In its new Best’s Market Segment Report, “Market Segment Outlook: Global Reinsurance,” AM Best states that the current market hardening likely will need to continue for at least a couple of years to have a meaningful impact on the segment. Additionally, pricing momentum will have to be sufficient to offset losses from previous years, including the impact of COVID-19 and ongoing impact from social inflation.

Kia Motors recalling 295,000 vehicles due to risk of engine fires

Dec 7, 2020

Last week, the National Highway Traffic Safety Administration announced that Kia and Hyundai must pay USD 137 million in fines and for safety improvements because they moved too slowly to recall more than 1 million vehicles with engines that can fail.

The fines resolve a three-year government probe into the companies’ behavior involving recalls of multiple models dating to the 2011 model year.

Vaccine airlift delivers shot in the arm for airlines

Dec 7, 2020

IATA, representing 290 airlines, warns that vaccine rollout could be “compromised” without an easing of the travel curbs and quarantines it has lobbied against.

“There are parts of the world that have no cargo operations once the passenger networks are grounded,” IATA head of cargo Glyn Hughes said.

Cyber insurance shifting into personal lines as consumer interest rises in UK:GlobalData

Dec 7, 2020

Daniel Pearce, Senior Insurance Analyst at GlobalData, comments: “The need for cyber insurance policies has long been identified in the commercial space, where reliance on technology for day-to-day business activities has grown at an exponential rate. However, individuals have also become increasingly dependent on technology. With their exposure to cyber risks growing, the personal cyber insurance market is burgeoning.”

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