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Australia sues Microsoft over AI-linked subscription price hikes
The Australian Competition and Consumer Commission (ACCC) alleged...
KKR and Quadrantis Capital pick up minority stakes in Peak Re
Franz-Josef Hahn, Chief Executive Officer, Peak Re. Post...
Average annual NatCat losses for global insurance industry reaches new high of $151 billion: Verisk
“While actual annual insured losses over the past five years have been high, averaging $106 billion, they should not be seen as outliers,” said Rob Newbold, president of Verisk Extreme Event Solutions BOSTON, MA: Verisk, a global data analytics and technology...
Brazilian judge suspends Musk’s X platform for refusing to name a legal representative
Elon Musk X has clashed with de Moraes over its reluctance to comply with orders to block users.Elon Musk showed his total disrespect for Brazilian sovereignty and, in particular, for the judiciary, setting himself up as a true supranational entity and immune to the...
South African Sanlam’s subsidiary Santam plans Asian expansion
We are looking at Asia and the Middle East from a reinsurance perspective. Our expertise and understanding works well in emerging markets, and we also find that those are also growth markets and so we want to tap into some of that growth,”,” Tavaziva Madzinga,chief...
Agile launches New Zealand operation to support Lloyd’s syndicate
The establishment of a New Zealand entity solidifies Agile’s position at the forefront of Lloyd’s business in the Pacific region and paves the way for other geographic expansion. Sydney: Agile Underwriting Services has established a presence in New Zealand, the first...
Sunk superyacht likely to cost insurers at least $150 million, experts say
The hull was likely insured for around $40 million, while the P&I cover would be larger, insurance sources said. The P&I policy would likely be “several multiples” of the hull policy, or $200-300 million, Alvarez added, noting it would also likely cover...
Mpox emergency may add to economic, fiscal challenges in some African sovereigns: Fitch
In most of African countries , the number of confirmed mpox cases is very low, often in the single digits. However, there could be underreporting in some countries and the emergency declaration highlights the potential for case numbers to rise sharply, bringing the...
GIC Re emerges as the 10th largest global reinsurer in AM Best’s latest chart
In AM Best's `World’s 50 largest reinsurers in 2023’, Munich Re is the largest IFRS 17 reporting reinsurer followed by Hannover Re and SCOR Re. Swiss Re is the largest non-IFRS 17 reporting reinsurer globally, followed by Berkshire Hathaway and...
California lawmakers pass AI safety bill
The bill requires developers of large "frontier" AI models to take precautions such as pre-deployment testing, simulating hacker attacks, installing cyber security safeguards, and providing protection for whistleblowers At least 40 states have introduced bills this...
Japan issues emergency warning as powerful Typhoon Shanshan nears
The meteorological agency issued an emergency warning saying the typhoon could bring flooding, landslides and wind strong enough to knock down some houses Southwestern Japan braced on Wednesday for what officials say could be one of the strongest storms to ever hit...
Red Sea insurance nearly doubles after attacked oil tanker appears to leak oil
Insurance industry sources said on Wednesday additional war risk premiums, paid when vessels sail through the Red Sea, were quoted up to 0.75% of the vessel from 0.4% before the attack, although they were higher at 1% in February according to industry assessements of...