Insurance industry sources said that war risk premiums had stayed...
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Aon’s first-of-its-kind collaboration with AfDB and AI startup to catalyze regenerative agriculture in Africa
The collaboration intends to leverage first-of-its-kind, farm-level...
LIC emerges as the 4th largest global life insurer in S&P’s new ranking
Allianz SE, China Life Insurance Co. Ltd. and Nippon Life Insurance...
Oneglobal Broking sets up Asian operation in Hong Kong
Jonathan Palmer-Brown,cairman, Oneglobal commented, “This is an exciting moment for Oneglobal as we extend our reach into Asia. I’m proud that we are one of the first broking businesses in Hong Kong to be authorised by the Insurance Authority, which is testament to our strong business plan and outstanding leadership. Anthony Langridge is known to many Asian business leaders and his appointment is a vital building block in our campaign to grow across Asia, which will see new colleague and location announcements in the coming months.”
Construction sector sees significant increase in insurance premiums:Mactavish
Bruce Hepburn, CEO, Mactavish said: “Some of these problems are also affecting other sectors, but there are two factors that make them particularly challenging for construction companies. The first is the difficulties posed to the sector by the end of lockdown and return to work,which are far from straightforward on active construction sites. The second is the way in which commercial contracts create a complex web of liabilities and obligations across contractors, sub-contractors and other elements of the supply chain.”
90% of recovered COVID-19 patients in Wuhan suffering from lung damage:report
According to the first phase results, 90 per cent of the patients” lungs are still in a damaged state, which means their lungs ventilation and gas exchange functions have not recovered to the level of healthy people, state-run Global Times reported.
Some recovered patients have to rely on oxygen machines even three months after being discharged from the hospital, Liang Tengxiao, a doctor from the Dongzhimen Hospital, Beijing University of Chinese Medicine, was quoted as saying by the report.
Initial investigations point to negligence as cause of Beirut blast, source says
The explosion killed more than 100 people,affected 3,00.000 people and caused an economic losses of $ three billion
The prime minister and presidency have said that 2,750 tonnes of ammonium nitrate, used in fertilisers and bombs, had been stored for six years at the port without safety measures.“It is negligence,” the official source told Reuters, adding that the issue on storing the material safely had come before several committees and judges and “nothing was done” to order the material be removed or disposed of,
Reliance Industries now the second biggest brand globally after Apple
One of the most profitable companies in India, Reliance is, “very well respected” and “seen as behaving ethically” as well as being associated with “growth”, “innovative products” and “great customer service”, it said. “In particular, people have a strong emotional connection with the organisation.”
FutureBrand, which is a global brand transformation company, said part of Reliance’s success could be attributed to Mukesh Ambani’s recasting of the firm as a one-stop-shop for Indians.
Lloyd’s appoints new Country Manager for Singapore
“Lloyd’s Asia is a key distribution hub for the Lloyd’s market in Asia Pacific, providing our brokers and clients in the region with local access to the specialist products and expertise we are renowned for. I am looking forward to working closely with our market to support their development plans and introducing solutions developed under The Future at Lloyd’s strategy as we continue to be the platform of choice for specialist (re)insurance in the region.”
Pavlos Spyropoulos,Country Manager, Singapore and CEO, Lloyd’s Asia
Insurers face possible British action over calculation of pandemic payouts
Some insurers were making deductions for government loans – which businesses had received as a result of the pandemic – when calculating payouts.
The FCA said this could be appropriate but insurers should not take a one-size-fits-all approach and make uniform deductions.
The Financial Conduct Authority (FCA) has taken eight insurers to court over business interruption policy wordings, which the insurers say do not cover the pandemic, with a ruling expected in mid-September.
But the case does not address how any resulting claims payments would be calculated, the FCA said on Monday.
Aviation sector has biggest pandemic default risk:insurance survey
Pandemic-related credit insurance claims are, however,likely to rise later this year or early next year, as businesses struggle to stave off default, said Matthew Solley, managing director of structured credit and political risks at Gallagher.
Aviation, oil and energy, and tourism were the three sectors in their portfolios that concerned insurers the most.
Chinese artificial intelligence company files $1.4 bn lawsuit against Apple In patent fight
The company is calling for 10 billion yuan ($1.4 billion) in damages and demands that Apple cease “manufacturing, using, promising to sell, selling, and importing” products that infringe on the patent, it said in a social media post.In the lawsuit filed in a local Chinese court, Xiao-i argued that Apple’s voice-recognition technology Siri infringes on a patent that it applied for in 2004 and was granted in 2009.
Rich nations rush to lock up Covid vaccines:What about rest of the world?
The World Health Organization, the Coalition for Epidemic Preparedness Innovations, and Gavi, the Vaccine Alliance are working together to bring about equitable and broad access. They outlined an $18 billion plan in June to roll out shots and secure 2 billion doses by the end of 2021