The downgrade follows months of revelations first reported by the...
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Climate-attributed U.S. Hurricane losses to increase by at aeast 10% over 20 yrs under selected scenarios: Aon
Aon plc has revealed how its academic collaborations are...
London’s Excel Centre wins insurance ruling on COVID-19 losses
Law firm Stewarts, which represented the owners of the ExCel...
Stolen Apple IDs Used by Hackers to Steal Cash, Warn Chinese Digital Payments Firms
Digital payments services have become a tempting target for cyber-thieves as their popularity surges around the world. Ant Financial, which is controlled by billionaire Alibaba co-founder Jack Ma, is estimated to handle more than half of China’s $17 trillion in annual online payments. Formally known as Zhejiang Ant Small & Micro Financial Services Group, it leveraged Alipay’s popularity to expand into everything from asset management to insurance, credit scoring and lending. It serves more than 800 million customers. Tencent’s rival payments offering is a key component of the social media service WeChat, which has a billion-plus users.
Insurance M&A deal value expected to increase by 150% in 2018
Tim Zawacki, Senior Insurance Analyst at S&P Global Market Intelligence said, “We are in a period where insurance carriers are reevaluating what is core to their franchise and pushing for greater efficiency in both expenses and capital utilization, which in turn is driving deal volume close to record highs. With a continued push for consolidation even after one of the most active years for P&C and life insurance M&A, a variety of factors will continue to drive transaction deal value beyond 2018.”
AGCS restructures its ART line of business
Large companies are increasingly seeking to assume more control over their risk management beyond traditional insurance products in property or liability. With our two new lines of business, we can respond to these needs by designing multi-line, multi-year, parametric or capital-market solutions to protect our clients from earnings and cash flow risks. Our new structure and leadership team will help AGCS to further evolve and grow this important segment of our business”, says Hartmut Mai, AGCS Board Member and Chief Underwriting Officer Corporate.
Cost of climate-linked disasters soars: United Nations
The economic cost of climate-related disasters hit USD 2.25 billion over the last two decades, an increase of more than 250 percent compared to the previous 20 years, the UN said on Wednesday. The United Nations Office for Disaster Risk Reduction (UNISDR) noted...
India in bottom 15 of Oxfam index on efforts to reduce inequality
The index ranks 157 countries on their policies on social spending, tax, and labour rights.As per the report, countries such as South Korea, Namibia and Uruguay are taking strong steps to reduce inequality. However, countries like India and Nigeria did very badly.
Alphabet shuts Google Plus service after 500,000 users’ data breach
A memo, prepared by Google’s legal and policy staff and shared with senior executives, warned that disclosing the incident would likely trigger “immediate regulatory interest” and invite comparisons to Facebook’s leak of user information to data firm Cambridge Analytica, the WSJ report said
Limiting global warming to 1.5°C requires “rapid & far-reaching” transitions in land, energy, industry, buildings, transport & cities:IPCC
“One of the key messages that comes out very strongly from this report is that we are already seeing the consequences of 1°C of global warming through more extreme weather, rising sea levels and diminishing Arctic sea ice, among other changes,” said Panmao Zhai, Co-Chair of IPCC Working Group I.
China and India lead in Asia’s health protection gap
A report by the reinsurer, titled, “Asia’s Health Protection Gap: Insights for building greater resilience”, shows that both China and India have a high share of out-of-pocket expenses—30% in China and 65% in India—which are much higher than that of mature markets globally at 10-14%. In addition, China and India represent more than 75% of total nontreatment cases in Asia, affecting around 32m households.
Indonesia eyes “catastrophe bonds” as it looks to fund disaster recovery
Suahasil Nazara, who heads the fiscal policy office at the finance ministry, said the strategy would be launched when Indonesia hosts the the annual meetings of the International Monetary Fund (IMF) and the World Bank in Bali later this month
Geopolitical tensions create significant increase in political risk losses up from 2017:Survey
Larger companies were more likely to report using avoidance strategies – among companies with more than $1 billion in revenues, 82% stated that they had scaled back investments, and 86% had avoided future investments. Companies most frequently reported scaling back investments in Nigeria, Iran, Russia and Venezuela.