The Solvency II rules were inherited from the European Union and...
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‘Climate washing’ lawsuits jump as more activists challenge corporate claims, report shows
“One of the most significant groups of climate-washing cases to...
Aspartame sweetener used in Diet Coke a possible carcinogen, WHO’s cancer research agency to say
Aspartame has been extensively studied for years. Last year, an...
U.S. blacklisting of China’s Huawei to disrupt Global Technology Supply Chain
Out of $70 billion Huawei spent for component procurement in 2018, some $11 billion went to U.S. firms including Qualcomm, Intel Corp. and Micron Technology Inc., and they could see that revenue disappear.
Advisory firms urge ‘No’ vote on AIG execs’ pay packages
AIG’s board awarded Duperreault $21 million last year, less than half his compensation in 2017.His pay compares with $10 million to $17 million for CEOs of major U.S. competitors Prudential Financial Inc, Travelers Companies Inc and MetLife Inc.
Commercial insurance prices up 3% globally, 1.1% in U.S. in Q1: Marsh
Casualty prices declined globally 0.7 per cent, continuing a trend of year-over-year declines stretching back to 2013.
Bank of England fires warning shot to insurers over capital, Libor
The BoE and the Financial Conduct Authority have written to the chief executives of insurers and banks, asking them to spell out their preparations for effectively ditching the use of Libor by the end of 2021.The BoE wants insurers to reference its overnight rate SONIA in contracts and balance sheet assessments after banks were fined billions of pounds for trying to rig Libor.
Cyber Insurance growth slows down in US, records reaching $2 Billion in 2018, Fitch
Standalone cyber insurance premiums grew 12% in 2018, according to insurer statutory financial data. Fitch said high profile cyber events and previous uncertainty around cyber terms in commercial insurance policies continue to demonstrate the need for coverage. Insurers are addressing silent cyber risks by adding affirmative coverage in policies, including sublimits and cyber endorsements, but these efforts vary widely among individual companies.
WhatsApp vulnerability allowed secretive installation of spyware
Attackers could transmit the malicious code to a target’s device by calling the user and infecting the call whether or not the recipient answered the call. Logs of the incoming calls were often erased, according to the report.
Saudi Arabia says two Saudi oil tankers attacked near UAE waters
Iran’s foreign ministry called the incidents “worrisome and dreadful” and asked for an investigation into the matter.The strait, a vital global oil and gas shipping route, separates the Gulf states and Iran, which has been embroiled in an escalating war of words with the United States over sanctions and the U.S. military’s presence in the region
Lloyd’s of London seeks behavior crackdown with culture Survey
The move is the latest part of the 331-year-old insurance exchange’s response to the scandal, after Bloomberg’s report found an atmosphere of near-persistent harassment ranging from inappropriate comments to unwanted touching to sexual assault. Lloyd’s has already said it will set up an independent whistleblower hotline and give potential lifetime bans for inappropriate behavior.
Cyber Risks to exceed Natural Disasters for insurers: Scor CEO
While the cost of cyber risks has been small until now, the panel agreed it was only bound to increase. Kessler said the cyber risk could exceed $600 billion per year “in the worst case scenario.” That compares with the yearly cost of natural catastrophes, which he said is about $230 billion. The cyber risk “would dwarf it. So it gives you a size of the risk,” Scor Chairman and Chief Executive Officer Denis Kessler said.
Crash Victims’ final minutes will influence Financial Liability for Boeing, Insurers
While settling all those claims could cost $1 billion, according to a Bloomberg Intelligence estimate based on prior cases, legal experts agree the payouts could be even higher if evidence shows Boeing knew about flaws in the planes before the tragedies. That’s already prompted investor lawsuits claiming the company hid safety risks.