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Number of global climate-related court cases rise almost three times in last 6 yrs
In the last five years, the number of climate-related court cases...
Australia unveils cybersecurity ramp up after port cyberattack
Under the new cybersecurity strategy, the government will take...
U.S. sanctions advisory raises hurdles for global maritime industry
U.S. guidelines seeking constant location monitoring of ships, and investigations by insurers of gaps in that tracking, may also prove difficult, industry officials said. The advisory notes that weather often interferes with AIS transponders, and ship captains should have the discretion to go dark to avoid pirates or militants on the high seas.
SCOR joins UN-convened Net-Zero Asset Owner Alliance, alligns its investment portfolio with low-carbon economy
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “SCOR is pleased to join the Net Zero Asset Owner Alliance to promote the transition to a post-coal economy. As a Tier 1 global reinsurer, SCOR has a longstanding commitment to fighting climate change over the long term. Protecting people and property from natural catastrophes and encouraging sustainable development, particularly in a context of intensified climate risk and increased extreme events, are integral parts of the Group’s mission. By joining this initiative and implementing new measures to support the energy transition, SCOR is further strengthening its sustainable approach to investment, as set out in its “Quantum Leap” strategic plan.”
Airbus opens investigation into plane crash in Pakistan
Initial reports have said the Pakistan International Airlines jet crashed after an apparent engine failure. Pakistani aviation authorities said Tuesday they have shared their initial findings with the visiting 11-member team from the European plane maker.
Pandemic forces virtual safety checks for oil tankers
With an estimated 160 million barrels of surplus oil being kept onboard dozens of tankers because on-land storage is full, the situation is pressing.
If restrictions on access to ships stay in place towards the final quarter of the year, tankers may be unable to store oil or sail until repairs can be carried out. This could drive up freight rates for shipping and storage, as fewer vessels will be seaworthy.
U.S. lawmaker wants insurers, govt. to share future pandemic business losses
The legislation, introduced by Rep. Carolyn Maloney, a Democrat from New York, would provide up to $750 billion in taxpayer funds to pay insurance claims for business loss revenue during future pandemics. Insurers would first have to pay out a total of $250 million in losses, according to the bill.
Insurers are turning their focus to future pandemics after facing lawsuits, political pressure and criticism from customers who say insurers’ business interruption policies denied their claims for pandemic-related losses.
FERMA calls for EU resilience framework for catastrophic risks
FERMA President Dirk Wegener said: “We now aim to deepen discussions with the EU, the Member States and the insurance sector, and to develop solutions for both short-term crisis management and long-term business resilience. FERMA members have expertise and experience in the field of business interruption that we want to contribute to the future resilience of European business.”
Busy Atlantic hurricane season predicted for 2020
HOUSTON: U.S. forecasters expect an above-normal 13-19 named storms during the 2020 Atlantic hurricane season, the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center said on Thursday.NOAA forecasters estimate three to six...
Brazil reinsurer IRB eyes acquiring foreign competitors’ portfolios:Report
With the region’s economy side-swiped by the coronavirus-linked economic crisis, some global reinsurers are leaving or decreasing operations in Latin America to focus on their main markets in the United States and Europe, one source said, without revealing names.
UK’s Aviva expects COVID-19-related claims of nearly $200 Million
Aviva said on Thursday the “vast majority” of its commercial policies did not cover business interruption claims arising from COVID-19, but it had paid some claims in Britain and Canada where cover was in place.
UK insurers,banks prepare for return to office of the future
And while the 330-year-old Lloyds of London insurance market does not plan to reopen its underwriting floor before August, 40-50 “pathfinders” may start returning from June, its Chief Executive John Neal said.