GTS’ Americas region saw the smallest decline in R&W...
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Tokio Marine Group partners with Resilient Cities Network to accelerate investments in urban resilience
The new partnership will see Tokio Marine Group companies provide...
“Reinsurance capacities in India may be required only for property, agri and specialty lines like aviation & cyber”
N Ramaswamy, CMD, GIC Re The effort from the Regulator is to create...
World needs $8.1 trillion of investment of by 2050 to combat climate, biodiversity and land degradation crises:UN
Inger Andersen, Executive Director of the UN Environment Programme (UNEP), said biodiversity loss is already costing the global economy 10 percent of its output each year.
Although investing in nature supports the health of all beings, improves the quality of life, and creates jobs, it accounts for just 2.5 per cent of projected economic stimulus spending in the wake of the pandemic. Therefore, private capital will have to be increased to close the investment gap.
After Colonial attack, energy companies rush to secure cyber insurance
Insurers are preparing to increase cyber insurance premiums by 25% to 40% across many industries because of the number of claims, insurance companies and brokers have said. But energy companies should expect rate increases at the higher end of the spectrum as the Colonial attack exposed their vulnerabilities and exposed insurers to losses.
Lloyd’s to partner London Market Insurance Companies and DXC Technology to transform its digital processing
London: Lloyd’s, London Market Insurance Companies and DXC Technology partner to transform the technology and digital processing that powers the world’s largest insurance marketplace. Lloyd’s, DXC Technology, the Boards of the Lloyd’s...
Amid dispute, Suez Canal blames ship’s grounding on speed, rudder
The Suez Canal Authority (SCA) sought compensation of $916 million for the blockage in court but later reduced its request to $550 million, including a $200 million deposit to secure the ship’s release.
It says the owner has offered $150 million in compensation. Shoei Kisen has not commented on the negotiation.
Australian court says mine approvals must consider climate harm
“We understand it is the first time a court of law, anywhere in the world, has ordered a government to specifically protect young people from the catastrophic harms of climate change,” she said.
World now likely to hit watershed 1.5 °C rise in next five years, warns UN weather agency
“These are more than just statistics”, said WMO Secretary-General Petteri Taalas. “Increasing temperatures mean more melting ice, higher sea levels, more heatwaves and other extreme weather, and greater impacts on food security, health, the environment and sustainable development,” he said.
Tokyo Olympics Games cancellation can trigger $3 billion in estimated losses:Report
Analysts at Jefferies estimate that the Tokyo Olympics in total is insured for approximately $2 billion, with an additional $600 million for hospitality.
Shea to succeed Charman as executive chairman & CEO of Sompo International
Shea will inherit the leadership of a segment that represents more than 30% of Sompo Holdings Group’s projected adjusted profit, employs approximately 6,600 people in over 29 countries and regions and more than $12 billion in gross premiums.
Barclays dragged into insurer ‘War’ over failed M&A deal
SCOR SE is suing Barclays in London for breach of confidence when the bank advised Covéa on its bid to acquire SCOR in 2018. Barclays was given an inside track into the strategic thinking of SCOR’s board and then used the information to help Covea “sabotage” SCOR’s plans to merge with another firm, SCOR’s lawyers said.Covéa’s bid for SCOR was one of France’s most acrimonious takeover attempts in years and the fallout has led to several lawsuits as well as criminal proceedings.
Egypt Court rejects appeal to free ship that blocked Suez
The lawsuit of Suez Canal Authority asked for $916 million in compensation. The operator lowered the figure in out-of-court negotiations to $550 million, which the ship’s insurers say is still too high.The Ever Given’s owner has offered to pay $150 million, according to the SCA, which says that doesn’t cover losses of transit fees, damage to the waterway during the dredging and rescue efforts, and costs of equipment and labor.