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AM Best maintains stable outlook on India’s non-life insurance segment
“We expect that India’s non-life premium growth will be bolstered...
AI agents can create leverage for threat actors in scaling widespread cyber attacks, CyberCube report
A more advanced and concerning development is emerging: AI agents...
Sompo Global Risk Solutions to offer Epidemic and Pandemic protection
Triggered by civil authority restriction resulting from international public health emergencies declared by the World Health Organization, the new Sompo GRS Epidemic and Pandemic Protection Program provides insurance based on a number of available pre-set coverage options including loss of income, extra expense, debt servicing, supply chain disruption and other fixed costs.
In its first year, limited capacity for the program is available to Sompo GRS clients and their captives in the real estate, hospitality, financial services, professional services, technology and life sciences industries, as well as the unit’s Asian-interest accounts.
Global sizzling: July was hottest month in 142 years, NOAA says
In this case first place is the worst place to be, NOAA Administrator Rick Spinrad said in a press release. This new record adds to the disturbing and disruptive path that climate change has set for the globe.”
This is climate change,” said Pennsylvania State University climate scientist Michael Mann. It is an exclamation mark on a summer of unprecedented heat, drought, wildfires and flooding.
Amazon partners Marsh to offer product liability insurance to sellers
Amazon announced it is creating the insurance network-Amazon Insurance Accelerator- along with implementing a new policy of paying shoppers’ injury and damage claims up to $1,000.
The online marketplace now requires third-party sellers to obtain product liability coverage after reaching $10,000 in sales within one month on Amazon.
Munich Re remains bullish on India despite hit hard with Covid-19 mortality claims
“In life and health reinsurance business, the claims clearly exceeded the our expectation of €140 million of virus-related losses in the second quarter, mainly due to the high mortality rate in India and South Africa,” he said
Lloyd’s chooses 11 Start-Ups for developing products on claims and cryptocurrencies
For the seventh cohort, the InsurTech start-ups have been selected based on solutions geared towards three key themes: claims, data and models, and cryptocurrencies. Additionally, for the second cohort in a row, the Lloyd’s Lab accepted wildcard entrants who presented solutions outside of the core themes.
These start-ups focus on important areas such as anti-money laundering, robotics and construction. The teams will be working to create insurance products and solutions which can be adapted to the Lloyd’s market.
Will RBI joining NGFS help in climate finance?
The 22nd Financial Stability Report (FSR22) of the RBI had, about the “climate-related risk” that the value of financial assets/liabilities could be affected either by continuation in climate change (physical risks), or by an adjustment towards a low-carbon economy (transition risks). The manifestation of physical risks could lead to a sharp fall in asset prices and increase in uncertainty, it said.
AIIB provides $125 million funding for Kerala’s climate adaptation and disaster resilience
An estimated 49.6 million people will benefit from the loan, part of a comprehensive $ 530-million package cofinanced by the Government of Kerala, the World Bank Group’s International Bank for Reconstruction and Development and the French Development Agency.
Two key government programs will benefit from the financial injection—the Rebuild Kerala Development Program and the State Health Mission—both of which aim to improve state governments’ institutional resilience.
Global average temp rise of 1.5 degrees Celsius in next 20 years: UN report
This report tells us that recent changes in the climate are widespread, rapid and intensifying, unprecedented in thousands of years, said IPCC Vice Chair Ko Barrett, senior climate adviser for the U.S. National Oceanic and Atmospheric Administration. The changes we experience will increase with further warming.
Extreme sea level events likely every year by end of this century: IPCC
If we reduce emissions globally to net zero by 2040 there is still a two-thirds chance to reach 1.5 degrees and if we globally achieve net zero emissions by the middle of the century, there is still a one-third chance to achieve that, said Dr Friederike Otto, Associate Director of the Environmental Change Institute at the University of Oxford and one of the authors of the IPCC report.
Indian Ocean warming at faster pace, India to witness increased heat waves, flooding: Report
”The Indian Ocean region is warming at a higher rate, which means the relative sea level can also increase over the regions. Hence, the coastal regions will see the sea level rise through the 21st century and it will contribute to more frequent and severe coastal flooding in low-level areas and coastal erosion. Along with this, extreme sea-level events that were previously seen once in a hundred years, could also happen every year by the end of the century,” she said.