International News

U.S. blacklisting of China’s Huawei to disrupt Global Technology Supply Chain

Eco/Invest/Demography, Risk Management       May 16, 2019

  The latest U.S. broadside against Huawei that puts the Chinese firm on an exports blacklist threatens to rattle the global tech supply chain, linked closely to the $105 billion business of the world’s top supplier of telecoms network equipment.   The Trump administration has said it...

Electric flying taxi unveiled, could be operating worldwide by 2025

Technology       May 16, 2019

The world’s first all-electric vertical takeoff and landing passenger jet has been unveiled after completing its first flight.   German startup Lilium aims to have a fleet of the five-seat aircraft -- which can operate with a pilot or in drone mode -- flying in cities...

Bank of England fires warning shot to insurers over capital, Libor

  LONDON: The Bank of England said it was carefully monitoring falling capital levels at insurers that use their own computer models for calculating capital requirements. David Rule, executive director of insurance supervision at the Bank of England’s Prudential Regulation Authority, also warned insurers that ending...

Cyber Insurance growth slows down in US, records reaching $2 Billion in 2018, Fitch

Non-Life, Regulation, Risk Management       May 15, 2019

  The US industry’s total direct written cyber premiums grew 8% in 2018 to $2 billion, down from 37% growth in 2017. The country is by far the largest market in the world for cyber coverage.   The cyber insurance market remains a source of growth for...

WhatsApp vulnerability allowed secretive installation of spyware

Risk Management, Technology       May 14, 2019

  London:  A vulnerability in messaging app WhatsApp allowed attackers to install Israeli spyware onto phones, the Financial Times reported Monday. The malicious code, developed by Israeli company NSO Group, was installed on both iPhones and Android phones through the app's phone call feature, the newspaper...

Crash Victims’ final minutes will influence Financial Liability for Boeing, Insurers

Non-Life, Reinsurance, Risk Management       May 13, 2019

  The amount of money Boeing Co. and its insurers will pay to the families of those who perished aboard two doomed jets will be dictated in part by one particularly grim calculation: How long did the victims know they were plunging to their deaths?   That...

Cyber Risks to exceed Natural Disasters for insurers: Scor CEO

Non-Life, Reinsurance, Risk Management       May 13, 2019

  Cyber risks will soon become bigger risks than natural catastrophes for the insurance sector, Scor Chairman and Chief Executive Officer Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents.   “I dream of a kind of Richter scale for...

Lloyd's of London seeks behavior crackdown with culture Survey

Policy, Regulation, Reinsurance, Risk Management       May 13, 2019

  London: Lloyd’s of London has commissioned an independent culture survey following a Bloomberg Businessweek article that uncovered evidence of sexual misconduct in the world’s oldest insurance market.   The survey is being carried out by the Banking Standards Board, a not-for-profit organization that aims to raise...

Saudi Arabia says two Saudi oil tankers attacked near UAE waters

Eco/Invest/Demography, Risk Management       May 13, 2019

DUBAI/LONDON:  Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a “sabotage attack” off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies. The UAE said on Sunday...