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FTX used Python code to fake its insurance fund figure: Co-founder
FTX's insurance fund was designed to protect user losses in case of...
Casino giant MGM expects $100 million hit from hack that led to data breach
The MGM data breach, which the FBI is investigating, is a vivid...
South Korea reports 34 new coronavirus cases,highest in a month
China’s National Health Commission reported 14 new confirmed coronavirus cases on May 9, the highest number since April 28, including the first for more than a month in the city of Wuhan where the outbreak was first detected late last year.
Iran-linked hackers recently targeted coronavirus drugmaker Gilead
Britain and the United States warned this week that state-backed hackers are attacking pharmaceutical companies and research institutions working on treatments for the new disease.
Global temperatures in Apr warmest on Record: European Climate Group
Temperatures well above the historical average also were found in Siberia, the Alaskan coast, the Arctic Ocean, Mexico, western Australia and parts of Greenland and Antarctica. Canada and some parts of southern and south-eastern Asia were cooler than usual.
UN appeals for $6.7 billion to fight virus in poor countries
“The specter of multiple famines looms. World Food Program Executive Director David Beasley said the U.N. food agency helps nearly 100 million people on any given day and unless we can keep those essential operations going, the health pandemic will soon be followed by a hunger pandemic.
President Xi warns against complacency as China downgrades COVID-19 risk levels in all regions
Addressing the meeting on Thursday, Xi said the spread of the virus overseas has not been effectively curbed yet and cluster cases were reported in a few areas in China, posing considerable uncertainty to the epidemic control.
Munich Re expects Coronavirus-Related claims in excess of $1 Billion during 2020
Finance chief Christoph Jurecka said, however, he would be “very surprised” if the company failed to post a profit in 2020.“Uncertainty is extremely high,” he told journalists by telephone. “No one knows how this pandemic will develop.”
Forced payouts of Pandemic claims risk insurers’ financial stability: Regulators
Disputes over cover for businesses struggling to stay afloat during coronavirus lockdowns have erupted in countries including Britain and the United States, where eight states have brought in laws which would require insurers to pay claims, mainly to small businesses, despite exclusions.
Where pandemic risks are covered by a policy, insurers should pay out such claims in a prompt and efficient manner, the International Association of Insurance Supervisors (IAIS) said, while cautioning “against initiatives seeking to require insurers to retroactively cover COVID-19 related losses.”
RMS unveils high definition models for European severe convective storm
“The multi-peril stochastic set includes over 7.5 million events, covering 17 countries, based on 50,000 years of simulations, so that we appropriately capture the spatial and temporal scale of convective storm risk in the European modelling domain,” said Mohsen Rahnama, chief risk modeling officer, RMS, said.
Recent events have shown the potential cost of this peril for the re/insurance industry, said RMS, noting that from 2013 to 2019, losses from major and attritional severe convective storms in Europe exceeded €12 billion (US$13 billion),said RMS in a statement.
“Businesses need to restart facilities with care and caution after coronavirus lockdown”:AGCS
“Restoring operations at a facility that was once idle or vacant presents another set of loss prevention challenges, particularly to manufacturing plants with hazardous equipment or processes,” explains Stephen Clark, Global Technical & Expertise Manager for Property Risk Consulting at AGCS.
Gilead in talks to expand global supply of COVID-19 drug remdesivir
Gilead also said on Tuesday it was negotiating long-term licenses with several generic drugmakers in India and Pakistan to produce remdesivir for developing countries and that it would provide technology to aid the production.