The National Disaster Risk Reduction Management Authority (NDRRMA)...
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Lok Adalat settles Rs 4.50 cr compensation for Kin of IT employee killed in an accident
Pankaj Ramesh Shedge, who was a senior employee of an IT company...
Ardonagh’s A$2.3 billion acquisition receives approval from PSC shareholders
“Combining the best of PSC and Ardonagh will strengthen the Group’s...
Hollywood shutdowns to cost insurer millions
The disruption of entertainment companies has translated into a rush of claims seeking compensation from insurers for lost income. Allianz alone took a 1.2 billion-euro hit to earnings in the first half from virus-related claims. In response, some insurers have stopped selling coverage to protect against business losses in future pandemics.
New Reality: Securing “Intangible Assets”
Advancements in cyber-attacks and corporate espionage, along with increasing uncertainty in the business environment have pushed many organisations towards introducing stricter processes to protect confidential and proprietary intangible assets from threats such as intellectual property trademark and copyright infringements, data piracy and appropriation of trade secrets.
Many organizations’ approach their reputation challenges in a reactive way after an adverse event occurs. However, it’s important to understand that risk management depends on proactive reputation management. Negative publicity stemming from mismanagement or inadequate preparation can cause significant reputational damage.
U.S. Supreme Court takes up energy companies’ appeal over climate damage lawsuit
The U.S. Supreme Court on Friday agreed to hear an appeal by energy companies including BP PLC, Chevron Corp, Exxon Mobil Corp and Royal Dutch Shell PLC contesting a lawsuit by the city of Baltimore seeking damages for the impact of global climate change.
SCOR to strengthen regional focus,carves out “APAC Emerging Market’ to be headed by India’s Mukul K
“This has led us to create a new position of P&C Regional Head – of EMEA and the Americas respectively – on top of our existing APAC organization, and to re-organize the reinsurance teams into four different regions with more homogenous client needs, i.e. Europe, North America, APAC Mature markets, and Fast-Growth markets.” said SCOR Global P&C CEO Jean-Paul Conoscente ,
APAC Emerging Markets,that excludes SCOR’s operations in Japan, South Korea & ANZ, will be led by Mukul Kishore, who continues as the CEO of SCOR’s India branch operations
France needs new pandemic business insurance law – minister
“The state is not going to pick up the tab for businesses’ operating losses each time there’s a new pandemic,” Le Maire said in an online interview session with Le Monde newspaper.
UK regulator, insurers, brace for Supreme Court battle over COVID-19 case
The Financial Conduct Authority (FCA) had set a late Wednesday deadline for talks with insurers, such as QBE and RSA, to ensure eligible business interruption (BI) claims would be paid speedily, after the High Court ruled that thousands had been wrongly rejected.
White Mountains to acquire majority stake in Lloyd’s insurer Ark
Ark is a leading Lloyd’s platform well positioned to take advantage of the hardening market in property & casualty insurance. Founded in 2007 by Ian Beaton and Nick Bonnar, Ark manages the underwriting of syndicates 4020 and 3902 at Lloyd’s. The syndicates underwrite a diversified and balanced portfolio of reinsurance and insurance, including property, accident & health, energy, marine and political risks.
Lloyd’s launches “first-of-its-kind” parametric business interruption insurance policy for SMEs
Parametrix Insurance offers simple and reliable coverage by removing the traditional indemnity trigger that most insurance policies today use. Instead, the new solution uses a parametric trigger, meaning that the policy automatically pays out if a customer’s critical IT services – such as cloud, e-commerce or payment systems – are disrupted. This significantly reduces the time insurers spend assessing a loss or adjusting a claim.
The new product is led by Tokio Marine Kiln (TMK) and supported by other members of Lloyd’s Product Innovation Facility including RenaissanceRe. It is the first off-the-shelf parametric IT downtime policy tailored towards SMEs.
AXA XL launches Digital Risk Engineer, a connected solution to monitor “buildings and assets”
Available globally, Digital Risk Engineer uses Internet of Things (IoT) devices installed in the clients’ buildings to capture information from connected systems such as energy, water (including sprinklers), heating, ventilation and air conditioning (HVAC).
Jonathan Salter, recently announced Head of Risk Consulting at AXA XL said“This fully digital offering is especially relevant today as we grapple, as a society, with the impacts of COVID-19, and the likelihood that companies will try to limit in-person site visits where possible.”
AstraZeneca gets partial immunity in low-cost EU vaccine deal
Drugmakers have called on EU regulators to set up a Europe-wide compensation scheme, while patients’ organizations are calling for an EU-wide fund financed by pharmaceutical firms that would compensate for unexpected side-effects.
The EU legal regime is among the least favorable to drugmakers on compensation claims, although plaintiffs have rarely managed to win as the law requires them to prove the link between an illness and a vaccine that may have caused it.
The United States has granted immunity from liability for COVID-19 vaccines that receive regulatory approval. Meanwhile, Russia has said it would shoulder some of the legal liability should anything go wrong with the vaccine developed by Moscow’s Gamaleya Institute.