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Musk’s X to pay legal bills of people ‘unfairly treated’ for posting on platform
"And we won't just sue, it will be extremely loud and we will go...
Profits at Warren Buffett’s firm reach USD 36 billion as stocks surge and its insurance holdings perform well
Warren Buffet,chairman and CEO of Berkshire Hathaway Underwriting...
July may set global record as hottest in recorded history: United Nations
Scientists have linked the warming planet to man-made climate change, predicting a rise in temperatures of 1.5C (2.7F) between 2030 and 2052 if global warming continues apace.Emissions of carbon dioxide and other greenhouse gases are chiefly responsible for climate change, according to scientific consensus.
Willis Towers Watson acquires Risk Capital Advisors
Jill Stewart, Head of Willis Towers Watson FINEX in Australasia reinforced that there is a strong alignment between the service offerings of RCA and that of Willis Towers Watson. “Combined with our financial lines expertise including Directors’ & Officers’, Professional Indemnity and Cyber Insurance, we now have one of the most complete financial and executive risk offering in the Australasian market to support clients in a wide range of industries.
Record global insurance M&A deals in H1 2019
According to today’s mid-year report from Clyde & Co, there were 38 deals in Asia-Pacific, marking the fourth consecutive period of rising deal volume to the highest level since 2015. Japanese acquirers were again the most active ahead of Australia and India
Lloyd’s selects 11 Insurtechs to help support its Future-at-Lloyd’s project
The start-ups are focused on finding ways to enhance data sharing and provide new sources of risk insight as well as pricing and risk models to help Lloyd’s market participants better understand threat scenarios. They also will be developing methods to reduce the cost of processing claims as well as the burden of compliance and regulation
Oil tankers cut navigation risks in Strait of Hormuz by vanishing from tracking systems
Ships go dark when they want to avoid prying eyes — Iranian vessels have been doing it on and off for years because of sanctions that penalized buyers of the nation’s oil. Tankers occasionally turn off their signals when rounding the Arabian peninsula, near flash points in Yemen. This doesn’t make vessels invisible or hide them from radar, though it does make their movements harder to track
Companies Act amended to include penal provisions for CSR norm violations
Stating that the bill provides for better clarity related to CSR, she said if a company is unable to spend the earmarked amount for CSR activities within a particular financial year, it shall transfer the same to an CSR or an escrow account to be spend within the next three fiscal years.
Swiss Re H1 profit hit by Ethiopian airlines crash, grounding of Boeing 737 MAX
The Zurich-based company’s combined ratio in its property and casualty division, a key measure of profitability, was 100.5% in the first half, versus 92.9% a year earlier. Readings below 100 indicate profitability, and the company said it expected the division’s ratio to be about 98% this year.
3 of 5 costliest disasters hit emerging and developing countries in H1 2019:Munich Re
When looking at the first half of 2019, disasters in poorer countries are worrying because the victims so often have virtually no insurance cover. Cyclone Idai, which hit Mozambique, was in relative terms worse for that country than the Tohoku earthquake – the costliest natural disaster on record – was for Japan in 2011. Almost nothing was insured, so that very few of the people affected were able to obtain prompt financial assistance for the loss of their belongings. Experience has shown that such countries often take years to recover from disasters. The insurance industry therefore needs to promote partnerships with governments and development banks to provide greater assistance to countries like Mozambique, ” said Torsten Jeworrek, member of the Board of Management, Munich Re said
New auto safety technology leaves insurers in the dark
According to Swiss Re AG, the world’s largest auto reinsurer, and mapping company HERE, ADAS has the potential to reduce motor accident frequencies by up to 25%, cutting global insurance premiums for fully ADAS-equipped cars by $20 billion by 2020.
WHO launches new report on the global tobacco epidemic
Tobacco use has also declined proportionately in most countries, but population growth means the total number of people using tobacco has remained stubbornly high. Currently, there are an estimated 1.1 billion smokers, around 80% of whom live in low- and middle-income countries (LMICs).