“The fire is most definitely still not controlled. It’s a very hard...
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Macroeconomic, geopolitical conditions pose severe risks to organisations: WEF Survey
Recent months have also seen a sharp increase in discussion of...
Fed raises interest rates, leaves door open to another increase
US Fed Chair Jerome Powell As it stated in June, the Fed said it...
Lloyd’s underwriters team up to “insure the uninsurable” with a £53m capacity
The market-led solution, led by senior underwriters from Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo will trial new types of insurance for complex and non-standard risks, including, but not limited to, intangible assets and supply chain risks, or mishaps caused by artificial intelligence.
Rivals ride rising rates as Lloyd’s abandons some ship insurance
Premiums for marine insurance, which until 2018 had fallen for years due to rising competition and lower claims, are increasing after a surge in catastrophe losses in the past two years and growing geopolitical tensions..
Persian Gulf oil shipments now cost more than $500,000 to insure
Underwriters are now aiming to charge anywhere from $150,000 to $325,000 to cover a cargo valued at $130 million, the people familiar with that market said. Until this week, the same cover cost $1,000 or less. Insuring the tanker itself now costs in excess of $200,000, based on a $75 million vessel. That’s up from less than $30,000 at the start of 2019.
Trump moves to force hospitals, insurers to disclose Prices
The Trump administration has advocated for bringing down health-care costs by making prices more visible, boosting competition and reducing regulation. The approach contrasts with proposals from many Democratic presidential candidates to expand Medicare, the government health-insurance program for older Americans, to the broader population.
Liberty Mutual Insurance decides not to insure Adani’s controversial $16.5bn Australian coal mine
10 of the world’s largest insurers and reinsurers, on serious environmental concerns,had earlier refused to provide support for the development of Gautam Adani owned Adani Group’s $16.5bn Carmichael coal mine and rail project in Clermont Town, Central Queensland.
India becomes investment darling for sovereign wealth, pension funds
“Almost every jurisdiction in the western world is raising the bar for entry for foreign investors but in India it’s the other way round. There’s also the attraction of the demographics and a lot of assets that sovereign funds like, such as infrastructure, where there’s a huge appetite for foreign funding.”
Tesla’s Autopilot System Confuses Drivers About Extent of Automation: Safety Report
Chief Executive Officer Elon Musk has billed Tesla as a leader in autonomous driving, telling investors last month that the technology will be “transformative” and a catalyst for the company to eventually be worth a half-trillion dollars.
US approves, then cancels, Iran strikes after drone shot down: Report
The US was planning to hit “a handful of Iranian targets, like radar and missile batteries” Thursday evening, the newspaper said, citing senior administration officials, but the plan was suddenly aborted in its early stages.
May 2019 was the 4th hottest on record for the globe
The period from January through May produced a global temperature 1.67 degrees F above the 20th-century average of 55.5 degrees F, making it the third-hottest year to date on record. Record-breaking heat affected parts of the southern half of Africa; Australia; southeastern Brazil; northern North America; Asia; parts of the southern oceans; the Barents Sea; and areas of the North Pacific Ocean.
Saudi insurers Walaa, Metlife AIG ANB consider merger
Saudi Arabia’s crowded insurance sector is ripe for consolidation after the central bank proposed more stringent risk-based capital requirements to bolster the insurance sector.