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Insurers raise premiums for Black Sea tankers as tensions mount – traders
The war risk premium was increased from around 1% of the cargo’s...
Munich Re remains world’s largest reinsurer in AM Best’s Top 50 Ranking, followed again by Swiss Re
According to the report, total reinsurance gross premiums written...
Britain commits to net zero greenhouse gas emissions by 2050
Temperatures have already risen about one degree Celsius since pre-industrial times. Scientists warn further increases risk triggering tipping points that could render swathes of the globe uninhabitable, devastate farming and drown coastal cities.
EU says it’s ready for ‘Undesirable’ No-Deal Brexit, but some insurers are unprepared
The EU considers the Brexit deal, negotiated over 18 months, to be complete and not open to renegotiation. Departing Prime Minister Theresa May tried and failed three times to convince Parliament to approve it. The EU no-deal preparations are mainly unilateral measures. The bloc refuses to enter into “mini-deals” with the U.K. to help make no-deal Brexit easier.
India slips 5 places to 141 on Global Peace Index 2019; Iceland again tops
According to the report, South Asia’s score for every indicator in ongoing conflict is less peaceful than the global average, with four out of six deteriorating last year. Only deaths from internal conflict improved, with fewer fatalities in Pakistan, Afghanistan and India than the year prior.
UK’s Legal & General Partners with Amazon to Create Blockchain System for Pensions
Blockchain suits “the long-term nature of annuities business as it allows data and transactions to be signed, recorded and maintained in a permanent and secure nature over the lifetime of these contracts, which can span over 50 years,” Thomas Olunloyo, CEO of Legal & General Reinsurance said.
US cyber insurance premiums see 10% increase to $2.03bn, Aon study
The report highlights that the direct incurred industry loss ratio across all cyber policies was 35.4 percent during the period, with standalone and package business reporting 34.4 percent and 36.8 percent respectively – suggesting that on the whole cyber insurance was quite profitable for US insurers in 2018. The segment had 14 additional players during the year
Indian aviation market facing very tough competition; cost environment unfavourable: IATA
Noting that cost environment is not very favourable for airlines in India, de Juniac said prospects for the airlines’ industry are less positive than six months ago. “It is a global trend, which is more accurate and visible for cargo than for passengers. We still see a strong demand in the passenger business,” he added.
Divided G20 admits worsening trade wars pose risk to world economy
IMF chief Christine Lagarde warned the tariffs could shave global GDP by 0.5 per cent or about USD 455 billion in 2020 and said trade conflicts constituted the “principal threat” to the global economic outlook.
In historic first, G20 weighs aging as global risk
Longer life-expectancy and sliding birth rates, particularly among wealthy nations, have resulted in a rapid expansion of the elderly population in places like Spain, Italy and South Korea, according to the Organization for Economic Co-operation and Development.
U.S. impacted by most May tornadoes since 2015, storms and floods leave costly financial toll
Preliminary local storm report (LSR) data from NOAA indicates that there were nearly 4,400 individual reports of tornadoes, hail, and straight-line winds – the most in May since 2011 in the USA
Aviva overhauls UK business, to cut 1,800 jobs
According to the statement, Aviva intends to reduce its expenses by cost savings in contractor and consultant spend, reduction in project expenditure and other efficiencies. This will involve approximately 1,800 role reductions across the group over the next three years, out of a total workforce of around 30,000.