Kevin Leung, chief underwriting officer, Asia Pacific, Markel This...
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Musk, Zuckerberg lead a $852 billion surge among world’s richest in first half of 2023
The gains coincided with a broad stock market rally, as investors...
Wind turbines that shake and break cost their maker billions
Executives and board members are concerned that fixing the problem...
Britain may go for a hard Brexit as May quits
Spain said it now seemed almost impossible to avoid a so-called hard Brexit, or clean break from the EU, and the bloc signaled there would be no change on the agreement despite European Commission President Jean-Claude Juncker learning of May’s resignation “without personal joy.”
US engages World’s Regulators on Grounded Boeing 737
Chicago-based Boeing has developed a software fix that won’t allow MCAS to push down a plane’s nose more than once and it will rely on data from two sensors instead of one in an attempt to lower the chances that a single malfunction can trigger it.
Uber and Lyft to turn the wheels on car ownership: industry experts
“Your phone will be your car,” said Andre Haddad, CEO of Turo, a peer-to-peer car-sharing company that enables users to rent their cars out to others. Haddad said that while car sales have never been higher globally, people are realizing that owning a vehicle is increasingly becoming unaffordable due to car payments, insurance, and parking.
“Many more are realizing they can share their car when they’re not using it or rent it out to recover the big costs of ownership,” he added.
Lloyd’s of London plans to merge governance bodies -source
The plan to combine the bodies comes as Lloyd’s, which has 99 syndicate members comprising British and international insurers, is under pressure to cut costs and speed up automation after two years of steep losses.
EU’s landmark Data Privacy Law, GDPR, already providing Global Standard
The new regulation has forced global companies to reconsider their own rules, inspiring territories from Brazil to China and India to California to develop their own privacy and security regulations based on a de facto GDPR benchmark.
Johnson & Johnson hit with $25 million Talc Verdict
Johnson & Johnson was ordered to pay at least $25 million to a woman who said she contracted a rare asbestos-related cancer through decades of daily use of J&J’s Baby Powder or its other talc product, Shower to Shower.
Boeing sued by French Widow in U.S. for $276 million over Ethiopian Crash
It is unclear when the 737 MAX aircraft will receive FAA approval to return to service. Safety regulators in other countries have said they plan to independently assess Boeing’s fixes before giving their approval.
AIG shareholders OK $21 million compensation for CEO Duperreault
A non-binding resolution to endorse the firm’s executive compensation received support from just 55% of votes cast, according to a securities filing by the company Tuesday afternoon, far below the norm of 90% or more for U.S. stock issuers.
Nigeria more than triples insurers’ capital Requirements
Insurers wanting to combine life and property and casualty businesses are required to have capital of at least 18 billion naira ($50 million), up from 5 billion naira, while the minimum for property and casualty business is 10 billion naira compared with 3 billion naira. The requirement for life insurance is 8 billion naira versus 2 billion naira and that for reinsurance is 20 billion naira compared with 10 billion naira.
Japan non-life insurers focus on profitability
Over the last few years, Japan’s major non-life players have embarked on global expansion at an accelerated pace, seeking risk diversification. With regard to a change in companies’ risk profiles, AM Best views adopting a holistic approach to capital and catastrophe risk management remains crucial for the major Japan non-life insurersin the event of unforeseen catastrophe losses or amid challenging post-event market conditions.