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Container vessel runs aground in Hooghly river safely refloated later
The incident, which took place at around 11.30 am, had caused...
EU companies get new ESG rules aimed at addressing climate risks
Companies will have to disclose whether they have climate...
Smaller nations are the world’s healthiest, Canada tops list
A new analysis, the Global Wellness Index published by investment firm LetterOne, ranks Canada as the best country out of the 151 nations evaluated. The US trails far behind, coming in at 37. In a tighter ranking of G-20 nations combined with the 20 most populous countries on the planet, South Africa comes in dead last, below Ukraine, Egypt and Iraq.
Munich Re leads Pool Re’s £2.3bn terrorism retrocession placement
The retrocession is structured as an aggregate excess of loss treaty which will attach if Pool Re’s losses, individually or in aggregate, exceed £500 million in any year, after member insurers’ combined retention of £250 million per event or £410 million in aggregate. The £2.3 billion total reflects a further annual increase, up from £2.1 billion in 2018, as Pool Re continues to return UK terrorism risk to commercial markets. All of the capacity is written on a 3-year contractual basis.
US Supreme Court rejects Tobacco Firms’ Appeal on Smoker Lawsuits
The justices on rejected appeals by units of Altria Group Inc. and British American Tobacco Plc in eight cases that totaled more than $120 million in awards to smokers and their family members.The appeals, which argued that the companies weren’t being given a fair chance to mount a defense, were similar to previous industry bids turned away by the high court in recent years.
Insurer Group warns on property losses due to Climate Change
The warning is the latest from the financial sector of the physical and financial risks posed by rising temperatures. While some investment strategists think climate change will offer opportunities, others warn of physical damage to commercial and residential real estate
63 InsurTech deals totalling $1.59 billion unveiled globally in Q4, 2018
Dr Andrew Johnston, Global Head of InsurTech at Willis Re, says: “Cyber is a multifaceted, ever-evolving phenomenon. The appropriate response to this is to task our industry with an equally multifaceted approach. Rather than trying to specialise and excel in each tenet required, InsurTechs offer our industry a huge opportunity through strategic commercial partnering to allow incumbent insurance firms the ability to become part of a broader, more resilient jigsaw puzzle.”
Association of British Insurers warns on no-deal Brexit hit
Britain’s government is considering different options, including possibly delaying Brexit, if parliament fails to approve Prime Minister Theresa May’s deal by March 12.
Evans said Britain’s insurers have transferred about 29 million insurance contracts and set up about 40 new hubs in the EU to minimise Brexit disruption to customers.
Pool Re issues £75 million terrorism reinsurance bond
The bond, the first of its kind globally and oversubscribed by capital markets, covers physical damage from chemical, biological, radiological and nuclear and cyber attacks, Pool Re said.
Zurich’s new acquisition accelerates its delivery of innovative solutions
“This acquisition exemplifies our customer-led spirit of innovation that Zurich continues to foster as we apply customer insights to develop new ways to augment our own capabilities with companies ready to deliver innovative products and services that meet our customers’ needs now and in the future,” said Anurag Batta, head of Strategy, Innovation and Business Development for Zurich North America.
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.