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JPMorgan agrees to pay $290 million to settle Jeffrey Epstein case
The “agreement in principle” would settle a proposed class action...
SCOR chairman Kessler, 71, passes away, company pays tribute
Denis Kessler Thierry Léger, chief executive officer, SCOR, said,...
Power & renewable energy companies facing considerable disruption:Willis Report
George Nassaouati, Head of Natural Resources, Asia at Willis Towers Watson, commented: “It is incumbent on the insurance industry to embrace the risks presented by these new developments and provide the appropriate risk advisory and risk transfer / retention solution. It is essential that today’s power and renewable organisations prepare themselves for the turbulence that disruptive change inevitably brings.”
ILS growth to $93bn in 2018 bodes well for a continued healthy market:Willis Re
In the face of multiple smaller catastrophic events in 2018 and a meaningful series of catastrophes in 2017, non-life cat bond issuance remained strong. About $9.2 billion of new capital was delivered, marking the second most active calendar year ever. Of $535 million in bonds issued during Q4, $125 million provides protection from California wildfire liability, $200 million grants peak multiperil protection, and $210 million covers U.S. earthquake (workers’ compensation).
Global ransomware attack could cost businesses almost $200bn, new study finds
Regionally, the US would be the hardest hit with $89bn at risk. Europe could lose $76bn, with Asia losing $19bn.The rest of the world could lose $9bn.
Despite the high costs to business, the report shows the global economy is underprepared for such an attack with 86% of the total economic costs uninsured, leaving an insurance gap of $166bn.
Lancet report blames ‘Big Food’ firms for fuelling obesity, climate change
The global rate of obesity almost tripled in the last four decades, with more than a third of the world’s adults now in a weight range that increases risks of heart disease, cancer and other disorders, according to the WHO. Meanwhile, almost half of children under the age of 5 don’t get needed nutrients — mostly in low- and middle-income countries — even as average weight increases.
Pilot of US-Bangla airline smoked inside cockpit: Reports
The report has pointed to the human discretion and the natural factor that contributed for the downing of the aircraft
Swiss Re makes digital side-bet as premiums languish
“It means the whole value chain is under significant pressure…Costs have become much more important over the last years and for the foreseeable future, so there will be continual pressure on costs, and not just for Swiss Re.”
PIMCO launches new Insurance-Linked Securities business in partnership with Allianz
PIMCO will work in partnership with its parent, Allianz, to source global catastrophe risk in the form of collateralized reinsurance and other structured investments, while maintaining independent underwriting and portfolio construction procedures. This differentiated approach will also give PIMCO the flexibility to source risk from the open market in an effort to deliver attractive risk-adjusted returns for clients.
Music team joins Miller to grow music and entertainment offering
“We are really pleased that Martin, Holly, Rose and Pam are now on board. Bringing a team of this calibre to Miller can only be of great benefit to our clients. Their knowledge of the music industry and insurance market will enable us to hit all the right notes with our offering to parties in the music and entertainment sector,”
France uses strict EU privacy law first time, fines Google 50 mn euros
Google was handed the record fine from the CNIL regulator for failing to provide transparent and easily accessible information on its data consent policies, a statement said.
Weather catastrophes drive majority of $225 billion economic cost of natural perils in 2018 – Aon report
Of that total, private sector and government-sponsored insurance programs covered USD90 billion of the total – the fourth-highest year on record. This means the protection gap, which is the portion of economic losses not covered by insurance, was 60 percent and at its lowest level since 2005.