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CrowdStrike Chaos: (Re)Insurers could withstand preliminary loss estimates, says Fitch
``We expect claims will be mostly within the retentions of primary...
US, European regulators sign joint statement on effective AI competition
Generative AI has rapidly evolved in recent years and the...
Financial regulators urgently need to get a grip on ‘Big Tech’: BIS
Global watchdogs are increasingly wary that the huge amounts of data controlled by groups such as Facebook, Google, Amazon and Alibaba could allow them to reshape finance so rapidly that it destabilises entire banking systems.
Descartes Underwriting opening 2 offices in Asia-Pacific
“We are proud to bring Descartes’ solutions closer to brokers and corporate clients. As a region, Asia-Pacific is more exposed to natural catastrophes and extreme weather events than others. From record breaking super typhoons Goni and Amphram in 2020, major hail events and bushfires in Australia, and tragic 1-in-1000 year flooding in China and India this summer – the rising incidence of severe weather throughout the region is compounded by climate change and is resulting in increased year-after-year losses”, said Robert Drysdale, Head of Southeast AsiaDescartes Underwriting,
Aon’s looking at up to $1.4 bln in costs over scrapped Willis deal
The extra costs, which would range between $350 million and $400 million, could be incurred in the third quarter, Aon Chief Financial Officer Christa Davies said on a post-earnings call with analysts.
UAE lifts ban on transit flights including from India and Pakistan
India and Pakistan are important markets for Emirates, Etihad Airways and other UAE carriers flydubai and Air Arabia .
The Gulf state, a major international travel hub, had banned passengers from many South Asian and African states travelling through its airports this year because of the coronavirus pandemic.
Howden appoins a head in newly created Entertainment practice
Connell joins Howden from EC3 Brokers where he was Head of Contingency and Entertainment, a role he has held for the past four years. In his new role, he will be responsible for developing and delivering creative solutions for clients in the entertainment sector, enabling them to navigate the continued insurance and risk management related challenges posed by Covid-19
Ransomware attacks hit record 300 mn in 1st half of 2021: Report
In line with spikes in global data, the researchers also recorded alarming ransomware spikes across key verticals, including government (917 per cent), education (615 per cent), healthcare (594 per cent) and retail (264 per cent) organisations.
“In a year driven by anxiety and uncertainty, cybercriminals have continued to accelerate attacks against innocent people and vulnerable institutions,” Bill Conner, President and CEO, Sonic Wall, said in a statement.
Zoom to settle US privacy lawsuit for $85 mn
The suit charged that Zoom’s sharing of users’ personal data with Facebook, Google and LinkedIn was a breach of privacy for millions.
While Zoom denied wrongdoing, it did agree to improve its security practices.
Talent war’ pushing white-collar pay higher, British recruiter says
“A war for talent and significant wage inflation is beginning to emerge,” Robert Walters’ eponymous chief executive said in a statement accompanying the group’s first-half results, though he didn’t specify what level of pay rises the company was seeing.
Walters’ remarks on higher salaries align with stories of pay hikes by European lenders Deutsche Bank and UBS and at Wall Streets banks, while data has shown more people are changing jobs or quitting following months of uncertainty during lockdowns.
Shipping losses stay at historic lows, but Asia remains largest global loss hotspot:Allianz
“Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS.
“Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS.
The world’s piracy hotspot, the Gulf of Guinea, accounted for over 95% of crew numbers kidnapped worldwide in 2020. Last year, 130 crew were kidnapped in 22 incidents in the region – the highest number ever – and the problem has continued. Vessels are being targeted further away from the shore – over 200 nautical miles (nm) in some cases.
Long Covid may qualify as disability under federal law: Biden
“We’re bringing agencies together to make sure Americans with long Covid who have a disability have access to the rights and resources that are due under the disability law, which includes accommodations and services in the workplace and school, and our health care system so they can live their lives in dignity,” Biden said.