Generali beat out other large European insurers to acquire the...
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Rising cyberttack on EU’s renewable sector, nightmares for European power chiefs
Sophistication of Russian cyberattacks against Ukraine had provided...
How Europe is leading the world in the push to regulate AI
The measure, first proposed in 2021, will govern any product or...
Anthem, Cigna in court battles over failed merger
Cigna, which would have been acquired by Anthem, says it’s the injured party and is demanding about $15 billion. Anthem, which runs Blue Cross and Blue Shield plans in more than a dozen states, insists it’s owed $20 billion because Cigna dragged its feet to sabotage the deal.
NASA warns SpaceX, Boeing on Space Program safety concerns
Some of the risks – such as those identified in the designs of the enormous parachutes that deploy when the capsule plummets back to Earth at supersonic speeds – are uncommon given how close SpaceX is to test flights, two of the people said.
Insurance not enough to offset financial risks of climate change, analysts say
Over the next 30 years, the risks from heatwaves, storm surges and floods will increase substantially because of warming already underway, the physical threats report noted
Swiss Re net profit at $421 mn in 2018, gross premium rises 4.7 % to $36.4 bn
Swiss Re Group Chief Executive Officer, Christian Mumenthaler, said: “There was no respite from large nat cat events and man-made disasters in 2018. Our financial strength enabled us to support our clients in these tough times. It was the second challenging year in a row for the industry and us. Our P&C businesses were heavily impacted by the events. Corporate Solutions’ results were disappointing. But even in challenging conditions, I am optimistic about Swiss Re’s future. In the January renewals of our P&C Re business, we were able to grow while keeping our running costs flat. We expect further price improvements in the renewals later this year, especially in the loss-affected markets.”
China Abandons Pledge, Returns to Very Active Hacking of U.S, Report Says
China’s hacking targets in 2018 included telecommunications systems in the U.S. and Asia, according to Crowdstrike. Groups linked to Iran and Russia also appeared to target telecommunications, a sector that yields “the most bang for your buck” for hackers due to the large number of users that can be accessed after breaching a single network, Adam Meyers, vice president of intelligence at Crowdstrike said.
How pricing insurance for cars of future could bring Insurers, Carmakers together
On Jan. 30, Peate announced the creation of Avinew, with $5 million in seed funding led by Los Angeles’ Crosscut Ventures. Its insurance product will monitor drivers’ use of autonomous features on cars made by companies including Tesla, Nissan, Ford and Cadillac, determining discounts based on how the feature is used. Avinew has agreements with most manufacturers, and is working to tie up the rest, Peate said, allowing it to access driving data once a customer gives it permission.
Jean-Paul Conoscente to succeed Victor Peignet as CEO of SCOR Global P&C
SCOR’s group has posted a net income is EUR 322 million for 2018, despite the cost of the nat cat events that occurred in Q3 and Q4.
Once pariahs, tobacco giants like Philip Morris quietly return to Formula-1
Since 2006, Formula 1’s ruling body FIA has been firmly opposed to any advertising or sponsoring of cigarettes or tobacco.
AI to tackle UK insurance fraud and assess flood damage
The project is one of 40 backed by £13 million in Government investment to support collaborative industry and research projects to develop the next-generation of professional services.
California considers insurance to help with wildfire costs
The most populous state should follow the lead of Oregon, the World Bank and the Federal Emergency Management Agency after outspending its emergency fund in seven of the last 10 years, California Insurance Commissioner Ricardo Lara and Treasurer Fiona Ma said.California spent nearly $950 million two years ago, about $450 million more than was budgeted and by far the highest annual amount. It spent about $677 million last year, as wildfires again swept through cities, suburbs and more rural areas.
California has experienced 11 of the top 20 most destructive fires in its history since 2007.