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Severe thunderstorms account for up to 70% of all insured natural catastrophe losses in 1H2023, Swiss Re
Severe convective storms – storms associated with thunder,...
US insurers invested in fossil fuels as climate risks to underwriting mount -report
A data sample comprising 77% of U.S. insurers showed they held...
U.S. law firms ‘Hounded’ relatives of Ethiopian Airlines’ crash victims
Lawyers representing victims of airline crashes can get millions of dollars in fees if they win or settle cases in U.S. courts, where there can be large payouts.
Bank of England enhances scrutiny of Lloyd’s whistleblower systems
ACORD Names Top Ten InsurTech Leaders of 2019
“ACORD’s Top Ten InsurTech Leaders list features visionaries operating throughout the insurance value chain, from large, established incumbents to small startups. For real change to happen, we need long-time industry leaders and new players with fresh perspectives to work together,” said ACORD President and CEO Bill Pieroni.
Four Muslim nations consider gold, barter trade to beat future sanctions
“With the world witnessing nations making unilateral decisions to impose such punitive measures, Malaysia and other nations must always bear in mind that it can be imposed on any of us,” Mahathir said.
Australia’s bushfires circle Sydney as temperatures soar
The Gospers Mountain mega fire has already burned almost 460,000 hectares (1.14 million acres) to the northwest of Sydney, and there was a risk it could join up with the Grose Valley fire in the Blue Mountains to the west of Sydney.
Google fined $167 million in France amid crackdown on online advertising
The fine is France’s third biggest monopoly abuse penalty since 2009. French regulators are separately investigating Facebook Inc. following a complaint from Criteo. said Isabelle de Silva,president, France’s Autorite de la concurrence, It will also set up a new digital unit to handle internet issues.
Crisis looms as debt wave sweeps developing nations, warns World Bank
After declining during the 2008 global financial crisis, amid very low borrowing costs in just eight years since 2010, debt in these countries climbed to an all-time high of roughly 170 per cent of GDP or about $55 trillion.
Global cat insured losses from natural and man-made catastrophes fell 40% to $ 56 bn in 2018: Swiss Re
Climate change is leading to more frequent and more severe secondary peril events, which manifest in different ways: more local flooding, torrential rains,prolonged drought, severe wildfires and other extreme weather events. Together, secondary perils are estimated to comprise more than 50% of this year’s global insured losses from natural catastrophes, demonstrating once again the very significant impact these events can inflict on societies.
MS Amlin confirms exit from domestic UK P&C classes
Tom Clementi, CEO of MS Amlin Underwriting Limited, commented: “The decision to place these classes into run-off will enable us to focus on our core markets and ensure we are best placed to serve our clients going forward. The decision aligns with the new underwriting strategy we outlined on 30th September and the steps we have taken to remediate the business since then. We are committed to supporting both our customers and our people through this process.”
Cigna to sell unit to New York Life Insurance in $6.3 billion deal
Similar divestitures have been announced by other health insurers including Aetna Inc, which said in 2017 it would sell its U.S. group life and disability unit for $1.45 billion to Hartford Financial Services Group.