Christian Sandric, Regional Managing Director of Allianz Commercial...
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LA blaze damage likely to be largest wildfire insured loss in US history
Estimating insured losses is difficult given that fires are not...
India likely to become world’s 3rd largest economy by 2030: Swiss Re
India’s insurance market projected to be the G20’s fastest-growing...
Lloyd’s of London plans electric vehicle, hydrogen insurance in climate change fight
Lloyd’s will design insurance for electric vehicles which will cover a breakdown in internet connections, and look at ways to insure hydrogen transportation, it said in a report.
Space Activities Bill under consideration to promote private players in sector
The Indian National Space Promotion and Authorization Centre (IN-SPACe) was created as an independent nodal agency under the Department of Space with the mandate of promoting, handholding, licensing, authorization and monitoring of private space activities in India. Access to Department of Space (DOS) facilities and expertise is extended to private entities to support their space activities.
China urges insurers to increase offerings for natural disaster coverage
Chinese insurers have received a total 376,200 claims relating to the Henan floods as of July 26, the CBIRC said, and the total payouts so far reached 492 million yuan.
AIR Worldwide enhances extreme event models for Japan, Releases updated earthquake and typhoon models
“In 2018 and 2019, four powerful typhoons struck Japan, incurring total insured losses of approximately USD 30 billion from wind and flood damage,” said Dr. Boyko Dodov, vice president of research, AIR Worldwide.
“As is the case after any major storm or severe storm season, we have been analyzing and reanalyzing a plethora of meteorological data, market exposure and company claims data sets from these and previous historical storms,” he said.
New Executive Committee to lead Aon forward
The Aon executive committee is now responsible for executing on the firm’s four-pronged Aon United Blueprint, which creates new sources of value for clients, delivers more effective client service, drives innovation at scale and ensures a unique and sustaining colleague experience.
Cabinet approves multilateral MoU signed by IFSCA
MoU signed between the International Financial Services Centres Authority (IFSCA), International Organization of Securities Commissions (IOSCO), and International Association of Insurance Supervisors (IAIS)
Over 2 lakh hectare farmland damaged this year due to hydro-meteorological calamities: Tomar
The maximum damage was reported from Gujarat, followed by Kerala, Maharashtra, Uttar Pradesh, Karnataka, Odisha, and Goa in the said period.
South Africa port operator declares Force Majueure over over cyber attack
The measure covers the Durban, Ngqura, Port Elizabeth and Cape Town harbors because of the effects of the July 22 attack, according to a notice Transnet sent to customers and seen by Bloomberg News.
The issues “continue to persist,” it said. Force majeure is an unanticipated or uncontrollable event that releases a company from fulfilling contractual obligations.”The disruption threatens to have a ripple effect on Africa’s most-industrialized economy, particularly as Transnet’s Durban port handles 60% of the nation’s shipments. The ports are also key to shippers from landlocked African countries including the Democratic Republic of Congo, Zambia and Zimbabwe.
No pathway to reach the Paris Agreement’s 1.5˚C goal without the G20: UN chief
The UN chief reminded that science indicates that to meet that ‘ambitious, yet achievable goal’, the world must achieve carbon neutrality before 2050 and cut dangerous greenhouse gas emissions by 45 % by 2030 from 2010 levels. “But we are way off track”, he warned.
Insurance brokers Aon and Willis drop $30 bn merger move, Aon to pay $1 billion termination fee to Willis
“Despite regulatory momentum around the world, including the recent approval of our combination by the European Commission, we reached an impasse with the U.S. Department of Justice,” said Aon CEO Greg Case.