The court’s observation came while it was hearing a petition...
Category:
Risk Management
Latest
India sixth-most severely-affected country by extreme weather from 1993 to 2022: Report
India experienced more than 400 extreme weather events in the three...
Equity investors’ wealth erode by Rs 18 lakh cr in 6 days of market fall
During the day, the benchmark tanked 905.21 points or 1.18 per cent...
Germany pledges to adjust climate law after court verdict
Germany’s Constitutional Court said Thursday that the government must set clear goals for reducing greenhouse gas emissions after 2030. The verdict was a victory for campaigners, who had argued that the measures put forward so far are insufficient to meet the Paris climate accord’s goal of keeping global warming well below 2 degrees Celsius (3.6 Fahrenheit), ideally no more than 1.5 C (2.7 F) by 2100.
Liberty Mutual puts Australian coal project on hold
“As part of our investment processes, we’ve been evaluating alternatives for our Baralaba investment for some time and will not be submitting an environmental impact assessment for the South Mine at this stage,” a Liberty Mutual spokeswoman said. “We remain committed to collaborating with all stakeholders,” she added in emailed comments.
AM Best places credit ratings of Singapore Re under review with developing implications
This Credit Rating (rating) action follows an announcement made on the Singapore Exchange (SGX) on 21 April 2021 that Fairfax Asia Limited’s (Fairfax Asia) recent voluntary cash offer to purchase all issued and paid-up ordinary shares in the capital of Singapore Re, other than those already held by Fairfax Asia and other Fairfax Financial Holdings Limited (Fairfax group) companies, has been declared unconditional.
Tackling climate change through emerging hydrogen industry: Managing complex risks
Driven by climate change, the possibilities of energy storage, use as a fuel and the long-term intention to replace reliance on coal and oil, hydrogen has the potential to morph from a niche power source into big business.
New bulletin from Allianz Global Corporate & Specialty (AGCS) highlights operational risks that need to be addressed in hydrogen projects, including fire and explosion hazards, impact of embrittlement and business interruption exposures.
AGCS sees increasing demand for insurance coverage for hydrogen solutions in future.
‘Bunch of garbage’: Campaign to ease pilot overload from antiquated safety warnings
The reform of the more than century-old system of Notices to Airmen (NOTAMs) – originally modelled after Notices to Mariners – is part of a wider push to make aviation simpler, particularly in the wake of two Boeing (BA.N) 737 MAX crashes.
Chubb and Marsh partnership to provide $150 million cover for the COVAX Program for 92 low and middle-income countries
Through Chubb’s and Marsh’s collaboration, up to $150 million in insurance is provided for the COVAX No Fault Compensation Program to cover compensation payments to eligible individuals in the 92 lower-income countries and economies, known as the Gavi COVAX Advance Market Commitment (AMC) eligible economies.
Insurance broker Marsh led the global placement of the bespoke solution. Chubb is the lead insurer, supported by a further 10 insurers located in the U.S., U.K., Germany, Ireland, Switzerland and Bermuda.
Increased cancer risk for petroleum industry workers and people living near plants: New UN study
The findings add to increasing evidence of the health consequences of air pollution from petroleum extraction and refining.
IRDAI panel makes various suggestions on retail engineering insurance products
On sum insured definition for retail segment for engineering products, it said: “Considering a near unanimous view from all stakeholders, the panel suggests Sum Insured limit of up to Rs 50 crores is recommended for retail segment”.
The group, as per the report, opined that the retail products with standard wordings with uniform coverage of a good range of essential covers are needed to give a comprehensive protection boost to the SME and MSME sector entities and units.
The products should be offered by all Indian insurers without any changes or modifications, it said.
Russia fines Apple $12 mln for alleged app market abuse
The Federal Antimonopoly Service (FAS) said on Tuesday that U.S. tech giant Apple’s distribution of apps through its iOS operating system gave its own products a competitive advantage.Facebook, TikTok and Alphabet’s Google have also come under fire. The FAS said in a statement it had imposed a turnover fine on Apple of 906.3 million roubles ($12.1 million) for the alleged violation of Russian anti-monopoly legislation.
White House considering intellectual property waiver for COVID-19 vaccines
Critics say waiving the WTO’s agreement on Trade-Related Aspects of Intellectual Property could reduce the safety of vaccines, and that setting up production in new places would sap resources needed to boost production in existing locations.
The United States and several other countries have thus far blocked negotiations at the World Trade Organization (WTO) about a proposal led by India and South Africa that would waive the IP rights of pharmaceutical companies to allow developing countries to produce COVID-19 vaccines.