Another year of record-high heat punctuated a decade-long increase in global temperatures that has placed the Earth’s economies dangerously close to climate tipping points. Those are the conclusions published Friday by European Union scientists. Despite pandemic-induced lockdowns of the global …
Natural catastrophes around the world resulted in $210 billion in damage in 2020, with the United States especially hard hit by hurricanes and wildfires, a top insurer said on Thursday. The damage, tallied by the German reinsurer Munich Re , …
In late January 2015, just after the deadliest outbreak of Ebola in history, then-World Bank President Jim Yong Kim stood in front of a group of Georgetown University students and professors to introduce a new approach to fighting pandemics. Fresh …
There aren’t many contexts where $2 trillion seems like a paltry sum. Then a pandemic comes along. The economic fallout from COVID-19 has left insurers issuing existential warnings and businesses discovering they weren’t covered. It’s resulted in courts packed with …
German reinsurance group Munich Re will no longer insure against events canceled due to pandemics, a board member said on Tuesday. The world’s largest resinsurer is making the change after it faced large losses this year in the wake of …
Munich Re reports approximately €800 million (US$935 million) in COVID-19-related losses in reinsurance during the third quarter. The losses were attributable to various business lines, such as insurance for major events and other property-casualty lines, and the life and health …
The TRUMPF Group and Munich Re Group are entering into a strategic partnership for a “pay-per-part” business model, which enables customers to use a full-service laser machine without having to buy or lease any equipment. Instead, customers pay a previously …
Reinsurers and insurers for years have been worried about systemic risks – those uninsurable risks with the potential of surpassing the capital of the industry. The COVID-19 crisis has renewed attention on these risks, which could also include a global …
Secondary perils, exacerbated by climate change, are driving catastrophe insurance losses, warn a growing chorus of reinsurers and brokers. Indeed, broker Aon reveals that more than 60% of 2020’s insured catastrophe losses of $54 billion have been caused by secondary …
Next Insurance is in talks to raise new capital in a round that values the insurance technology startup at about $2.25 billion, according to people familiar with the matter. Alphabet Inc.’s CapitalG is in talks to lead the roughly $250 …
