International News

Facebook in Australia Faces Potential Class Action Suit over Data Privacy Breaches

Risk Management       Jul 10, 2018

  Litigation funder IMF Bentham Ltd is preparing to potentially sue social media giant Facebook Inc in Australia over its sharing of users’ data with political consultancy Cambridge Analytica.   The world’s largest social network said in April that data of up to 87 million people ended...

Historic rainfall, floods in Japan kill more than 100; Some factories halt operations

Disaster Management       Jul 09, 2018

  The death toll from the historic rainfall in western Japan reached 110 on Monday as rescuers stepped up efforts to clear areas hit by flooding and landslides. Some plants halted by the floods started to resume operations as the affected regions began the process of...

Munich Re sticks with coal underwriting despite investor pressure

Non Life-News       Jul 06, 2018

  LONDON/FRANKFURT: Munich Re, the world’s biggest reinsurer, said it would keep underwriting coal-related businesses, defying investors keen for it to follow a partial ban by its rival Swiss Re.   It, however, said it looked at the issue “repeatedly”.   Policymakers are pushing companies to do more...

‘Incredibly shrinking airline seat’ Not a Safety Concern:U.S. US aviation regulator

Risk Management       Jul 06, 2018

  Hopes for more legroom in increasingly cramped airplane cabins were dashed when U.S. regulators, responding to a court order, said they found no need to impose new standards on airlines.   The Federal Aviation Administration, in a letter dated Monday, said the agency “has no evidence...

Trade Credit Insurance could get boost from Trade War

Non Life-News       Jul 06, 2018

  Trade tensions sound like a great opportunity to underwriters of a little-known insurance product. U.S. President Donald Trump set off fears of a global trade war with tariffs on metals and an array of imports from China.   As countries ratchet up the rhetoric and retaliation,...

Global insurance prms rise to$5 trillion, up 1.5%  in 2017, China-led emerging markets drive growth:Swiss Re’s Sigma

Life-News, Non Life-News       Jul 05, 2018

  Zurich: Global insurance premiums increased 1.5% in real terms1 to nearly USD 5 trillion in 2017, after rising 2.2% in 2016.   in 2016. global life premiums increased to roughly USD 2.7 trillion in 2017, while global non-life premiums rose to approximately USD 2.2 trillion. Growth...

Rising sea levels may cost $14 trillion worldwide annually by 2100: Experts

Climate Change       Jul 04, 2018

  Rising sea levels could cost $14 trillion worldwide annually by 2100, say scientists who warn that failing to limit global warming to two degrees Celsius will lead to dire global economic consequences. The researchers from UK National Oceanographic Centre (NOC) also found that upper-middle income...

Etiqa Insurance fast-tracks motor insurance claims with 30-minute claims approval

Non Life-News       Jul 04, 2018

  Singapore: Singapore based Etiqa Insurance has launched a 30-minute fast Own Damage (OD) claims approval for its motor policyholders, a first-ever feature in the motor insurance sector in Singapore.   Motor claims approval generally takes approximately 1 to 2 days to process. Etiqa, with its 22...

Almost Half of South Asia Vulnerable to Climate ‘Hotspots’: World Bank

Climate Change       Jul 02, 2018

Changes in temperature and rainfall will impact almost half of South Asia in the coming decades, reducing economic growth in one of the world’s poorest regions, the World Bank said.   A World Bank report released on June 28 analyzes two scenarios: “climate sensitive,” based on...