International News

Tensions between U.S. and Iran hamper probe of Boeing 737-800 crash near Tehran

Disaster & Management, Non-Life       Jan 09, 2020

As investigators sift through the charred wreckage of a jetliner that crashed shortly after takeoff from Tehran, contradictory reports have emerged about what might have caused the Boeing Co. 737-800 to abruptly plunge out of the sky.   Iranian authorities initially blamed “technical” causes then said...

Trump wants to speed infrastructure projects by dropping Climate Impact Assessment

  Washington: The Trump administration on Thursday unveiled a plan to speed permitting for major infrastructure projects like oil pipelines, including by dropping consideration of their potential impact on climate change.   The plan, released by the White House Council on Environmental Quality (CEQ), would help the...

Re/insurers remain on alert as U.S.,Iran signal desire to avoid further conflict

  WASHINGTON/London/BAGHDAD/DUBAI: President Donald Trump on Wednesday tempered days of angry rhetoric and suggested Iran was “standing down” after it fired missiles at U.S. forces in Iraq, as both sides looked to defuse a crisis over the U.S. killing of an Iranian general. Trump said the...

Iran investigation says Ukrainian jet was on fire before crash

Non-Life       Jan 09, 2020

DUBAI :  A Ukrainian airliner was on fire immediately before it crashed southwest of Tehran, killing all 176 on board, according to an initial report by Iranian investigators. The Ukrainian International Airlines Boeing 737-800, flying to Kiev and carrying mostly Iranians and Iranian-Canadians, crashed shortly...

Trump Administration seeks to limit ‘Overreach’ of Regulation of Artificial Intelligence

Eco/Invest/Demography, Policy, Regulation, Technology       Jan 08, 2020

  Washington: The White House on Tuesday proposed regulatory principles to govern the development and use of artificial intelligence (AI) aimed at limiting authorities’ “overreach,” and said it wants European officials to likewise avoid aggressive approaches.   In a fact sheet, the White House said federal agencies...

Natural catastrophes record $52b insured losses & 9,000 deaths in 2019:Munich Re

  Munich: According to Munich Re, in 2019 ,globally 820 natural catastrophes caused overall losses of US$ 150bn, which is broadly in line with the inflation-adjusted average of the past 30 years. A smaller portion of losses was insured compared with 2018: about US$ 52bn. This...

British regulator warns insurance industry to stamp out bad behavior – or else

Non-Life, Reinsurance, Risk Management       Jan 08, 2020

  London: Britain’s markets watchdog has told the bosses of commercial insurance companies to stamp out bad behavior in the industry and improve diversity, or risk losing their jobs.   The warning follows last year’s admission by Lloyd’s of London of sexual harassment and daytime drinking in...

Peak Re successfully places $ 77mn Lion Rock Re II Sidecar

  Hong Kong: After completing groundbreaking placement of Lion Rock Re, Asia’s first reinsurance sidecar transaction in 2019, Hong Kong based Peak Reinsurance Company has announced that investors have supported Lion Rock Re II for 2020 with an increase in capacity for the coming period.   This...

American Financial Group announces exit from Lloyd’s of London market

Non-Life, Reinsurance       Jan 08, 2020

  CINCINNATI: American Financial Group, Inc.announced that it plans to exit the Lloyd’s of London insurance market in 2020. It has initiated actions to place its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off. AFG will work with Neon and Neon’s regulators...