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Lloyd’s appoints Alexandra Cliff as Chief Financial Officer
Alexandra Cliff Chief Financial Officer-designate, Lloyd's Alex has...
Midair collision kills 67 people in the deadliest US air disaster in almost a quarter century
President Donald Trump told a White House news conference that no...
Coronavirus compounds climate disasters but shows action can work- Red Cross
Almost half of 140 million people around the world, who are hit by to disasters caused by extreme weather fuelled by climate change, with more severe storms, floods, and heatwaves live in the Asia-Pacific region, the International Federation of Red Cross Red Crescent Societies (IFRC) said in a report published this week.
“Recovery from disasters is so much harder when livelihoods have been hit hard by COVID-19 and the measures taken to contain it,” said Maarten van Aalst, director of the Red Cross Red Crescent Climate Centre and author of the report.
87% of Indian cos victims of security breach last year: Report
“While organisations are adapting to the hybrid approach thinking about both working from anywhere and application hosting, they continue to experience a high level of network breaches and facing ongoing connectivity and security challenges,” Murali Urs, Country Manager, Barracuda Networks India, said in a statement.
UK COVID-19 business insurance payouts top one billion pounds -watchdog
The Financial Conduct Authority (FCA), which had brought a closely-watched test case on behalf of policyholders against major insurers, said on Wednesday that 27,248 companies out of 42,308, which had had claims accepted, had received at least an interim payment.
Canada Energy firm gets nod to keep insurers’ names confidential
Pressure from environmental groups has prompted some major insurance companies to halt support for energy projects.
9/11: Specter of terrorism risk still hangs over re/insurance industry
The attacks also generated the insurance industry’s biggest-ever man-made loss — $47 billion in 2019 dollars, according to the Insurance Information Institute — and triggered changes that are still visible in the industry.
The attack affected multiple lines of business at once, creating “a shock to the system,” according to David Priebe, chairman of Marsh & McLennan Cos. Inc.-owned reinsurance broker Guy Carpenter.
Before the attacks, business line exposures were managed separately, Priebe said. The lessons that Sept. 11, 2001, taught the industry about risk correlation and aggregation across lines has made the industry “a far more disciplined and resilient business,” he said in an interview.
Large claims push up Cyber premiums by 39% for all European industries: Marsh
Malicious cyber events accounted for 80% of cyber claims made in Continental Europe last year, up from 70% in 2019,according to a report published by Marsh, the world’s largest insurance broker and risk advisor, in collaboration with Microsoft, international law firm CMS, and Kivu, a global cyber security firm,
Ransomware attacks accounted for 32% of cyber claims in 2020 – more than double that recorded for 2016-2020 (14%). Overall, cyber insurance claims across Continental Europe rose by 8% in 2020.
Hannover Re expects higher prices in P&C 2022 reinsurance renewals
The Asia-Pacific region is evolving into one of the largest global insurance markets. This growth holds the promise of further significant business opportunities, in part because the insurance density here is still lower than in more mature markets. Not only in property and casualty reinsurance but also in the health and provision sector, appreciable growth rates can be anticipated over the medium to long term, which will also benefit reinsurers.
Ida losses to range from $17 to $ 25 billion:AIR
Included in the estimates are losses to onshore residential, commercial, industrial properties, and automobiles for their building, contents, and time element coverage, as well as estimated insurance take-up rates for wind and flood across the entirety of Ida’s track, including the flooding that occurred in the Northeast.
AIR’s losses do not include any estimate of losses from the National Flood Insurance Program, or any losses from offshore assets. The industry loss estimates also reflect an adjustment to account for increased material and other repair costs in the current construction market.
IRDAI asks insurers to come out with new title insurance policies
The main objectives of the ”new Title Insurance products” are to provide cover to promoters/ developers, preferring to opt for a minimum legal defence cost, and end users (allottees, individual buyers and financiers) at the time of possession/handing over of the property unit for protection against any legal suits in future.
Pilot”s non-adherence to SOP probable cause for Kozhikode plane crash: AAIB report
The Boeing 737 aircraft (VT AXH), which was operating Dubai-Kozhikode flight, landed half way down the runway before crashing into a gorge. Twenty people, including both the pilots, were killed in the accident.
The investigation report, which was released by AAIB Director General Group Captain Aurobindo Handa on Saturday, concluded that the probable cause of the accident was the pilot’s decision to continue with an unstabilised approach and failure to carry out a “go around” despite calls for the same by the co-pilot.
It has also listed out other factors that contributed to the crash. Low visibility and a faulty windshield viper led to degraded visual cues upon landing. “The pilot in command was taking multiple un-prescribed anti-diabetic drugs that could have probably caused subtle cognitive deficits due to mild hypoglycemia, which probably contributed to errors in complex decision making,” the report noted.