International News

Facebook Facing Potential Multi-Billion Dollar Liability in Biometric Litigation

Non Life-News       Apr 18, 2018

  Facebook Inc. may have to pay a real price for claims it invaded users’ privacy: billions of dollars.   A federal judge ruled Monday that millions of the social network’s users can proceed as a group with claims that its photo-scanning technology violated an Illinois law...

``Cloud-based office solutions under increasing attack''

Risk Management       Apr 16, 2018

New York: Specialist insurer Beazley has reported that cloud-based office solutions are coming under increasing attack from cyber-criminals. The majority of incidents involving compromised business email accounts reported to the Beazley Breach Response (BBR) Services team during the first quarter 2018 were for organizations using...

Global reinsurer capital up 2 pc to USD605 billion at December 31,2017

Reinsurance       Apr 16, 2018

  Chicago: Aon Benfield estimates that global reinsurer capital stood at USD605 billion at December 31, 2017, an increase of 2 percent relative to the end of 2016.    This calculation is a broad measure of the capital available for insurers to trade risk with.Traditional capital rose...

Rapid tech advances outpacing risk management:MARSH/RIMS

Risk Management       Apr 16, 2018

New York: Emerging technologies continue to rapidly change the way businesses operate and interact with customers, yet risk management processes are not keeping pace with the associated risks, according to a new report published today by Marsh, a global leader in insurance broking and innovative...

J&J $80 Million Damages Award Could Signal More Talcum Cancer Claims

Non Life-News       Apr 15, 2018

New York: Johnson & Johnson and a talc-mining company were ordered by jurors to pay $80 million in punitive damages for hiding that their products, including J&J’s iconic baby powder, had been tainted by asbestos and posed a cancer risk.   The New Jersey jury’s award...

Water taps may completely dry up in India, warns study

Risk Management       Apr 12, 2018

LONDON: Shrinking reservoirs in India, Morocco, Iraq and Spain could result in water taps going completely dry in these four countries, a study based on a new early warning satellite system has warned.   According to the developers of the new satellite early warning system for...

At USD 144 bn,2017 records highest ever global insured losses from disaster events, economic losses at USD 337 bn: Sigma

Non Life-News       Apr 10, 2018

  Zurich:  Total global economic losses from natural and man-made disasters in 2017 were USD 337 billion, almost double the losses in 2016 and the second highest on record, the latest sigma study from the Swiss Re Institute says.Global insured losses from catastrophe events, meanwhile, were...

InsurTech M&As in Asia surge to US$460 million in 2017, three times that of 2016: Willis Study

Technology       Apr 09, 2018

  Hong Kong: The total transaction volume of InsurTech M&As in Asia hit US$460 million in 2017, more than three times that of 2016, as industry incumbents and new entrants to the market pushed towards greater digitalisation, according to the fourth Quarterly InsurTech Briefing from Willis...

New lawsuit for infringing heart rate sensor technology in Apple Watch

Non Life-News       Apr 08, 2018

  SAN FRANCISCO: Apple is facing a lawsuit from a US-based start-up Omni MedSci that claimed the iPhone maker is infringing on its patented technology with the heart rate sensor in Apple Watch.   Michigan-based Omni MedSci develops near-infrared and mid-infrared broadband lasers.   "A Michigan company is...

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