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Lloyd’s human pandemic scenario reveals potential global economic loss of $13.6trn
From an economic perspective, the widespread impacts would be...
Cat bonds see rapid influx of investors
Plenum estimates that the volume of catastrophe bonds in funds...
Cash glut at Warren Buffett’s Berkshire may trap tech titans next
With Buffett hoarding more than $100 billion of cash at Berkshire the last few years, the perception is that the investing icon has lost his touch in a technology-driven economy that would seem to be full of investment opportunities.
Moody’s to acquire risk modelling firm RMS for $2 billion
The acquisition will immediately increase Moody’s insurance data and analytics business to nearly $500 million in revenue and will accelerate the development of the company’s global integrated risk capabilities to address the next generation of risk assessment.
With over 400 risk models covering 120 countries, RMS is the world’s leading provider of climate and natural disaster risk modeling serving the global property and casualty (P&C) insurance and reinsurance industries.
COVID-19 Pandemic:UK govt partners with Lloyd’s to launch $1 Billion reinsurance scheme to cover music festivals
The insurance will be available from Lloyd’s of London syndicates including Beazley, Hiscox and Munich Re, with the government acting as a reinsurer.
“With this new insurance scheme, everything from live music in Margate to business events in Birmingham can go ahead with confidence,” British finance minister Rishi Sunak said.
Beazley launches life sciences offering in Asia Pacific
Prashansa Daga, Healthcare Underwriter said: “The life sciences sector across Asia has been growing significantly in recent years and has already overtaken EU in terms of size*. Asia Pacific is now the second largest market in terms of size after the US. Covid-19 has also exposed the need for self-reliance amongst different countries in the region as we saw closing of borders, restriction on movement of pharmaceutical ingredients and the global vaccine scramble. The response to Covid-19 has also fuelled a race to create tests, vaccines and treatments. As an industry driven by intrinsic innovation and inelastic demand for patient needs, life sciences is expected to see significant growth in years to come. Our policy provides clear, broad and flexible cover for a range of risks to help this diverse sector to manage its risk exposures and continue to expand and thrive.”
Building Climate Resilience in India – Challenges and Opportunities for the BFSI sector
In India, until a few years ago, the topic of climate change and related risks rarely found strong traction in the BFSI sector in India. Till date, most banks and insurers still do not take a sufficiently forward- looking view on climate change and its long-term financial impact. The Financial Stability Board published the second status report on adoption of the recommendations of the Task Force for Climate-related Financial Disclosures on June 5, 2019. The report observed that disclosure of climate-related financial information has increased since 2016, but is still insufficient for investors, especially on the financial impact of climate-related issues on companies
Willis Towers mulls sale of reinsurance unit after halting merger
Reports this week suggested Gallagher was close to clinching a deal for Willis Re, but Willis Towers Watson Chief Executive Officer John Haley said he is considering wider possibilities.
“We’re conducting a review of strategic alternatives for Willis Re,” Haley told a conference call on Tuesday reporting on second-quarter results. While the timing was “appropriate” given the failed merger, he warned that a sale was not assured.
Descartes Underwriting opening 2 offices in Asia-Pacific
“We are proud to bring Descartes’ solutions closer to brokers and corporate clients. As a region, Asia-Pacific is more exposed to natural catastrophes and extreme weather events than others. From record breaking super typhoons Goni and Amphram in 2020, major hail events and bushfires in Australia, and tragic 1-in-1000 year flooding in China and India this summer – the rising incidence of severe weather throughout the region is compounded by climate change and is resulting in increased year-after-year losses”, said Robert Drysdale, Head of Southeast AsiaDescartes Underwriting,
Aon’s looking at up to $1.4 bln in costs over scrapped Willis deal
The extra costs, which would range between $350 million and $400 million, could be incurred in the third quarter, Aon Chief Financial Officer Christa Davies said on a post-earnings call with analysts.
Howden appoins a head in newly created Entertainment practice
Connell joins Howden from EC3 Brokers where he was Head of Contingency and Entertainment, a role he has held for the past four years. In his new role, he will be responsible for developing and delivering creative solutions for clients in the entertainment sector, enabling them to navigate the continued insurance and risk management related challenges posed by Covid-19
Ransomware attacks hit record 300 mn in 1st half of 2021: Report
In line with spikes in global data, the researchers also recorded alarming ransomware spikes across key verticals, including government (917 per cent), education (615 per cent), healthcare (594 per cent) and retail (264 per cent) organisations.
“In a year driven by anxiety and uncertainty, cybercriminals have continued to accelerate attacks against innocent people and vulnerable institutions,” Bill Conner, President and CEO, Sonic Wall, said in a statement.