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Cyber insurance premiums falling globally, businesses become more adept in curbing their losses, Howden Report
Business interruption is usually the biggest cost following a...
Insurance premiums for climate resilience and NatCat protection are set to increase by 50% by 2030, to reach $200-250 billion, says report
Whilst insurance promises to be a great enabler to unlocking the...
Barclays dragged into insurer ‘War’ over failed M&A deal
SCOR SE is suing Barclays in London for breach of confidence when the bank advised Covéa on its bid to acquire SCOR in 2018. Barclays was given an inside track into the strategic thinking of SCOR’s board and then used the information to help Covea “sabotage” SCOR’s plans to merge with another firm, SCOR’s lawyers said.Covéa’s bid for SCOR was one of France’s most acrimonious takeover attempts in years and the fallout has led to several lawsuits as well as criminal proceedings.
Bank of England aims for greener corporate bond portfolio
The BoE said it was the first central bank in the world to take steps that could ultimately see the most polluting companies banned from its bond portfolio.
It will give firms time to reduce carbon emissions rather than immediately selling off its holdings in energy companies, power utilities and miners.
Japan’s Biggest Dating App Hack Exposes Two Million Accounts
Net Marketing Co., which runs the Omiai dating app, said that it found evidence of unauthorized access to its servers in April. Among the data exposed were photos of ID used to confirm the age of users, including drivers’ licenses, insurance cards and passports. Credit card data was not leaked in the hack, the firm said on Friday, adding that it had yet to confirm misappropriation of the personal information.
Egypt Court rejects appeal to free ship that blocked Suez
The lawsuit of Suez Canal Authority asked for $916 million in compensation. The operator lowered the figure in out-of-court negotiations to $550 million, which the ship’s insurers say is still too high.The Ever Given’s owner has offered to pay $150 million, according to the SCA, which says that doesn’t cover losses of transit fees, damage to the waterway during the dredging and rescue efforts, and costs of equipment and labor.
Bank of England to step up drive to encourage new insurers
London is a global hub for insurers, with 190 insurers from the EU continuing to operate under the BoE’s temporary permissions regime ahead of full authorisation.
The Bank is now deciding whether the EU insurers can operate as a less heavily regulated branch or must become a subsidiary under full UK supervision.
New Zealand hospitals under prolonged IT outage from ransom hack
There’s been no official word on whether the attackers had demanded a ransom. Last week Snee told reporters that there would be no ransom payment and that the board had backups for all its files that it would use to rebuild its system.
‘Cascade of Calamities’ Plagues Tokyo’s Olympics Ambitions
Masayoshi Son, the billionaire founder and top executive of SoftBank Group Corp., criticized the push to hold the Olympics while Hiroshi Mikitani, billionaire founder and CEO of online retailer Rakuten Group Inc., compared them to a “suicide mission.”
The Asahi newspaper, a sponsor of the games, called in an editorial Wednesday for Suga to make the decision to cancel the games.
Electric 2-wheelers to account for 8-10% of sales by 2025; 30% by 3-wheelers: ICRA
Globally, EVs now account for 4.4 per cent of new car sales during CY2020 and their share is likely to cross 5 per cent level this calendar year, as per ICRA.
Dutch court orders Shell to deepen carbon cuts in landmark ruling
At a court room in The Hague, judge Larisa Alwin read out a ruling which ordered Shell to reduce its planet warming carbon emissions by 45% by 2030 from 2019 levels.
Shell immediately said it would appeal the court ruling, which comes amid rising pressure from investors, activists and governments on energy companies to shift away from fossil fuels and rapidly ramp up investments in renewable energy.
Cyber crime is growing risk to bank ratings: S&P
Cyber attacks can harm credit ratings mainly through reputational damage and potential monetary losses, it said in a report titled ‘Cyber Risk In A New Era: The Effect On Bank Ratings.’
“Cyber attacks have had only a limited effect on bank ratings to date but can trigger more rating actions in the future as cyber incidents become more frequent and complex,” said Credit Analyst Irina Velieva.