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Amazon River falls to lowest in over a century amid Brazil drought
Brazil's Science Ministry blames the drought on this year's onset...
Lloyd’s approves Oka syndicate-in-a-box 1922, to focus on solution to protect against buyer-side carbon credit risks
The volume of carbon credit purchases has quadrupled over the past...
Self-driving sector contends its cars can prevent many more crashes than insurance study says
Jack Weast, vice president of autonomous vehicle standards at Intel Corp’s Mobileye, in an interview on Friday said the auto industry was assembling a vast list of likely road scenarios and human behavior that every driverless car should be able to navigate safely. Government agencies and insurance companies are part of that process, Weast said.
IOC seeks insurance compensation for delayed Tokyo Olympics
An “open discussion” is under way with insurance brokers, the IOC’s Olympic Games operations director Pierre Ducrey said Thursday. The aim is “to try and find the right level of compensation to help us bear the cost of having to wait another year,” Ducrey said.
The IOC pays for insurance against the cancellation of an Olympics but it has been unclear if its policy covers the one-year postponement forced by the coronavirus pandemic.
U.S. insurers ask Treasury, Fed to back pandemic payouts for trade credit coverage
Trade credit insurance, which covers $600 billion in U.S. business transactions annually, protects businesses selling goods and services from the risk that insolvent buyers will not pay them. Washington lobbyist David Ross spoke with Steven Seitz, director of the Treasury’s Federal Insurance Office on a May 27 call about support for the niche industry, James Daly, chief executive officer of Euler Hermes Americas, an Allianz SE unit, told Reuters.
Trade credit insurers want about $60 billion in government support, as shared claims payouts, Daly said. Policyholders would pay additional premiums for the backing.
Ocean shipping shrinks as pandemic pummels retailers
Many are also cutting down the number of voyages and providing short-term storage for clients as the industry, which includes heavyweights like Maersk, MSC and Hapag-Lloyd, faces its biggest downturn since the 2008 financial crisis.
‘It’s not over’: COVID-19 cases rise in some nations easing lockdowns: WHO
The epicentre of the pandemic is currently in countries of Central, South and North America, particularly the United States, WHO spokeswoman Margaret Harris said.
UK offers 10 billion pounds in guarantees for trade credit insurance
Several countries including France, Germany and the Netherlands have introduced similar schemes, and Britain has also expanded its export credit guarantee scheme, which typically supports trade in developing markets, to cover developed markets.
Self-driving cars could only prevent a third of U.S. crashes – study
Companies developing self-driving vehicles, including traditional automakers and technology companies, have repeatedly positioned fully automated driving as a tool to drastically reduce road deaths by taking the human driver out of the equation.But the IIHS study outlined a more nuanced picture of human driver error, showing that not all mistakes can be eliminated by camera, radar and other sensor-based driverless technology.
As Asia’s tropical storm season arrives, grounded airplanes at risk of damage
Major airports in storm-vulnerable regions such as Hong Kong, Taiwan, Japan, the Philippines, Thailand and India have been effectively turned into giant parking lots as COVID-19 travel restrictions choke demand.
“If you have got those aircraft on the ground, you can imagine to get them back up and running in a short space of time is no easy thing,” said Gary Moran, head of Asia aviation at insurance broker Aon. “The challenge is you can have a typhoon or hurricane coming and there are going to be a lot of aircraft that aren’t going to be able to be moved in time.”
Publishers sue internet archive over free E-Books
The plaintiffs, who include Penguin Random House, Hachette Book Group, HarperCollins and Wiley, are seeking a permanent injunction against the library and an undetermined amount of money for damages. Court papers refer to page views on the archive site, more than 50,000 alone in New York state, but not to how many books were actually borrowed.
Munich Re defends top global reinsurance ranking in 2019
China Re,only Asian reinsurer among the top 10 global reinsurer, with a total reinsurance premium of $ 13.31 billion has fallen one notch down to ninth position in 2019.However,another Asian major Korea Re with a global premium of $ 6.91 billion has improved its position by one notch to 12th from 13th in 2019
India’s GIC Re with a global premium of over $ 6.53 billion in 2019 has maintained its existing 14th position in the new list.
For the first quarter of 2020, Munich Re disclosed COVID-19 related loss of €800 million, mainly from event cancellation insurance, while Swiss Re said it was expecting a $476 million nonlife charge that mainly covers expected claims for canceled or postponed events. Allianz Group and Hannover Re announced estimated losses of €400 million and €220 million, respectively.
The novel coronavirus is expected to add to the upward pressure on reinsurance rates at the June 1 and July 1 renewals. Pandemic-related claims and the fall in market value of reinsurers’ investment portfolio are both expected to contribute.