International News

J&J reported to settle most Pinnacle Hip Implant Lawsuits

Health, Non-Life, Risk Management       Feb 05, 2019

  Johnson & Johnson, the world’s largest maker of health-care products, has agreed to settle the bulk of consumers’ lawsuits alleging it sold defective artificial hips and misled patients about their dangers, according to a lawyer for the plaintiffs.   “The parties have reached an agreement that...

Hannover Re net income at EUR 1.05 bn, logs a gross premium of EUR 19 bn in 2018

Non-Life, Reinsurance       Feb 05, 2019

  Hannover:  Hannover Re, the fourth-largest reinsurer in the world, has seen its group net income improving  in the 2018 financial year to roughly EUR 1.05 billion, up from EUR 958.6 million the year before based on preliminary key figures.    The reinsurer's gross premium was in...

Japan insurers to target China M&A in new phase after $50 billion overseas push

Eco/Invest/Demography, Life, Non-Life       Feb 04, 2019

  HONG KONG/TOKYO: Japanese insurance companies have spent more than $50 billion on acquisitions over the past five years to become the world’s second-largest buyer of insurance assets, and the deals spree won’t be slowing down any time soon.   The cashed-up insurers are expected to step...

Power & renewable energy companies facing considerable disruption:Willis Report

  Singapore: Companies in the conventional power and renewable energy sectors should be preparing themselves to contend with disruption to their businesses from a range of sources, including potentially adverse developments in the insurance market, according to the latest Power and Renewable Energy Market Review from...

Thefts, Scams of Cryptocurrencies surge 400% to $1.7 Billion in 2018

Cryptocurrencies stolen from exchanges and scammed from investors surged more than 400 percent in 2018 to around $1.7 billion, according to a report from U.S.-based cyber security firm CipherTrace released on Tuesday.   Of the $1.7 billion, the report, which looks at criminal activity in the...

Accenture Software now does what 40,000 employees used to do

Technology       Jan 30, 2019

  Accenture Plc, the global consulting firm, will begin selling software and services that it’s already used internally to automate tasks and redeploy about 40,000 workers.   The new platform, that’s been five years in development, suggests ways to streamline and automate processes in areas such as...

ILS growth to $93bn in 2018 bodes well for a continued healthy market:Willis Re

Non-Life, Reinsurance       Jan 29, 2019

  Growth of the ILS market continued in 2018, to reach $93 billion of outstanding non-life capital, despite a slow-down during the final quarter of the year, according to the new ILS Market Update from Willis Re, the reinsurance division of Willis Towers Watson.    In the...

Global ransomware attack could cost businesses almost $200bn, new study finds

Risk Management       Jan 29, 2019

  Mumbai::  A global ransomware cyber-attack could cost $193bn and affect more than 600,000 businesses worldwide, according to a new report from the Cyber Risk Management (CyRiM) project, the Singapore-based public-private initiative that assesses cyber risks, of which Lloyd’s is one of the founding members.   In...

Lancet report blames 'Big Food' firms for fuelling obesity, climate change

Eco/Invest/Demography, Health, Risk Management       Jan 28, 2019

  Big Food is portrayed as the new Big Tobacco in a sweeping report that links the industry’s influence to a global obesity epidemic, along with malnutrition and climate change.   The Lancet Commission on Obesity blamed a growth-focused sector for a system that gorges populations on...