Lloyd’s of London outlines 2030 fossil fuel exit plans

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“Lloyd’s managing agents will be asked to phase out the underwriting of new insurance policies for thermal coal-fired power plants, thermal coal mines, oil sands, and new Arctic energy exploration activities from 2022,” noted Lloyd’s in the report. “To ensure that customers are supported through this transition period, the phasing out of existing policies is expected to be complete by 2030.”

The goal is to make the centuries-old insurance marketplace “truly sustainable” by integrating sustainability into all its business activities.

Lloyd’s declared: “In publishing our first environmental, social, and governance report and strategy for both the Lloyd’s market and Corporation,

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The Authority for Consumers and Markets probes NFC payments

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The Netherlands Authority for Consumers and Markets (ACM) has launched an investigation into competition in smartphone-based NFC payments, examining whether limitations on access to NFC payments functionality on some devices violates domestic laws.

The Netherlands Authority for Consumers and Markets probes NFC payments

In a statement, ACM noted many phones use NFC technology for contactless payments, but some devices “only allows the software developer’s own payment app” to use the capability.

The ACM plans to investigate whether this breaks competition laws by hindering innovation and reducing user choice in payment apps.

If breaches are found, ACM says it will issue

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What’s the biggest challenge for marine insurance claims managers?

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Speed of process is the biggest challenge facing marine insurance claims managers, according to new research from Marine Judge, an AI-driven marine insurance platform.

Marine Judge found that 44{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of managers involved in maritime insurance claims say the biggest challenge they deal with is the claims process taking too long. Thirty-two per cent (32{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}) said the cost of the process was their largest issue, and 20{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} cited poor communication with insurance staff.

“This helps explain why just 48{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of maritime claims managers say they are ‘satisfied’ with the claims process, and 20{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} say they are dissatisfied with it,” Marine Judge

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QBE forecasts SG$1.99 billion net loss in 2020

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Sydney-headquartered QBE Insurance Group has released its financial results forecast for 2020.

In an update, the global insurer noted: “Having reported a 1H20 adjusted net cash loss after tax of US$666 million, QBE now expects to report a FY20 adjusted net cash loss after tax of ~US$780 million. This includes the following pre-tax impacts: ~US$470 million of COVID-19 costs, ~US$130 million of elevated catastrophe costs, and ~US$360 million of prior accident year claims development.

“The expected statutory net loss after tax of ~US$1.5 billion (around SG$1.99 billion) also includes a US$520 million non-cash writedown of North America goodwill and deferred

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