While organisations in Asia race to adopt new technologies such as...
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Tougher US sanctions to curb Russian oil supply to China and India
Sanctions on Russian oil insurers will prompt Russia to price its...
New U.S. sanctions against Russian energy interests
Two Russia-based maritime insurance providers: Ingosstrakh...
Insured losses from western German floods may total 4-5 billion euros – trade body
Gemany’s insurance industry association GDV said the floods in the states of North Rhine-Westphalia and Rhineland-Palatinate are likely to exceed the 4.65 billion euros of damage recorded following a deluge in August 2002.
As US wildfire threat grows, insurance capacity shrinks
Most wildfire losses that have hit the insurance market originated from California utility companies due to inverse condemnation, which states that private property owners are entitled to compensation if their property is damaged by the government or utilities.
While all U.S. states have such doctrines in place, California has been the only one to apply it for utility-related fires.
Aki Hussain to succeed Bronek Masojada as Group Chief Executive in Hiscox
Hamilton: Specialist global insurer Hiscox announces today that after 21 years as Group Chief Executive, Bronek Masojada has informed the Board of his intention to retire at the end of the year. Following a thorough succession process, the Board has appointed Aki...
China’s ‘iPhone city’ relocates 100,000 people after record rain, flood
The city of Zhengzhou in the central province of Henan saw 457.5 millimeters (18 inches) of rain fall in the 24 hours through 5 p.m. on Tuesday, the highest since records began for the city of more than 10 million people, the official Xinhua news agency reported. That included a record 201.9 millimeters in a single hour, from 4 p.m. to 5 p.m. The city’s airport said on its Weibo page it has temporarily suspended inbound flights.
Natural disaster H1 insured losses hit a 10-year high of $42 billion
Floods in Europe since last week have likely caused $2-3 billion in reinsurance losses, analysts say. read more
Natural disasters were responsible for around 3,000 deaths globally in the first half, with 800 fatalities from the heatwave which hit parts of Western Canada and the U.S. Pacific Northwest in late June.
As cyberattacks rise, Cyber insurers are overhauling their strategies
Cyber policies are relative newcomers to the centuries-old insurance industry. The sector has exploded in the past decade — with premiums more than doubling since 2015 and totaling $3.15 billion last year, according to the National Association of Insurance Commissioners.
Some firms are charging more for less coverage. Clients in US paid 35% more for cyber coverage in the first quarter than they did in the same period last year, according to broker Marsh McLennan. Demand for standalone policies surged 24% last year.
Wrestling with higher costs and more risk, insurers are tightening standards, boosting prices and slashing how much they’re willing to pay for a breach.
From China to Germany, floods expose climate vulnerability
“Governments should first realize that the infrastructure they have built in the past or even recent ones are vulnerable to these extreme weather events,” said Eduardo Araral, associate professor and co-director, Institute of Water Policy, at Singapore’s Lee Kuan Yew School of Public Policy
. In Europe, climate change is likely to increase the number of large, slow-moving storms that can linger longer in one area and deliver deluges of the kind seen in Germany and Belgium, according to a study published https://agupubs.onlinelibrary.wiley.com/doi/full/10.1029/2020GL092361 June 30 in the journal Geophysical Research Letters.
World Bank provides $185million to Jamaica in storm protection
Dr The Hon. Nigel Clarke, Minister of Finance and the Public Service, Government of Jamaica, said, “The Government of Jamaica has strategically prioritized Disaster Risk Financing to mitigate the adverse fiscal impact of tropical cyclones and natural disasters, thereby strengthening Jamaica’s economic resilience. We are pleased with the successful placement of this catastrophe bond, which adds an indispensable layer of disaster risk financing that complements our multi-layered approach. In this transaction, Jamaica benefited from the vast technical resources of the World Bank, and from the strength of its balance sheet. We are also grateful to our bilateral partners, the Governments of the United Kingdom and Germany, through the Global Risk Financing Facility, and to the United States through the United States Agency of International Development who provided financial support for the transaction.”
Final settlement for Brazil’s Samarco dam disaster could reach $19 bln, governor says
That estimate is nearly four times higher than an initial deal struck with mining companies in 2016, which created a foundation to implement reparations and temporarily froze lawsuits relating to the incident. “The expectation is that the agreement is around 100 billion reais,” Romeu Zema, governor of Minas Gerais, told Reuters in an interview late on Friday.
China puts controlling stake of revamped Anbang on the block for $5.2 bln
China Insurance Security Fund Co Ltd., the state rescue fund for the insurance sector which is controlled by the Ministry of Finance, aims to auction all of its 98.23% stake in Dajia for 33.38 billion yuan.