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Swiss Re net income surges off low catastrophe-linked losses
In its key property and casualty business, Swiss Re booked $634...
Big central banks hike again with end of tightening in sight
Upcoming decisions are on a knife-edge. Pausing too early could...
U.S. P/C industry’s net income jumped 70% in 2018
The improvement in net income and $6.2 billion in additional contributed capital was more than countered by a $99.7 billion decline in unrealized gains and $5.5 billion in additional stockholder dividends, resulting in industry surplus declining 0.6% to $741.0 billion from the end of 2017.
40 killed in New Zealand mosque shootings
Authorities have not elaborated on who they detained. But a man who claimed responsibility for the shootings left a 74-page anti-immigrant manifesto in which he explained who he was and his reasoning for his actions. He said he was a 28-year-old white Australian.
Boeing to upgrade 737 MAX stall prevention system in 10 days: Source
The company has previously characterised the software upgrades as an effort to make a safe plane even safer. Engineers are making changes to the system designed to prevent an aerodynamic stall if sensors detect that the jet’s nose is pointed too high and its speed is too slow. Satellite-based data showed that both the Ethiopian Airlines and Lion Air planes flew with erratic altitude changes that could indicate the pilots struggled to control the aircraft. Both crews tried to return to t ..
Trump Budget would cut Crop Insurance subsidies
The plan would trim the USDA budget by $3.6 billion to $20.8 billion, lowering subsidies for crop insurance premiums to 48 percent from 62 percent, and limiting subsidies for growers who make less than $500,000 annually.
Boeing’s $600-bn orders at risk as clients rethink 737 Max purchases
Boeing, whose shares have lost 11 percent of their value this week, faces escalating financial risk after two disasters involving its newest narrow-body jet in the past five months.
Tata Motors’ JLR recalls 44,000 cars over CO2 emission levels
The European Commission’s rapid alert system warned that JLR’s cars “may emit excessive levels of CO2 and may not conform with the certified condition”.
Boeing faces crisis with worldwide grounding of 737 MAX jetliners
The US Federal Aviation Administration (FAA) cited new satellite data and evidence from the scene of the recent crash near Addis Ababa for its decision to join Europe, China and other nations in suspending 737 MAX flights
Uber settles Driver Classification disputes for $20 mn
The drivers attacked the ride-sharing company’s business model of treating them as contractors to avoid the costs of paying a minimum wage, overtime, sick leave and health insurance.
Insurers face large claims after second Boeing 737 MAX crash
Willis Towers Watson was the insurance broker for Ethiopian Airlines, while Chubb was the lead insurer, a Willis spokeswoman said on Monday. A Chubb spokesman declined to comment.Britain’s Global Aerospace was the lead insurer for Boeing and also for Lion Air, which operated the plane that crashed in October, said Global Aerospace Chief Executive Nick Brown.’Insurers typically form a consortium to share the risks of large claims, with the lead insurer taking a larger proportion of the risk. The insured value of the plane itself was likely around $50 million (£38 million), according to industry sources.
China Re launches renewable energy consortium for offshore windfarm risks
The consortium covers construction all risks (CAR), erection all risks (EAR) and third-party liability (TPL) and can provide capacity of up to USD 225M per risk.