak in July, the country is still seeing over 360,000 new cases a week.
Porsche launches investigation into suspected engine manipulation
Porsche has informed Germany’s automotive watchdog KBA, the Stuttgart prosecutor’s office, as well as U.S. authorities of suspected illegal changes to hardware and software that could affect exhaust systems and engine components
Iran says black boxes from downed Ukraine jet show missiles hit 25 seconds apart
Iran’s investigation is being carried out under United Nations aviation rules calling for probes aimed solely at preventing future accidents, separately from any judicial process. But the probe has been swept up in regional and domestic tensions.
Coronavirus pandemic could be over within 2 years, says hopeful WHO Chief
Tedros also said that the pandemic has given new impetus to the need to accelerate efforts to respond to climate change, Xinhua news agency.
“Throughout history, outbreaks and pandemics have changed economies and societies, this one will be no different.”
Noting that the global health criris “has given us a glimpse of our world as it could be: cleaner skies and rivers… Building back better means building back greener”.
Covid-19 also an epidemic of depression and anxiety among young adults
It’s long been clear that Covid-19, like any major disaster, is causing an increase in mental-health disorders and their accompanying evils. Those range from alcoholism and drug addiction to wife beating and child abuse.
In the Americas, the world’s most afflicted region with hotspots from the the US to Brazil, this psycho-social crisis has become its own epidemic, the World Health Organisation’s regional branch said this week.
California governor calls wildfires ‘deadly moment,’ urges residents to flee
The state has been hit by its worst dry-lightning storms in nearly two decades as close to 12,000 strikes Some 175,000 people have been told to leave their homes.