The impact on Suez Canal transits and global supply chains are...
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Amid political uncertainty, Pak biz tycoons shift business to Dubai
The political and economic uncertainties along with the...
Britain’s financial regulators need ‘ambitious mindset’, says industry leader
“At Lloyd’s, we have the capacity and expertise to evaluate and...
Revised Weinstein settlement draws opposition from accusers
The $35.2 million proposal filed on Tuesday in the U.S. Bankruptcy Court in Delaware was financed by insurers and includes $17 million to settle sexual misconduct claims in various courts as well as a lawsuit by New York’s attorney general.
Insurers must do more to support COVID-19-related mental health issues:GlobalData
The Health and Safety Executive (HSE) found that 12.8 million UK working days were lost in 2019 because of work-related stress, anxiety and depression. While the HSE has continued to raise the issue of remote-working staff’s mental health during the pandemic, insurers are penalizing policyholders for flagging any related issues. Consumer campaign group Fairer Finance has found that insurers such as Budget, Virgin Money, Beagle Street and Canada Life are actually increasing the cost of premiums for consumers that declare minor stress issues.
COVID-19 pandemic will push 47 million more women, girls into extreme poverty by 2021: UN
The pandemic will push 96 million people into extreme poverty by 2021, 47 million of whom are women and girls. This will increase the total number of women and girls living in extreme poverty to 435 million, with projections showing that this number will not revert to pre-pandemic levels until 2030, the UN agencies said.
More than 40 crew missing after cattle ship capsizes In storm off Japan
The crew of 43 was made up of 39 people from the Philippines, two from New Zealand, and two from Australia, the coastguard said.
According to Edvarodo, the ship lost an engine before it was hit by a wave and capsized, a coastguard spokeswoman said
US court rules cryptocurrency fundraiser to pay investors $25M to settle class action
The settlement, initially proposed in U.S. District Court in San Francisco in March, received final approval by a federal judge on Friday
Switzerland freezes $900 m from Angolan insurance businessman
Carlos Manuel de São Vicente was a key figure in Angola’s oil industry, heading a group of companies which sold insurance and reinsurance contracts to state oil company Sonangol.Prosecutors said they froze $1.25 billion in accounts associated with de São Vicente, his family and companies late last year after Swiss banks flagged transfers to them as suspicious. They released most of the accounts in April 2019, save for two, which were in de São Vicente’s name.
India leads global rise in new weekly COVID-19 cases,while deaths down: WHO
Overall global new deaths in the past seven days fell by 3% compared to the previous week, the WHO reported, adding that overall new infections around the world rose by 1.8 million.
The respiratory disease is also spreading in the Americas, which continues to account for more than half of reported cases and deaths worldwide, although there have been slight decreases in some areas, WHO said in its latest update.
Peru, Mexico, Colombia and Argentina have seen “increasing trends”, it said.
Pandemic brings hard times for farmers, worsening hunger
The U.N. Food and Agricultural Organization forecasts that the number of undernourished people will increase by up to 132 million in this year, while the number of acutely malnourished children will rise by 6.7 billion worldwide due to the pandemic.
“We are facing two pandemics. COVID-19, which beyond its health toll is crushing livelihoods, and hunger, a scourge the international community pledged to eradicate by the end of this decade,” Qu Dongyu, the FAO’s director-general said in a commentary ahead of the virtual meeting.
Global reinsurers maintain equilibrium through COVID-19 turbulence:AM Best
The global reinsurance composite has produced a five-year (2015-2019) average combined ratio of 99.6% and a return on equity of 5.7%. The report notes, however, that 3-4 percentage points of that combined ratio performance is attributable to favorable loss reserve development. This benefit continues to diminish, and without prompt, corrective action, will create a drag on earnings.
Companies’ individual abilities to take advantage of the hardening market conditions are likely to be influenced by a flight to quality. After three years of significant industry losses, those companies with a solid financial strength, robust reputation and market position, as well as stable, consistent and transparent results, should be best-positioned to optimize their underwriting risk portfolio and continue to attract and deploy capital. In the medium term,
Swiss Re Ltd. retained the top spot as the world’s largest reinsurer, as measured by reinsurance gross premium written, in AM Best’s highly regarded annual ranking of the Top 50 Global Reinsurance Groups. Munich Reinsurance Company again was No. 2 in this latest ranking as the top 10 remained largely stable from last year.
Pradip Ghosh appointed as president of Lockton Capital Markets
KANSAS CITY: Lockton Companies has announced the appointment of Pradip Ghosh as President of Lockton Capital Markets(LCM), effective September 1, 2020. Ghosh has over 20 years of experience in the insurance, financial services, and asset management industries and will...