Georgieva, speaking at an online event sponsored by the Peterson Institute for International Economics, said that recovery will be held back unless the pace of COVID-19 vaccination picks up, adding that a goal of ending the pandemic by the end of 2022 will not be reached at the current pace.

Natural disaster H1 insured losses hit a 10-year high of $42 billion

Jul 21, 2021

Floods in Europe since last week have likely caused $2-3 billion in reinsurance losses, analysts say. read more

Natural disasters were responsible for around 3,000 deaths globally in the first half, with 800 fatalities from the heatwave which hit parts of Western Canada and the U.S. Pacific Northwest in late June.

As cyberattacks rise, Cyber insurers are overhauling their strategies

Jul 21, 2021

Cyber policies are relative newcomers to the centuries-old insurance industry. The sector has exploded in the past decade — with premiums more than doubling since 2015 and totaling $3.15 billion last year, according to the National Association of Insurance Commissioners.
Some firms are charging more for less coverage. Clients in US paid 35% more for cyber coverage in the first quarter than they did in the same period last year, according to broker Marsh McLennan. Demand for standalone policies surged 24% last year.
Wrestling with higher costs and more risk, insurers are tightening standards, boosting prices and slashing how much they’re willing to pay for a breach.

Judge: $150M initially for victims in Florida condo collapse

Jul 21, 2021

That sum includes about USD 50 million in insurance on the Champlain Towers South building and at least USD 100 million in proceeds from the sale of the Surfside property where the structure once stood, Miami-Dade Circuit Judge Michael Hanzman said at a hearing on Wednesday.

”The court’s concern has always been the victims here,” the judge said, adding that the group includes visitors and renters, not just condo owners. ”Their rights will be protected.”

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