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AI unlikely to destroy most jobs, but clerical workers at risk, ILO says
An explosion of interest in generative AI and its chatbot...
The FAA orders quick inspections of some Pratt & Whitney turbofan engines on Airbus jets
U.S. regulators are requiring immediate inspections and possible...
MS Amlin exits aviation insurance market
As a result of the strategic review, on Oct. 1, MS Amlin announced it was exiting nine classes of business and operations (including aviation), which no longer form part of its future strategic direction. The business classes were: P&C UK Insurance (Corporate Property, Real Estate, Casualty, Package Binders, Fleet) and Aviation, while operations were Bloodstock in P&C International; UK Yacht (previously Haven); AUA Insolvency Risk Services.
Daimler Recalls Thousands of Mercedes-Benz Vehicles over Diesel Emissions
In June, Daimler issued a profit warning and announced an increase of legal provisions by a high three-digit million euros amount, to cover various ongoing governmental proceedings and measures relating to diesel vehicles.
Typhoon Hagibis: Biggest Japan storm in decades makes landfall
Prime Minister Shinzo Abe’s Cabinet hosted a disaster management meeting Friday. He said 17,000 police and military forces were ready to be deployed to ensure the safety of citizens. “The typhoon could cause power outages, damage to infrastructure and significantly affect people’s lives,” Abe said.
Cracks found on 5% of older Boeing 737 planes in inspections
Aircraft with 22,600 to 29,999 flights must be inspected over the next 1,000 flights. There are about 6,800 737 Next Generation jets in service around the world, so the cracking has so far affected less than 1% of the entire fleet.
London market premium rises to £28.4 bn
Dave Matcham, chief executive of the IUA added: “The data returns for this year’s report cover a period before the implementation of most Brexit contingency plans. Such is the diversity of London Market business models, however, it is already certain that Brexit will impact different firms in quite different ways. London is at the heart of an intricate web of cross-border business which is set to become even more complex.”
Business interruption losses in supply chain can be very severe:Lloyd’s Report
Physical impacts arising from supply chain failures can also affect intangible assets, notably brand and reputation, noted the report. In addition, the increased frequency and severity of extreme weather can exacerbate risks to infrastructure, manufacturing and distribution networks.
Trade conflicts could cause a loss of $700 bn to global economy:IMF Chief
“In 2019, we expect slower growth in nearly 90 percent of the world. The global economy is now in a synchronized slowdown,” Georgieva said in a speech ahead of IMF-World Bank autumn meetings next week.
Korean insurer plans to boost overseas investments to escape low-yield trap
As domestic yields slid, Korean insurers are putting more money offshore. Their holdings of foreign-currency securities almost doubled to 110.9 trillion won ($93 billion) as of July from three years ago, data from the Korea Life Insurance Association show
Munich Re invests $ 250m more in Next Insurance
This investment emphasises Munich Re’s commitment to be the leading provider of digital insurance solutions. It also helps Munich Re expand its footprint in the promising insurance market for small and medium-sized commercial customers in the United States. We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance,”Joachim Wenning, chairman, Munich Re
Axis Capital drops bid to cover Adani’s Australian coal mine project
“The Adani Group’s giant Carmichael coal mine is incompatible with international climate targets and AXIS is the 15th insurer and 58th financial institution to rule out support for this project,” said Peter Bosshard, coordinator of the Unfriend Coal campaign.