The report said that there has also been no significant impact on...
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Russian insurance shores up cheaper oil exports to top buyer India
By using Russian insurers, Moscow can sell the oil above a $60 per...
Howden forays into Japanese captive consulting and management markets with acquisition of Foresight
Takuya Aibe as CEO of Howden Japan’s retail business Foresight is...
Companies risk losing a year’s profit from collapse of supply chains,says McKinsey
he New York-based consultancy, in a report that analyzes 325 companies in 13 industries, quantifies what corporate number crunchers have sensed since the tsunami struck Japan in 2011: that man-made and natural disasters are getting more severe, frequent and costly, and that supply chains spanning the globe need to adapt to reduce exposure to threats to business survival.
Australia to spend US$1.2b on cyber security for private sector after rise in attacks
Cyber attacks on businesses and households are costing about A$29 billion $20.83 billion) or 1.5% of Australia’s gross domestic product (GDP), Morrison told reporters in Canberra.
Much of Australia’s cyber policy to date has focused on bolstering the defenses of government agencies after an attack on the parliament in 2019, but malicious cyber activity is increasing against small and medium businesses, universities and households,Australian Prime Minister Scott Morrison said.
UK insurers set for large rise in business interruption claims,says GlobalData
While there have been some legal disputes, business interruption claims are still estimated to be very high, with the ABI forecasting over 75% of claims in 2020 to be business interruption related. However, strong regulation should help to protect leading insurers in the short-term
Munich Re hit with Covid-19 losses of $832 million in Q2
The company did slightly raise its outlook for premium income to 54 billion euros, from the previous 52 billion euros.
That followed an increase in premium volume in the July round of reinsurance renewals by 8.3%, with prices rising 2.8%.
Container ships sent to Tripoli to keep Lebanon supply lines running
Ship insurer Gard said: “According to our correspondents, the port of Beirut is closed for a minimum period of 14 days which could be extended until port facilities have been restored.”
The International Transport Workers’ Federation, which represents seafarers, quoted its representatives in Lebanon as saying at least 12 dockers and seven separate seafarers had been killed in the port. The figure could not be independently confirmed.
Lebanon, which imports almost all it uses, relies on container ships to bring in everything from refrigerated food cargoes to clothing and other consumer goods.
There is no firm date for Beirut port to re-open, and this is a strain on supply chains.
Morgan Stanley launches Property & Casualty insurance for high net worth clients
Through this new arrangement, HUB International, Marsh Private Client Services, and Willis Towers Watson will assist Morgan Stanley clients in assessing their risk exposures and provide solutions to help them protect their assets. The insurance brokers will leverage their deep relationships with a vast array of insurance companies and their global footprint of dedicated specialists and in-house resources
Lloyd’s appoints new Country Manager for Singapore
“Lloyd’s Asia is a key distribution hub for the Lloyd’s market in Asia Pacific, providing our brokers and clients in the region with local access to the specialist products and expertise we are renowned for. I am looking forward to working closely with our market to support their development plans and introducing solutions developed under The Future at Lloyd’s strategy as we continue to be the platform of choice for specialist (re)insurance in the region.”
Pavlos Spyropoulos,Country Manager, Singapore and CEO, Lloyd’s Asia
Insurers face possible British action over calculation of pandemic payouts
Some insurers were making deductions for government loans – which businesses had received as a result of the pandemic – when calculating payouts.
The FCA said this could be appropriate but insurers should not take a one-size-fits-all approach and make uniform deductions.
The Financial Conduct Authority (FCA) has taken eight insurers to court over business interruption policy wordings, which the insurers say do not cover the pandemic, with a ruling expected in mid-September.
But the case does not address how any resulting claims payments would be calculated, the FCA said on Monday.
AstraZeneca to be exempt from coronavirus vaccine liability claims in most countries
With 25 companies testing their vaccine candidates on humans and getting ready to immunize hundred millions of people once the products are shown to work, the question of who pays for any claims for damages in case of side effects has been a tricky point in supply negotiations.“This is a unique situation where we as a company simply cannot take the risk if in … four years the vaccine is showing side effects,” Ruud Dobber, a member of Astra’s senior executive team, told Reuters.
“In the contracts we have in place, we are asking for indemnification. For most countries it is acceptable to take that risk on their shoulders because it is in their national interest,” he said, adding that Astra and regulators were making safety and tolerability a top priority.
Bihar flood situation worsens, 53.67 lakh people across 14 districts affected
With 16.89 lakh flood-affected people, Muzaffarpur is the worst-hit district, followed by 12.40 lakh people in Darbhanga and 8.09 lakh in East Champaran.
More than half of the affected populace live in Muzaffarpur and Darbhanga districts.
Of the 13 deaths in flood-related incidents, Darbhanga registered the highest seven casualties, followed by four in West Champaran and two in Muzaffarpur.