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Extreme heat rendering parts of the world too hot to insure
Rising temperatures are disrupting economic activity and daily life...
Possible Chinese malware in US systems a ‘ticking time bomb’: Report
"The Biden administration is working relentlessly to defend the...
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.
Ex Coca-Cola engineer stole secrets worth $120 million for Chinese firm: US
According to the indictment, You conspired with Chinese national Liu Xiangchen and an unnamed relative of Liu to steal formulations for food packing coatings that are free of the widely-used bisphenol-A chemical, which scientists have discovered in recent years is harmful to human health.
Study questions safety claims about Tesla autopilot’s steering feature
The study, released Friday by Quality Control Systems Corp., a data analysis company in Maryland, examined the National Highway Traffic Safety Administration’s 2017 conclusion that there was a 40 percent reduction in the rate of crashes by Tesla vehicles that resulted in the deployment of air bags after they were equipped with Autosteer, a part of the automaker’s suite of automated driver-assist systems it markets as Autopilot.