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US SC rejects Johnson & Johnson’s appeal of $2 billion penalty in baby powder cancer case
An investigation found that J&J knew for decades that asbestos, a carcinogen, was present in its talc products. Internal company records, trial testimony and other evidence showed that from at least 1971 to the early 2000s, J&J’s raw talc and finished powders sometimes tested positive for small amounts of asbestos.
The company said in May 2020 it would stop selling its baby powder talc in the United States and Canada, citing changes in consumer habits and what it called “misinformation” about the product’s safety amid numerous legal challenges.
Google women in US suing over gender bias win class-action status
A San Francisco state judge certified the class action Thursday, allowing the four lead plaintiffs to represent 10,800 women over claims that Google pays men more for doing the same job. A previously disclosed analysis showed that the case seeks more than $600 million in damages. The women allege violations of California’s Equal Pay Act, one of the strongest measures of its kind nationwide.
Safety ratings yanked after Tesla pulls radar from 2 Models:Consumer Reports
Disaster feared as chemical cargo ship sinks off Sri Lanka
The Singapore-registered MV X-Press Pearl, carrying 1,486 containers, including 25 tonnes of nitric acid, along with other chemicals and cosmetics, was anchored off the island’s west coast when a fire erupted on May 20. Authorities have been battling the blaze since then, as flaming containers laden with chemicals have fallen from the ship’s deck, the navy said last month.
China’s new three-child policy draws scepticism, cost questions
James Liang, a professor at Peking University’s School of Economics and founder of online travel giant Trip.com Group, last month urged China to give parents of each newborn 1 million yuan to lift a fertility rate of just 1.3 children per woman in 2020. That rate is in line with countries such as Japan and Italy and far short of the 2.1 replacement rate.
He said this week that China would need to spend about 5% of GDP, compared with “practically 0% now”, in cash, tax breaks, housing subsidies, daycare, and other incentives to get the fertility rate up to about 1.6, and expects the government soon to step up building day-care centers and kindergartens. Developed counties typically spend 1% to 4% of GDP on such support, he said.
New York Bill would give sexual abuse survivors new chance to sue
More than 5,200 New Yorkers have filed lawsuits against abusers under the Child Victims Act, according to Senate Judiciary Committee Chair Brad Hoylman and Assemblymember Linda Rosenthal. Both Democrats are now sponsoring the Adult Survivors Act.
Those lawsuits have financially devastated several Roman Catholic dioceses in the state, which have filed for bankruptcy, as has the Boy Scouts of America, which had also faced a flood of suits.
Miners still trapped in Meghalaya coal mine, rain hampers rescue efforts
The district administration has identified five miners four from Assam and one from Tripura who were trapped at the coal pit in the remote Umpleng area of Sutnga Elaka since Sunday when a dynamite blast had led to the flooding of the coal mine.
Environmental activist Agnes Kharshiing said, people will not speak out ” as they are under pressure from the coal mafia which does not want the true extent of the tragedy to be made public”.
Google claims new IT rules not applicable to its search engine, HC seeks Centre’s stand
The single judge’s decision had come while dealing with a matter in which a woman’s photographs were uploaded on a pornographic website by some miscreants and despite court orders the content could not be removed in entirety from the World Wide Web and “errant parties merrily continued” to re-post and redirect it to other sites.
Covid-19 claims cost life reinsurers billions
The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada but claims from other countries including South Africa and in Latin America added to the costs. Life reinsurers only have limited exposure to India.
BI estimates Swiss Re accounted for around 35% of claims followed by Reinsurance Group of America on 27% but the decline in deaths should mean much lower claims for the second half of the year.
Howden launches Parhelion, world’s first fully sustainable insurer
Against the backdrop of an insurance industry starved of truly sustainable capacity, Parhelion’s new and diversified ESG products will meet the risk financing needs of a greener economy.
The new business has been seeded by Howden and will match the surge in institutional capital seeking sustainable investment strategies with the growing demand from corporates looking for an insurance provider to support their journey towards ESG transition and a more resilient future.
At the end of 2020, over $40tn of assets globally were invested in ESG-aligned and sustainable impact strategies, nearly double the amount invested just four years earlier*, but very little has been deployed across the (re)insurance industry.
India launches global initiative for clean energy innovation
India among 23 governments collectively launched bold new plans to catalyze action and spearheaded a decade of innovation to drive global investment in clean energy research, development and demonstrations.
The goal is to make clean energy affordable, attractive and accessible for all this decade, to accelerate action towards the Paris Agreement and net zero pathways.
HDFC ERGO partners with Visa to provide specialised covers for business cardholders
Ankur Bahorey, president – Bancassurance Business, HDFC ERGO General Insurance Company said, “Traditionally SME owners have given limited attention to business risk management, which often makes them vulnerable towards several factors such as theft or Act of God, unforeseen health conditions, loss of income due to reasons beyond their control etc. They also need to consider employee benefits, assets & liability management and; most important; family protection.”
Tencent-owned startup reinsurer FuSure receives license for Hong Kong operation
Willis Towers Watson launches new Sports and Entertainment Industry Group
Ian Tomlin, Head of Accident & Health, Willis Towers Watson commented, “We are excited to launch the Sports & Entertainment industry group, which will align a breadth of expertise across the network to offer the sector a new comprehensive, global approach to risk management. We are delighted to be working across the global sports industry as well as supporting event organisers and production companies in partnership with the Willis Towers Watson Leisure and Hospitality Practice.”