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Govt forms high powered panel to revamp pricing and reinsurance mechanisms for PMFBY
The committee will be chaired by additional secretary (Crop...
Allianz scraps nuclear, military exclusions to back Europe’s rearmament drive
AGI wrote to its clients late last week to advise that its...
Covid-19 Risks: Cyber-attacks and Data loss top concerns facing Directors & Officers: Report
Jennifer Tiang, Regional Cyber Leader for Asia at Willis Towers Watson, said: “The survey results reflect the growing realisation that cyber risk is not simply an issue to be handled by an organisation’s IT team. It is a much broader issue cutting across all spheres of business and necessarily draws together stakeholders from risk, legal and IT teams, as well as requiring awareness of all employees from the ground up and board oversight from the top down. From cyber-attack to data loss, the financial impacts of a cyber event can be catastrophic.”
Crowd ban in Olympics could cost reinsurers up to $400m: Fitch
“We estimate the total insurance cover for the Olympics to be about USD2.5 billion, comprising USD1.4 billion taken out by the International Olympic Committee and the Tokyo Organising Committee, USD800 million by broadcasters and USD300 million by other parties, such as sports teams, sponsors and hospitality. We believe reinsurers would bear most of the losses arising from this cover given that high-severity exposures are typically heavily reinsured,” said Fitch
Eight global insurers launch net-zero climate alliance
The companies, which include Europe’s top three insurers by premiums – Allianz, AXA and Generali – said the Net-Zero Insurance Alliance (NZIA) would work to shift underwriting portfolios towards net-zero greenhouse gas emissions by 2050.
Billionaire Branson soars to space aboard Virgin Galactic flight
The Swiss-based investment bank UBS has estimated the potential value of the space tourism market reaching $3 billion annually by 2030. Proving rocket travel safe for the public is key.
Virgin Galactic’s CEO Michael Colglazier.said 600 wealthy would-be citizen astronauts have also booked reservations, priced at around $250,000 per ticket for the exhilaration of supersonic flight, weightlessness and the spectacle of spaceflight.
British billionaire Richard Branson has said he aims ultimately to lower the price to around $40,000 per seat as the company ramps up service, achieving greater economies of scale. Colglazier said he envisions eventually building a large enough fleet to accommodate roughly 400 flights annually at the spaceport.
India wants rich countries to pay more for green energy shift
“Every policy decision has a cost to the economy. Going net-zero or using less carbon also has a cost,” Environment Secretary Rameshwar Prasad Gupta said in an interview at his New Delhi office. “We are not anti-net-zero. But without adequate climate finance being definitively available, we can’t commit on that part.”
Negotiations begins to sell catastrophic modelling firm RMS
London: Daily Mail and General Trust Plc (DMGT) said it is in discussions to sell its catastrophe modeling insurance unit, RMS, following a number of third party inquiries. While discussions are ongoing and there can be no certainty that a transaction will...
Germany declares first-ever “cyber-catastrophe”
Hackers knocked out the IT operations of the municipality of Anhalt-Bitterfeld, in the state of Saxony-Anhalt, on Tuesday, a spokesperson confirmed to Reuters on Saturday.The rural district of Anhalt-Bitterfeld, with a population of 157,000, is for the time being unable to pay out welfare benefits. Its consequent catastrophe declaration is a formal step that allows it to call for federal help.
FM Sitharaman emphasises on role of technology in fighting climate change
She also shared India’s innovative policy mix for better environmental outcomes, such as the new Energy Map of India; digital innovation and emerging fuels; International Solar Alliance for enabling clean energy; and promotion of energy efficiency and afforestation.
Sompo International Commercial P&C sets up Sompo Global Risk Solutions Asia-Pacific, expands multinational capabilities
Initially, Sompo GRS Asia-Pacific will seek to write business and offer its white glove service model in China, India, Japan (for Sompo GRS clients only), Macao, Hong Kong and Singapore. Thereafter, Sompo GRS Asia-Pacific ultimately intends to serve additional countries throughout the region.
Asia-Pacific Climate week 2021 sends strong signal to COP26
The Asia-Pacific regions emits more than half of the world’s greenhouse gas emissions and is one of the most rapidly developing regions of the world, with a significant proportion of the global population. And it is home to most of the world’s low-lying cities and vulnerable small island states.