Battery-related fires have also posed greater risks in recent years...
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With new technology cybercrime crews increasingly turning to more sinister techniques for ransom
Tactics like leaking sensitive records and double-hacks aren’t...
14 people killed in landslides, floods and lightning incidents in Nepal
"We recorded a total of 44 incidents on June 26, 2024. In those...
Global Covid-19 caseload tops 184.5 mn; deaths surge to more than 3.99 mn
The US continues to be the worst-hit country with the world’s highest number of cases and deaths at 33,746,275 and 605,903, respectively, according to the CSSE.
In terms of infections, India follows in the second place with 30,619,932 cases.
In crosshairs of ransomware crooks, cyber insurers struggle
Now, the sector isn’t just in the criminals’ crosshairs. It’s teetering on the edge of profitability, upended by a more than 400% rise last year in ransomware cases and skyrocketing extortion demands. As a percentage of premiums collected, cyber insurance payouts now top 70%, the break-even point.
Brutal Summer’s record-high temperatures flare up extreme events in Northern Hemisphere
Extremes are piling up in what’s poised to be a brutal summer as the planet warms. Climate change is intensifying many unusual weather patterns to the point that scientists are able to detect its influence nearly in real time. That’s been the case during the heatwave that’s boiled Canada and the U.S. northwest this season, as well as the heatwave that hit Siberia last year.
Lawsuits are becoming increasingly common as consumers shop online with little understanding
“Within the last year, especially with Covid-19 and more consumers shopping online, counterfeiters have gotten really smart and taken advantage of that,” said Tiffany Pho, manager of anti-counterfeiting at the International Trademark Association.The association has projected that, by next year, the total estimated value of counterfeit goods including digital piracy will reach at least $1.9 trillion annually. Internet sales are particularly popular because the counterfeiters can have a more global reach and more ways to hide, Pho said.
Olympics-Japan considers ban on all Olympic spectators, weighs extending curbs
Medical experts have said for weeks that having no spectators at the Olympics would be the least risky option amid widespread public concern about the risk the Games will fuel new surges of infections.
Saudis may work longer, pay more to Kingdom’s pension fund: Report
The government — faced with an estimated actuarial gap of 800 billion riyals ($213 billion) at the state-controlled pension fund — is weighing proposals to increase the retirement age, according to three people familiar with the matter, who asked not to be identified to discuss confidential deliberations. It could also require workers to contribute more of their salaries to the General Organization for Social Insurance, or GOSI, which manages both public and private sector pensions, the people said.
Global financial regulators attempt to align rules on climate risks
The Financial Stability Board (FSB), which coordinates financial rules for the G20 group of nations, said its “roadmap” seeks to coordinate approaches to disclosures by companies and plug gaps in the data needed to spot financial stability “vulnerabilities” and develop tools to address them.
The roadmap attempts to align rules still in the planning stage between now and 2023 to avoid more divergences between various measures for the same activity.
Swiss Re’s Nina Arquint receives `The 2021 Geneva Association Women in Insurance Award”
Jad Ariss, Managing Director of The Geneva Association, said: “I congratulate Nina Arquint on winning this award, which recognises her leadership role in reducing the underwriting of coal, the most polluting and carbon-intensive fuel, and her great dedication to tackling environmental risks. Ms Arquint and her team have made demonstrable contributions to reducing the financial viability of coal and contributing to accelerating its phase-out globally. This work is in alignment with The Geneva Association’s mission to promote the use of insurance to create a better, more resilient, and more sustainable world.”
Gibraltar Japan partners with Munich Re to improve underwriting experience for customers
Seigo Nakano, CIO at Gibraltar Life added: “We have seen an enormous change in the Japanese life insurance market in the past 10 years with the majority of large life insurance firms introducing automated underwriting.
Hiroko Izumisawa, Corporate Vice President at Gibraltar also added: “Our partnership with Munich Re, Japan Branch, allowed us to develop a comprehensive underwriting rule-set which covers over 270 risk factors. It enables us to automatically assess 85% of applications while digitally capturing all application data. We’ve been utilizing the underwriting engine for a couple of months, and so far, customers are reacting favorably to the enhanced application process.”
Cyber insurance industry to exceed $20bn by 2025, says GlobalData
The market recorded growth of 33.5 per cent in 2020 as businesses around the world realized the increased threat COVID-19 and staff working from home posed. The growth rate is set to remain high throughout the forecast period, with GlobalData projecting a rate of 27.3 per cent growth in 2021, said GlobalData .