People in the 27-nation European Union can alter some of what shows...
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Highly mutated COVID variant found in new countries but pandemic in ‘a different phase’
It appears that current tests and medications remain effective...
Global reinsurers pull back from natural catastrophe cover, says Fitch
Natural catastrophe business has become largely loss-making in...
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.
Strong quake strikes northwest Japan, triggers small tsunami, power cuts
“We will work closely with local authorities to provide any disaster measures including lifesaving and rescue operations and have instructed officials to provide information in a timely and accurate manner,” Chief Cabinet Secretary Yoshihide Suga – the top government spokesman – told a media briefing.
Wall Street takes on long-term care payouts as insurers balk at costs
Around 12 million people in the United States will need such assistance by the end of this decade, according to the U.S. Department of Health and Human Services. This figure is set to skyrocket as the number of retirees increases; Americans over 65 years old are projected to more than double to 98 million by 2060.
Insurance costs rocket for U.S. IPOs as twitchy investors take to courts
A $5 million policy that cost $200,000 in 2016 can now easily cost $500,000 to $600,000, said Paul Schiavone, head of North American Financial Lines for Allianz Global Corporate & Specialty, an Allianz SE unit.
BGC Insurance Group to establish new global aviation brokerage
Andrew Wallin, Chief Commercial Officer, BGC Insurance Group, said: “The current market is stacked against aviation clients, with three brokers dominating this line of business because of their scale. For a significant independent player like us with a client-focused approach, vision and technical prowess, the gap in the market offers huge disruptive potential.”
Lloyd’s of London aims to revamp Auto Coverage as era of Driverless Cars looms
Chief Executive Officer John Neal said that Lloyd’s is talking with automakers about how to set up different policies to stay relevant as car ownership changes. The shift is “inevitable” as companies such as Tesla Inc. explore their own insurance options, he said in an interview Monday.
Boeing records zero new plane orders in Paris, Airbus jumps ahead
There’s room to run up the score, said Airbus Chief Executive Officer Guillaume Faury. While Boeing’s workhorse 737 Max, idled in March after two deadly crashes, languishes on the tarmac, Faury said the European planemaker is seeing “very strong demand” for its rival A320 family of single-aisle jets.
Facebook to unveil new cryptocurrency; Visa and PayPal among partners
Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers.
Lloyd’s must seize opportunity to embrace digital transformation:John Neal
“Lloyd’s has always been a platform – a marketplace where brokers, underwriters and capital have come together to create and exchange value by exchanging risk, ultimately for the benefit of our customers. The building blocks are in place. Now we have the challenge of unlocking and evolving a 330-year-old platform.”