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New Zealand makes changes in earthquake-prone buildings its assessment to reduce costs
“While well intentioned, the current system for assessing and...
Tata Motors’ outlook cut to ‘negative’ by Moody’s after cyber-attack halts JLR production
The cyber incident at JLR has highlighted customer relations risk...
Insurers review Middle East events coverage after cancellations
But new policies are likely to exclude Israel, Lebanon and countries neighboring Israel such as Egypt and Jordan, three sources told Reuters, standard practice after a war breaks out,Edel Ryan, a senior executive at broker Marsh. Some insurers are excluding Israel,...
UN chief says it will be difficult to revive Black Sea grain deal
U.N. officials are working to try to revive the deal, which Russia quit a year after it was brokered by the United Nations and Turkey — complaining that its own food and fertilizer exports faced obstacles and that not enough Ukrainian grain was going to countries in...
China authorities ask Ping An to take controlling stake in Country Garden, sources
China's State Council, which is headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to help arrange a rescue of Country Garden by Ping An, said two of the sources who have direct knowledge of the...
Alliance of 40 countries to vow not to pay ransom to cybercriminals, US says
The International Counter Ransomware Initiative comes as the number of ransomware attacks grows worldwide. The United States is by far the worst hit, with 46% of such attacks, Anne Neuberger, U.S. deputy national security adviser in the Biden administration for cyber...
Cyber attacks and data breaches remain the top global risk, 50% of overall top ten risks presently uninsurable: Aon
Greg Case,CEO,Aon Notably only two of the top five current risks are insurable and half of the overall top ten is presently uninsurable "The world is more volatile, reflecting a series of profound transitions across trade, technology, weather and workforce issues that...
WTW launches an Asia Pacific Climate Risk Centre in Singapore
Commenting on the set-up, Lawrence Wong, Deputy Prime Minister and Minister for Finance of Singapore, and Chairman of MAS said, “I welcome the launch of the WTW APAC Climate Risk Center in Singapore. This Centre will develop risk advisory, analytics and risk financing...
Israel’s ship industry urges government to help with jump in war insurance
The finance ministry said subsidizing the cost of additional war risk premiums was not being considered as of now, adding it was examining “additional solutions that will provide an insurance defense for vessel owners,” without giving details Ships sailing for Israel...
New Swiss rules set to overhaul $20 billion bond market
There are nearly $20 billion of subordinated notes that Swiss insurers have been able to use as capital under a previous regime that will be grandfathered until the end of 2033, based on data compiled by Bloomberg. Swiss Re AG has kickstarted the process of dealing...
As devastated Acapulco rebuilds, other Mexico resorts urged to heed its lessons
As Acapulco rebuilds after the deadly Category 5 hurricane, climate experts, architects, engineers and politicians recommended steps Mexico should take. These include tougher building standards, improving flood water management and enhancing storm detection to avoid...
Boeing says ‘cyber incident’ hit parts business after ransom threat
Lockbit was the most active global ransomware group last year based on the number of victims, and it has hit 1,700 U.S. organizations since 2020, according to the U.S. Cybersecurity and Infrastructure Security Agency (CISA) Boeing, one of the world’s largest defense...