Youpla funeral fund collapse: minister seeks advice on compensating victims

Posted on June 8, 2022 by Admin

Stephen Jones says he needs to know scale of problem before committing to redress scheme

The new minister for financial services has asked Treasury for advice on how to compensate Indigenous people who were victims of the collapse of the funeral expenses fund Youpla.

Stephen Jones, who was sworn in last Wednesday after Labor’s election victory, stopped short of committing the Albanese government to compensating the victims, telling Guardian Australia he first needed to understand how big the problem was.

‘Unacceptable’: Aviva CEO hits back at shareholder sexism

Posted on May 12, 2022 by Admin

Amanda Blanc says sexism in business has actually got worse after being told she is ‘not the man for the job’

The chief executive of the insurer Aviva has hit out at sexism in the industry, saying “unacceptable behaviour” has only increased since she took more senior roles in the sector.

Amanda Blanc, who became the company’s first female chief executive in 2020, published a LinkedIn post thanking people for their support after shareholders made sexist remarks at the company’s annual general meeting on Monday. Investors said Blanc was “not the man for the job” and should be “wearing trousers”.

Lloyd’s moves to cancel insurance cover of Russian firms hit by sanctions

Posted on March 24, 2022 by Admin

Action comes as Lloyd’s of London returns to profit but warns Ukraine war will present ‘major claim’

• Russia-Ukraine war: latest updates

Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.

Announcing a swing back to an annual profit as it recovers from the pandemic, the world’s biggest insurance market warned that the war will present a “major claim” for the insurance market this year, but said it was “manageable”.

Pressure mounts on Morrison government to include flooding in $10bn reinsurance pool

Posted on March 11, 2022 by Admin

Politicians at state and federal level back calls to expand Northern Australia cyclone scheme to other natural disasters across the country

The federal government is under increasing pressure to expand its reinsurance pool for cyclone damage to include flooding, with calls for the Coalition to pass the legislation in the final days of parliament before the looming election.

Politicians across the political divide, at state and federal level, have backed calls to expand the $10bn Northern Australia reinsurance pool for cyclone damage to cover more natural disasters, across the country. Several Coalition members – including Warren Entsch, one of the scheme’s principal advocates, and Kevin Hogan, representing the Lismore-based electorate of Page – have thrown their weight behind the changes, as well as north coast MPs Janelle Saffin and Tamara Smith.

From bamboo to barbecues: the cargo caught up in Ever Given legal battle

Posted on June 11, 2021 by Admin

Ship cannot sail out of Egyptian waters as authorities detain crew and cargo until owners pay for blockages

Lemons, bamboo shoots and tofu sit in the sweltering heat, alongside goods from Lenovo, Ikea, Dixons Carphone and dozens of other brands – including barbecues, sun loungers, swimwear, lawnmowers and camping equipment – that will arrive at their intended destinations long after summer ends.

Since the successful operation in late March to dislodge the 220,000-ton Ever Given from the Suez canal, where it was stuck for six days, the cargo ship has been grounded again – this time by a fierce legal battle between the ship’s owners, insurance companies, and the Suez Canal Authority (SCA).

Who pays for Suez blockage? Ever Given grounding could spark years of litigation

Posted on March 30, 2021 by Admin

Ship likely to be centre of protracted legal battle over what caused it to run aground in the Suez and who is to blame

After hauling its 220,000-ton bulk down the Suez canal a week after blocking the essential waterway, the Ever Given container ship is likely to become the centre of a protracted battle over who will pay for its rescue.

The 400-metre-long vessel was aground on the banks of the Suez canal for a week, causing an estimated £7bn loss each day in trade owing to ships stuck on either side, and up to £10.9m a day for the canal. “We managed to refloat the ship in record time. If such a crisis had occurred anywhere else in the world, it would have taken three months to be solved,” said Osama Rabie, the head of the Suez Canal Authority (SCA).

UK insurers warn against go-ahead for self-driving cars on motorways

Posted on October 22, 2020 by Admin

Government plans set to start in 2021 risk lives and are ‘hugely wrong’, experts say

Plans for cars to drive themselves on UK motorways as soon as 2021 are unlikely to go ahead after insurers warned government proposals were risking lives and “hugely wrong”.

Cars with the technology to keep in lane, accelerate and brake automatically will be on the road next year, and ministers had proposed that drivers could relinquish control to their vehicles at speeds of up to 70mph on motorways.

Fifth of countries at risk of ecosystem collapse, analysis finds

Posted on October 12, 2020 by Admin

Trillions of dollars of GDP depend on biodiversity, according to Swiss Re report

One-fifth of the world’s countries are at risk of their ecosystems collapsing because of the destruction of wildlife and their habitats, according to an analysis by the insurance firm Swiss Re.

Natural “services” such as food, clean water and air, and flood protection have already been damaged by human activity.

Nearly 75% of City firms reviewing office space provision

Posted on October 7, 2020 by Admin

Rise in home working during the pandemic means many companies are assessing their needs

Nearly three-quarters of City firms are reviewing how much office space they really need following a boom in home working during the pandemic, new research shows.

The latest CBI/PwC financial services survey found 74% of companies – particularly banks and insurance firms – have been taking stock of their office requirements in the hope of either using the space differently, or reducing it.

Fears for Obamacare if Amy Coney Barrett confirmed to supreme court

Posted on October 2, 2020 by Admin

Case due before court seeks to strike down landmark Affordable Care Act – which could leave millions of Americans adrift

This month, Congress is expected to begin confirmation hearings for Donald Trump’s nominee for the supreme court, Amy Coney Barrett. If confirmed, she could be the decisive vote in a case being heard days after the election, which seeks to strike down the landmark Affordable Care Act – a move that could leave millions of Americans without healthcare in the middle of a pandemic.

Tidjane Thiam: the man who traded politics for finance after military coup

Posted on February 7, 2020 by Admin

Ousted Credit Suisse chief transformed Prudential before City regulator censured him

Credit Suisse chief resigns after spying scandal

Tidjane Thiam is the scion of an influential family whose political connections and history spread across two West African countries: Ivory Coast and Senegal.

The 57-year-old came to prominence in the UK when he was named as the head of Prudential in 2009, making him the first black chief executive of a major British company.

Climate change could make insurance too expensive for most people – report

Posted on March 21, 2019 by Admin

Munich Re, world’s largest reinsurance firm, warns premium rises could become social issue

Insurers have warned that climate change could make cover for ordinary people unaffordable after the world’s largest reinsurance firm blamed global warming for $24bn (£18bn) of losses in the Californian wildfires.

Ernst Rauch, Munich Re’s chief climatologist, told the Guardian that the costs could soon be widely felt, with premium rises already under discussion with clients holding asset concentrations in vulnerable parts of the state.

Roundup Newswires

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Category Archives: Insurance industry

Youpla funeral fund collapse: minister seeks advice on compensating victims

‘Unacceptable’: Aviva CEO hits back at shareholder sexism

Lloyd’s moves to cancel insurance cover of Russian firms hit by sanctions

Pressure mounts on Morrison government to include flooding in $10bn reinsurance pool

From bamboo to barbecues: the cargo caught up in Ever Given legal battle

Who pays for Suez blockage? Ever Given grounding could spark years of litigation

UK insurers warn against go-ahead for self-driving cars on motorways

Fifth of countries at risk of ecosystem collapse, analysis finds

Nearly 75% of City firms reviewing office space provision

Fears for Obamacare if Amy Coney Barrett confirmed to supreme court

Tidjane Thiam: the man who traded politics for finance after military coup

Climate change could make insurance too expensive for most people – report