International News

Geopolitical tensions create significant increase in political risk losses up from 2017:Survey

Risk Management       Oct 03, 2018

  Increasing geopolitical concerns are causing a rise in political risk exposures with 55 percent of global organisations with revenues greater than $1 billion experiencing at least one political risk loss exceeding $100 million in value,according to a survey from Willis Towers Watson and Oxford Analytica.   ...

Indonesia earthquake and tsunami: How warning system failed the victims

Non Life-News, Reinsurance, Risk Management       Oct 01, 2018

  Jakarta: As troops were sent to northern cities on the Indonesian island of Sulawesi to help with rescues of those still trapped from Friday's 7.5 magnitude earthquake and tsunami, officials announced the death toll had increased to over 1200.   Hundreds of people have been killed...

Pakistan approves first Islamic reinsurance service

Regulation, Reinsurance       Sep 30, 2018

  Islamabad: Pakistan’s capital market regulator has granted approval to the country’s sole reinsurer to offer sharia-compliant reinsurance, part of efforts to boost the fledgling Islamic insurance (takaful) sector.The Securities and Exchange Commission of Pakistan (SECP) said on Saturday it had authorised Pakistan Reinsurance Co to...

Harmful use of alcohol kills more than 3 million people each year, most of them men:WHO

Health       Sep 28, 2018

  Geneva: More than 3 million people died as a result of harmful use of alcohol in 2016, according a report released by the World Health Organization (WHO) today. This represents 1 in 20 deaths. More than three quarters of these deaths were among men. Overall,...

Another breach hits FB, despite vow to protect data

      Sep 29, 2018

  California: Facebook Inc’s worst security breach ever is a major blow to the company’s effort to rebuild trust with users of the social network after a privacy scandal in March A hacker -- or hackers, as Facebook doesn’t know the number -- exploited several software...

Indonesia earthquake, tsunami toll reaches 384, more than 540 injured

Disaster Management, Non Life-News       Sep 28, 2018

  Jakarta: Indonesia’s death toll from a 7.4 magnitude earthquake and tsunami that struck the island of Sulawesi has risen to 384.   Many of the victims were found under collapsed buildings, Sutopo Purwo Nugroho, a spokesman at National Disaster Mitigation Agency, told reporters in Jakarta. More...

UK Finance Minister Urges EU to Help Devise Hard-Brexit Contingency Plans: Reuters

Economy, Non Life-News       Sep 21, 2018

    London: Britain’s finance minister urged the European Commission to help devise European contingency plans for the financial sector in case of no deal on Brexit, pointing to growing concerns about a disorderly departure from the European Union.   Philip Hammond made his plea at the beginning...

Porsche first German carmaker to abandon diesel engines

Non Life-News, Risk Management, Technology       Sep 23, 2018

  Stuttgart: Sports car maker Porsche said Sunday it would become the first German auto giant to abandon the diesel engine, reacting to parent company Volkswagen's emissions cheating scandal and resulting urban driving bans. "There won't be any Porsche diesels in the future," CEO Oliver Blume...

Lloyd’s Chief Executive, Inga Beale

Lloyd’s returns to profit for the first half of 2018

Non Life-News, Reinsurance       Sep 21, 2018

  London: The market’s return to profit follows the severe catastrophe experience in 2017, with the result supported by an improved combined ratio of 95.5% (June 2017: 96.9%). Lloyd’s also reported a modest increase in gross written premiums to £19.3bn (June 2017: £18.9bn), driven by improvements...