“The general insurance sector is operating in an increasingly...
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Fidelis Partnership launches international casualty MGA Sevanta
Sevanta will focus on niche international specialty liability,...
GIC Re slashes premium for Terrorism Pool by 10% from Apr 1
With a total premium of Rs 1655 crore, the claims ratio for IMTRIP...
CRISIL launches ESG scores of 225 companies
Said Ashu Suyash, MD & CEO, CRISIL, “ESG is already playing a material role in the decisions of governments, regulators, investors, lenders and corporates. This will not only transform the investment management industry, but also redefine corporate India’s approach to risk management for sustainable value creation. Our survey shows over 80% of issuers and institutional investors intend to integrate ESG in their decision-making. Our India-focused framework sieves through the challenges of disclosure quality and standardisation by leveraging our deep sectoral expertise and proprietary databases. Our ESG research, data, insights, assessments and solutions will empower customers and stakeholders to make decisions with conviction, and contribute to sustainable progress globally.”
The trillion dollar climate finance challenge (and opportunity)
Many countries lack the financial resources to make the transition to clean energy and a sustainable way of life that could reverse climate change.
The UN says that says that climate finance is the answer because not investing will cost even more in the long-term, but also because there are significant opportunities for investors.
Intel CEO says chip shortage to hit bottom in second half of 2021
“I don’t expect the chip industry is back to a healthy supply-demand situation until ’23,” he said in an interview. “For a variety of industries, I think it’s still getting worse before it gets better.”
Longer-term, the chip industry is positioned for a period of growth, Gelsinger predicted. Over the next decade, the increasing uses for chips – including 5G phone systems, electric vehicles and expanded artificial intelligence – will drive strong demand, he said.
Merchant ship crews still stuck at sea amid Pandemic
Some have been stranded for as long as 20 months, which contravenes the International Labor Organization’s Maritime Labour Convention, which allows a maximum of 11 monthsMore than 80% of world trade is transported by sea, meaning seafarers play a critical role in global commerce. The International Chamber of Shipping estimates that 200,000 are affected by travel restrictions, either stuck at sea or unable to leave home to get to their ships.
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Price Charles launches new partnership with global insurance industry to tackle climate change
To support the rapid growth of green projects and innovation, the SMI Insurance Task Force will develop a framework to help unlock the more than $30 trillion in assets under management, increasingly directing capital towards investments that drive climate-positive outcomes in both developed and developing nations.
Explainer: Climate change and financial disclosure – what’s at stake?
Global regulators are working towards creating a common set of guidelines for assessing climate-related financial risks.
The Financial Stability Board, an international body that monitors the global financial system, created the Task Force on Climate-related Financial Disclosures (TCFD), which released in 2017 recommendations on climate risk disclosure.
A network of central banks also released climate-change scenarios and guides for measuring risks, while the U.N. Environment Programme Finance Initiative (UNEP FI) last year published methods insurers can use to disclose climate risks.
Swiss Re sees rising premium trend intact
In contract renewals in April, Swiss Re increased premium volume in property and casualty insurance by a fifth and achieved a 4% price increase. Munich Re underwrote 17% more business, with prices rising by an average of 2.4%.
Bezos’ 2021 Space Odyssey a risk too far for insurers
There is a nearly $500 million market to insure satellites, rockets and unmanned space flight, but no legal requirement for an operator such as Blue Origin, which Bezos founded, to insure passengers for injury or death or for space tourists to have life cover, brokers and insurers said.
“We’re not aware of a case where anybody is insured against passenger liability,” Neil Stevens, senior vice president, aviation and space at Marsh, the world’s biggest insurance broker, told Reuters.
Agreement in principle reached over Suez Canal ship dispute
The SCA had demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue before publicly lowering the request to $550 million.
“We agreed to settle this issue in a peaceful way without going through the courts and agreed on a final settlement. The deal is being drafted and will be reviewed,” Suez Canal Authority (SCA) Chairman Osama Rabie told a local Egyptian television programme late on Wednesday.
European Commission plans cyber unit to tackle online crime in EU
“Today, we can no longer distinguish between online and offline threats. We need to pool all our resources to defeat cyber risks and enhance our operational capacity,” Commission Vice President Margaritis Schinas said in a statement.