In the last five years, the number of climate-related court cases...
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Australia unveils cybersecurity ramp up after port cyberattack
Under the new cybersecurity strategy, the government will take...
BIS sees climate losses hitting governments as insurers exit
Financial watchdogs are stepping up scrutiny of insurers to monitor...
Swiss Re and PGGM enter into second private sidecar transaction
The transaction is a further milestone for Swiss Re’s Alternative Capital Partners team, which was formed in 2019 to manage Swiss Re’s third-party capital activities. Alternative Capital Partners enables Swiss Re to grow its natural catastrophe book and proactively manage its risk appetite by making use of a broad range of third-party capital and retrocession instruments.
West African Coast re-emerges as hotspot for Piracy,Allianz Says
About 45% of global piracy occurred in the Gulf of Guinea in the first quarter of this year, according to Allianz. There were 47 reported incidents, up from 38 a year ago, mostly targeting container ships and bulk carriers.
Twitter hacking spree alarms experts concerned about the platform’s security
“If the hackers do have access to the backend of Twitter, or direct database access, there is nothing potentially stopping them from pilfering data in addition to using this tweet-scam as a distraction,” said Michael Borohovski, director of software engineering at security company Synopsys.
U.N. aid chief to G20 on coronavirus: ‘Step up now or pay price later’
The United Nations increased its humanitarian appeal by more than a third to $10.3 billion to help 63 states, mainly in Africa and Latin America, tackle the spread and destabilizing effects of the coronavirus. This is up from the world body’s initial $2 billion request in March, then $6.7 billion in May.
So far, Lowcock said, the United Nations has only received $1.7 billion.
IMF chief warns global economy ‘not out of the woods,’ dangers lurk
The IMF last month further slashed its 2020 global output forecasts, predicting a 4.9% contraction and weaker-than-expected recovery in 2021.
IMF Managing Director Kristalina Georgieva said $11 trillion in fiscal measures by G20 members and other countries, as well as massive central bank liquidity injections, have put a floor under the global economy.
Even so, dangers lurked, she said, including a major new wave of infections, stretched asset valuations, volatile commodity prices, rising protectionism and political instability.
Russia trying to steal COVID-19 vaccine data, say UK, U.S. and Canada
British foreign minister Dominic Raab said it was “completely unacceptable” for Russian intelligence services to target work on the pandemic.
However,the Kremlin rejected Western allegations Russia had tried to steal COVID-19 vaccine data, Russian news agencies reported.
TASS cited Kremlin spokesman Dmitry Peskov as saying Russia had nothing to do any alleged hacker attacks on pharmaceutical companies and research institutes in Britain.
South African regulator cautions insurers over rejection of virus claims
A Cape Town court on June 26 ruled in favor of a restaurant seeking payment from Momentum Metropolitan Ltd.’s Guardrisk Insurance Co. Guardrisk is “in the process of engaging with our legal team to study the judgment and consider the next steps,” a representative said.
A second wave could eat into insurers’ capital:S&P
Currently estimates of insured losses from COVID-19 vary and include V.J. Dowling’s $80 billion to the Lloyd’s estimate $107 billion and Willis Towers Watson’s $140 billion. The consensus is that the bulk of the losses will come from event insurance, business interruption and entertainment. S&P expects the bulk of claims to be reported in Q2 and Q3. However, it warns, losses could escalate if conditions worsen beyond the current recovery scenario.
UK Plans to spend $6.6 billion on building flood defenses through 2027
Under the plans, the UK’s Flood Re insurance program will also be modified to allow claims to include the installation of flood resilience measures as well as repairs for affected properties.
“For every pound spent improving protection from flooding and coastal erosion, we avoid around 5 pounds of property damages,” Environment Agency Chairman Emma Howard Boyd said. “The long-term commitments announced today will make homes, businesses and infrastructure more resilient to the accelerating impacts of the climate crisis.”
Russia requires firms to develop financial/insurance contingency plans for oil spills
The law makes it mandatory for companies to have sufficient financial reserves to prevent potential spills or clean them up if they occur. The financial reserves can take various forms, including an insurance contract or a letter of guarantee to pay the damage from a given accident.The law also requires companies handling hydrocarbons to draw up plans to prevent and clean up spills by Jan.1, 2024.