The two parametric products — for extreme rainfall and drought-risk...
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AIA Australia deploys SCOR’s VClaims
Tracey Crowe, General Manager for Claims and Underwriting at AIA...
UIB partners with CyberCube to accelerate its growth across LATAM and Asia
Dimaggio Rigby, Head of Cyber at UIB, added,“The cyber landscape is...
HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case
Madoff’s fraud was estimated as much as $64.8 billion, making it the biggest-ever Ponzi scheme, a kind of fraud whereby old investors are paid off with funds from newer ones while the organizer siphons off some of the money for themselves HSBC Holdings said on Monday...
HK startup aims to launch satellites for 3D wind data, report
The satellites should be able to provide global coverage of data that could be supplied to the aviation, shipping and insurance industries. It could also be used by wind-farm operators, Chief Executive Officer of Stellerus David Liu said Hong Kong startup Stellerus...
Australia sues Microsoft over AI-linked subscription price hikes
The Australian Competition and Consumer Commission (ACCC) alleged that from October 2024, the technology giant misled about 2.7 million customers by suggesting they had to move to higher-priced Microsoft 365 personal and family plans that included Copilot Australia's...
KKR and Quadrantis Capital pick up minority stakes in Peak Re
Franz-Josef Hahn, Chief Executive Officer, Peak Re. Post completion, KKR and Quadrantis Capital are expected to hold approximately 11.27% and approximately 1.80% of Peak Re’s issued share capital, respectively, with the remaining approximately 86.71% continuing to be...
EU adopts a new package of sanctions targeting Russia’s energy infrastructure
Along with a full transaction ban on two major Russian oil companies, Rosneft PJSC and Gazprom Neft PJSC, and sanction 117 additional so-called shadow fleet vessels, which have enabled Russia to evade previous measures, the EU package goes after 45 entities that have...
Apple loses landmark UK lawsuit over app store commissions
The Competition Appeal Tribunal (CAT) ruled against Apple after a trial of the lawsuit, which was brought on behalf of millions of iPhone and iPad users in the United Kingdom.The CAT ruled that Apple had abused its dominant position from October 2015 until the end of...
Re/insurance industry needs to push boundaries of risk taking in a fragmenting world: Experts
“While the universe of risks is expanding, the world is fragmenting. Organizations are seeking new opportunities while having to navigate the most complex set of risk challenges in a generation. For the (re)insurance industry, this is a moment to step up, to create...
Aon’s advanced AI-powered supply chain offering to help businesses anticipate & mitigate hidden risks
Using AI and advanced data modelling, the solution analyses frequency and severity of supply chain events over time from more than 80,000 sources in over 200 countries DUBLIN: Aon plc, a global professional services firm, announced the launch of a new AI-powered...
Insurance loss estimated for outage at AWS can range from $38 million-$581 million, says CyberCube
CyberCube’s analysis shows that the outage is likely to have affected over 2,000 large organizations and nearly 70,000 organizations in total. The analysis is based on Portfolio Manager Version 6, which was released earlier this year. It allows users to assess...
Jaguar Land Rover hack cost UK economy $2.5 billion, report says
"This incident appears to be the most economically damaging cyber event to hit the UK, with the vast majority of the financial impact being due to the loss of manufacturing output at JLR and its suppliers," the CMC report said. LONDON: The August hack of Jaguar Land...