Isaac Meek,cyber senior underwriter, Markel In his new post, Meek...
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AM Best revises outlook on India’s Non-Life Insurance segment to stable
The Best’s Market Segment Report, “Market Segment Outlook: India...
Hillary Clinton at COP28 climate talks calls for insurance reform
Former U.S. Secretary of State Hillary Clinton “We need to rethink...
Global investors including insurers urge Brazil to stop deforestation
The 25 European signatories include Norway’s Nordea Asset Management and the Church of England, which has a 2.8 billion pound ($3.5 billion) pension fund. The UK’s Legal & General Investment Management (LGIM) is among the largest investors with 1.2 trillion pounds under management.
The letter does not spell out consequences if Brazil’s government does not take action, but seven European financial firms told Reuters last week they could divest from Brazil-linked holdings if environmental destruction continues. Many of those firms also signed the letter to embassies.
Bayer to pay up to $10.9 billion to settle bulk of Roundup weedkiller cancer lawsuits
As of April, the company had been sued by 52,500 U.S. plaintiffs who blame glyphosate-based weedkillers for their cancer, up from 48,600 in February. Law firms had lined up tens of thousands of additional claimants with cases yet to serve.
10,000 passengers join EasyJet lawsuit over Data Breach
Victims are entitled to as much as 2,000 pounds ($2,500) in compensation, meaning the case could be worth as much as 18 billion pounds.EasyJet said last month that the email addresses and travel data of about 9 million customers were taken by hackers in one of the biggest privacy breaches to hit the airline industry
CCRIF pays Guatemala $3.6 mn under its excess rainfall parametric insurance policy
CCRIF currently has 22 member governments of which three are from Central America – Nicaragua, Panama, and Guatemala. Since its inception in 2007, CCRIF has made a total of 43 payouts for 21 events (earthquakes, tropical cyclones, and excess rainfall events) to 14 member governments totalling US$155.8 million. CCRIF’s payouts are made within 14 days of an event, allowing governments to begin to address their most pressing needs and close the liquidity gap.
Probe finds procedure violations in Pakistan airliner crash, minister says
Presenting an initial inquiry report in parliament, Ghulam Sarwar Khan said the pilots were not “focused” because of the coronavirus pandemic, although the aircraft was “100% fit”.
Insurers’ debt remains attractive to investors during COVID-19 uncertainty:S&P
Following the redemption of about $25 billion of debt between January and May 2020, the sector is set to refinance nearly $140 billion by the end of 2021 ($52 billion between June and December 2020, including about $23 billion of hybrids with upcoming call dates during this period). Half of this is due to hybrids reaching call dates and the remainder is debt coming to maturity. We recognize some insurers have already pre-financed upcoming calls or maturities,” said a S&P analysis.
Insurers will see take-up of cyber insurance rise following COVID-19,GlobalData
GlobalData analyst, Jazmin Chong, commented: “Cyber insurance uptake has been the most impactful among micro businesses, which saw a 300% increase between 2016 and 2019, reaching 17.8%. This huge increase is due to the very low proportion of micro businesses that held cyber insurance in the past. However, small and medium businesses have also recorded notable rises. More than 50% of medium enterprises now hold cyber insurance, highlighting the growing awareness around the importance of protection against cyber incidents among larger-sized businesses.”
Fidelis, Aon and Marsh develop Marine Cargo Clause aiming to combat modern slavery
“Forced labor in all its forms is an extreme expression of inequality and injustice. The insurance industry is committed to do all it can to prevent association with the abhorrent practices of modern slavery. We sometimes think that slavery is a thing of the past, but it is not – it is real and present in all societies and we want to do our part to root it out,” said Charles Mathias, group executive director & group chief risk officer, Fidelis Insurance.
Companies hit with $1.8 billion cyber losses,six-fold increase in 2020 :Hiscox study
The highest recorded cyber loss was $87.9 million from a financial services firm in the UK.More than 6% of total respondents paid a ransom. Their combined losses came to $381 million.However the positive signs are that twice as many firms responded to a breach by adding new security and spending more on employee training.
There has been a shift in the hackers’ behaviour in the last six to 12 months as they focus more on industries such as energy and manufacturing.
2-day `Connected Claims Europe’ goes virtual,to be held on Aug 18-19
All insurance executives can attend the the virtual event for free for the first time..
The next generation of claims is on the horizon, as AI, machine-learning, telematics, IoT and payment solutions are paving the way for the customer experience that will give Amazon and Uber a run for their money. Now is the time to win customers hearts, build your innovation dream team and deliver the definitive digital claims experience for all. The entire industry needs to pull together or risk falling behind.