The warning - issued this week in research published in the journal...
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New Zealand offers to buy out owners of homes damaged by Cyclone
Together with local councils, the government will offer to buy as...
Canadian pension fund CDPQ puts brakes on China investment – FT
The Financial Times in February reported that Singapore's sovereign...
AM Best revises 2019 Global Reinsurance Outlook to Stable
OLDWICK, N.J: AM Best has revised its market segment outlook for the global reinsurance industry to stable from negative for 2019, citing factors stemming from a growing alignment between traditional and third-party capital among non-life reinsurers. A more-stabilized...
Jack Ma is using sports data to change the way people shop
Using marathons as a guinea pig, it’s scooping up broadcast rights and collecting information on participants and viewers to sell them everything from running shoes to health insurance.
Marriott CFO says too early to estimate Cyber Breach costs
The company could face $200 million in fines and litigation expenses, and could spend about $1 per customer notifying victims and providing free data monitoring services, according to a note last week from Morgan Stanley.
Insured losses from California Wildfire Between $6 bn and $9 bn: AIR Worldwide
The fact that damage from fire, including wildfire, is included in standard homeowners’ policies in California informs the assumption of nearly 100% take-up rates. The range of loss estimates is based on the modeled loss within the burn scar and reflects uncertainty in the payment of additional living expenses resulting from mandatory evacuations, loss of some individual structures outside of the most affected neighborhoods, extra expense and ordinance losses, as well as loss due to smoke, loss of electricity, and damage from suppression efforts.
Actuaries face uncertainty amid encroachment by Data Scientists
Seasoned actuaries often earn more than $200,000, and the field perennially ranks near the top of “best career” surveys. A Bankrate.com survey from this summer called actuarial science the most valuable bachelor’s degree based on pay and employment. However, industry conventions are rife with warnings that data scientists are encroaching on actuaries’ turf, and that their lack of speaking skills keeps them locked in bookish roles at insurers.
Self-Driving Vehicle Regulation Bill gets late push in US Senate
Under the legislation, automakers would be able to win exemptions from safety rules that require human controls. States could set rules on registration, licensing, liability, insurance and safety inspections, but not set performance standards.
Early diagnosis of disease to drive future life expectancy, Swiss Re
Digital health tools like telemedicine and wearables can play an important role in driving future mortality improvement. These technologies not only improve access to care but also encourage healthcare markets to compete for lower, more affordable options.
Marriott Data Breach highlights `Silent Cyber Risk’ in acquisitions
Hotels are especially vulnerable to security breaches, because many still swipe credit cards at check-in rather than implement chip readers, said Brian Krebs, a cybersecurity expert. Last year, he said, both Hyatt Hotels Corp. and the Trump hotels collection had security breaches and in 2016, he uncovered similar breaches at InterContinental Hotels Group.
California takes over insurance company unable to pay claims after wildfire
Moody’s last week estimated total insured losses at $10-$15 billion from the Camp Fire and the Woolsey fire, which was burning at the same time in the foothills above Malibu in southern California.
World Bank Promises USD 200 Bn In 2021-25 Climate Cash
“If we don’t reduce emissions and build adaptation now, we’ll have 100 million more people living in poverty by 2030,” John Roome, World Bank senior director for climate change, warned.