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Scorching temperatures hit Asia’s power grids, raise region’s health risks
While this time of year is typically the hottest for India and...
Gallagher launches new brokerage in Japan
Speaking on Gallagher’s expansion plans in Asia, Thomas Wang,CEO...
Facebook ‘made mistakes’ on Cambridge Analytica, says Zuckerberg
In a Facebook post, Mr. Zuckerberg said it will ban developers who don’t agree to an audit. An app’s developer will no longer have access to data from people who haven’t used that app in three months. Data will also be generally limited to user names, profile photos and email, unless the developer signs a contract with Facebook and gets user approval.
Lloyd’s announces an aggregated market loss of £2bn for 2017
key financial figures are:
• Aggregated market pre-tax loss of £2bn (2016: Pre-tax profit of £2.1bn)
• Gross written premiums of £33.6bn (2016: £29.9bn)
• Major claims for 2017 were £4.5bn (2016: £2.1bn)
• Net investment return of £1.8bn (2016: £1.3bn)
• Combined ratio of 114.0% (2016: 97.9%)
Self-driving Uber kills US woman in first fatal crash involving pedestrian
UBER said it was suspending North American tests of its self-driving vehicles, which are currently going on in Arizona, Pittsburgh and Toronto.“This tragic accident underscores why we need to be exceptionally cautious when testing and deploying autonomous vehicle technologies on public roads,” said Democratic Senator Edward Markey, a member of the transportation committee, in a statement.
Allianz expands entertainment insurance to Asia with Singapore launch
The Entertainment product line is the latest addition to a growing AGCS Asia book that contributed 6 per cent to overall global premium volume of EUR 7.4 billion in 2017.
GIC Re’s new Lloyd’s Syndicate to begin ops in Apr
Alice Vaidyan, CMD, GIC Re, said,“The Indian official reinsurer wishes to be the 10th (currently 12th) largest reinsurer in the world at the end of the current fiscal and the Syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources.”
“Munich Re is again poised for growth”
“Our target for 2018 is slightly higher than the profit guidance for the previous year. Our growth initiatives in reinsurance are benefiting from tailwinds as prices rise. We are investing heavily in digitalisation and are cutting costs to prepare for digital transformation and make Munich Re fit for the future,”Joachim Wenning, Chairman of the Board of Management
90% bottled water brands contaminated globally
The findings suggest that a person who drinks a litre of bottled water a day might be consuming tens of thousands of microplastic particles each year
New Tata Steel UK pension scheme to be set up after meeting minimum criteria
This is very good news for the 83,000 members who wanted to receive their benefits from the New Scheme and chose to switch to it,” said Alan Johnston, who will now act as chairman to the trustee of the New BSPS.
UK insurer Prudential says to split into two
Prudential will become a solely international firm, focused on the U.S., Asia and Africa, and will be led by current Chief Executive Mike Wells. Prudential expects Asia’s expanding middle class to continue to drive that growth by fueling demand for more savings and life and health insurance coverage.
China to merge banking, insurance regulators in massive overhaul
The new regulator will be capable of “holding the bottom line to prevent systematic financial risk.The responsibilities of the two separate regulators currently overlap in some areas, leaving regulatory roles unclear, a parliamentary document says.The two regulators will hand off duties such as proposing laws to the People’s Bank of China in a sign that the central bank is beefing up its regulatory role.