International News

Germany is first major economy to phase out coal and nuclear power

  German lawmakers have finalized the country’s long-awaited phase-out of coal as an energy source, backing a plan that environmental groups say isn’t ambitious enough and free marketeers criticize as a waste of taxpayers’ money. Bills approved by both houses of parliament Friday envision shutting down...

GIC Re unveils strategies to overhaul its financials and ratings,domestic exposure to Covid-19 claims extremely limited

  Mumbai: State owned GIC Re has strongly countered the move by the AM Best,an international rating agency, to downgrade the reinsurer's  financial strength credit rating below A- (Excellent) negative outlook, to B++ (Good) with stable outlook.   The revision of the rating by the AM Best...

Global coronavirus cases rise to more than 11 million

  WASHINGTON:  Global coronavirus cases exceeded 11 million on Friday, according to a Reuters tally, marking another milestone in the spread of the disease that has killed more than half a million people in seven months.   The number of cases is more than double the figure...

3 new start-ups join Lloyd’s Lab for fast-tracked COVID-19 cohort

  London: Lloyd’s has started work with three new InsurTechs to help the Market respond to the COVID-19 pandemic.   As part of its package of measures to respond to the COVID-19 pandemic, Lloyd’s has reimagined and expanded the scope, process and timings for new applicants to...

More scarce than opening-night tickets: insurance to back Broadway shows

NEW YORK: As they reel from canceled productions and shuttered theaters, the shows that give Broadway its bright lights and draw millions of tourists to New York are facing a new obstacle to reopening: lack of pandemic insurance.   Broadway producers, directors,general managers and insurance brokers...

Facebook,YouTube,Twitter to face same EU rules on hateful content as broadcasters

Eco/Invest/Demography, Non-Life, Risk Management       Jul 03, 2020

  BRUSSELS: Facebook, Alphabet-owned YouTube, Twitter and other social media will for the first time be subject to EU broadcasting rules on hate speech and harmful content under European Commission guidelines announced on Thursday.   The amendments to the Audiovisual Media Services Directive adopted in 2018 came...

Oliver Baete,CEO ,Allianz

Allianz CEO sees business recovery in 2021 after coronavirus impact

Eco/Invest/Demography, Health, Life, Non-Life, Pandemic       Jul 02, 2020

MUNICH/FRANKFURT: Allianz, which is facing headwinds from the coronavirus crisis, expects to be back on track in 2021 barring a second major outbreak or financial market correction, the German insurer’s chief executive said in an interview.   Allianz is among global insurers under pressure amid mounting...

Wirecard exposes Big 4 accounting lapses

Eco/Invest/Demography, Risk Management       Jul 02, 2020

  Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four accounting firms facing a major cultural problem that regulators may struggle to resolve.   The 1.9 billion euros ($2.1 billion) missing from Wirecard’s balance sheet brought...

Big South African insurers face $232 million in claims from 500 virus-hit firms

Eco/Invest/Demography       Jul 02, 2020

  JOHANNESBURG: Virus-related claims from just over 500 small South African firms battling insurers who have rejected them are worth up to 4 billion rand ($232 million), the firm representing the businesses has calculated.   Loss adjustment firm Insurance Claims Africa (ICA) is pushing a host of...

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