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Life insurance set to boom as interest rates surge, says Swiss Re
Jérôme Jean Haegeli, Group Chief Economist, Swiss Re Swiss Re...
Cyclone Remal wreaks havoc in West Bengal, Bangladesh after making landfall; 1 killed
Arup Biswas, the minister for power in West Bengal government, said...
AXA becomes the first insurer to join Green Monday ESG Coalition
The Coalition is led by Green Monday Group, a leading green social enterprise headquartered in Hong Kong. It aims to unify businesses with concrete carbon emission reduction actions to achieve the global “Net Zero” goal.
Climate change can erase 18% of global GDP , Malaysia, Thailand, India, Philippines and Indonesia most vulnerable:Swiss Re
“Our analysis shows the benefit of investing in a net-zero economy. For example, adding just 10% to the USD 6.3 trillion of annual global infrastructure investments would limit the average temperature increase to 3/4 below 2°C. This is just a fraction of the loss in global GDP that we face if we don’t take appropriate action,“ said Jérôme Haegeli, Swiss Re’s Group Chief Economist
Tesla drives on Autopilot through a regulatory grey zone
The Texas crash follows a string of crashes involving Tesla cars being driven on Autopilot, its partially automated driving system which performs a range of functions such as helping drivers stay in lanes and steer on highways. Tesla has also rolled out what it describes as a “beta” version of its FSD system to about 2,000 customers since October, effectively allowing them to test how well it works on public roads.
Harris County police are now seeking a search warrant for the Tesla data and said witnesses told them the victims intended to test the car’s automated driving. NO REQUIREMENTS
EU aims to set global standards for AI, fines for violations
The move comes as China moves ahead in the AI race, while the COVID-19 pandemic has underlined the importance of algorithms and internet-connected gadgets in daily life.
“On artificial intelligence, trust is a must, not a nice to have. With these landmark rules, the EU is spearheading the development of new global norms to make sure AI can be trusted,” European tech chief Margrethe Vestager said in a statement.
AIIB launches Sustainable Development Bond framework
Under the framework, annual reporting on the Bank’s overall portfolio level and project level environmental and social benefits will be made available on the AIIB official website.
“Under its mission of Financing Infrastructure for Tomorrow, AIIB will continue to scale up its sustainable and inclusive investments to meet clients’ needs for low-carbon and climate-resilient infrastructure,”said Domenico Nardelli,treasurer,AIIB
HSBC Life appoints global head of customer proposition
In her new role, Ying will lead HSBC Life’s Product Strategy, Proposition and Governance teams, reinsurance capabilities, and Bermuda captive business. She will lead the rapid evolution of HSBC Life’s nascent Health and Employee Benefits platforms, shape the business’ sustainability agenda, and embed a systematic customer-centric design culture in both our products and platforms.
Governments need to be ‘insurers of last resort’ to protect businesses from pandemic risks: Report
Jad Ariss, Managing Director, The Geneva Association, said: “It is a tragedy that businesses, particularly SMEs, have suffered so much financial loss during the pandemic as a result of the lockdowns, which were beyond their control. The public sector had to step in with multi-trillion dollar emergency relief measures. Governments and insurers must work together on how to close the massive protection gap exposed by COVID-19, with governments as the leading players.”
South Africa’s to set up vaccine compensation fund, could cost $17.5 mln in first year
“A contingent liability of approximately R250 million for the first year would be provided for compensation of vaccine injury in a COVID-19 Vaccine NFC (no-fault compensation) Fund,” Health Minister Zweli Mkhize said in written replies to a lawmaker.
Kenyan insurer Pula offers lifeline to African farmers hit by climate change, to foray into Brazil and India
CEO Thomas Njeru co-founded the company in 2015 with Dutch entrepreneur Rose Goslinga after the pair spotted a gap in the insurance market.
Because of climate change, farmers are having to contend with unpredictable rain patterns, frequent droughts and even the emergence of new pests and diseases, Njeru said.In January, Pula raised $6 million in a funding round led by London-based TLcom Capital, to invest in new markets, strengthen existing products and design new ones. Njeru said the company’s next targets are Brazil and India.
TikTok faces claim for billions in London child privacy lawsuit
Anne Longfield, the former Children’s Commissioner for England alleged that every child that has used TikTok since May 25, 2018, may have had private personal information illegally collected by ByteDance through TikTok for the benefit of unknown third parties.
“Parents and children have a right to know that private information, including phone numbers, physical location, and videos of their children are being illegally collected,” she said, as a website to detail the case goes live.