Lockbit was the most active global ransomware group last year based...
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Fitch raises India”s medium-term growth estimate, cuts China”s
Fitch made upward revisions to Brazil, India, Mexico, Indonesia,...
World Bank signs financing agreements to strengthen Nepal’s health system
The program emphasizes improving the readiness of the health system...
IFC mobilises $2B in credit capacity from insurers to expand lending to FIs
AXA XL, Aspen Insurance, Everest Insurance®, Liberty Specialty Markets, Munich Re and Tokio Marine HCC are giving IFC the ability to significantly scale up its lending operations to emerging market financial institutions over the next four years.The initiative will allow IFC to increase its medium- and long-term lending to commercial banks and non-bank financial institutions in emerging markets by up to $5 billion.
Insurers will see take-up of cyber insurance rise following COVID-19,GlobalData
GlobalData analyst, Jazmin Chong, commented: “Cyber insurance uptake has been the most impactful among micro businesses, which saw a 300% increase between 2016 and 2019, reaching 17.8%. This huge increase is due to the very low proportion of micro businesses that held cyber insurance in the past. However, small and medium businesses have also recorded notable rises. More than 50% of medium enterprises now hold cyber insurance, highlighting the growing awareness around the importance of protection against cyber incidents among larger-sized businesses.”
Fidelis, Aon and Marsh develop Marine Cargo Clause aiming to combat modern slavery
“Forced labor in all its forms is an extreme expression of inequality and injustice. The insurance industry is committed to do all it can to prevent association with the abhorrent practices of modern slavery. We sometimes think that slavery is a thing of the past, but it is not – it is real and present in all societies and we want to do our part to root it out,” said Charles Mathias, group executive director & group chief risk officer, Fidelis Insurance.
Beazley launches Contingency Policy covering virtual event organizers,offers limits of up to $10 million
London: Specialist insurer Beazley has launched a contingency policy designed to cover event organizers if a transmission failure disrupts or cancels a live virtual event. The cover is available on a global basis and offers limits of up to $10 million....
Companies hit with $1.8 billion cyber losses,six-fold increase in 2020 :Hiscox study
The highest recorded cyber loss was $87.9 million from a financial services firm in the UK.More than 6% of total respondents paid a ransom. Their combined losses came to $381 million.However the positive signs are that twice as many firms responded to a breach by adding new security and spending more on employee training.
There has been a shift in the hackers’ behaviour in the last six to 12 months as they focus more on industries such as energy and manufacturing.
Munich Re launches automated underwriting solution in APAC life insurance market
“The life insurance industry is evolving and insurers who embrace the latest technologies can reach customers in new and innovative ways, gaining a competitive advantage. This is especially crucial in challenging market environments such as these. With the ability to get up and running quickly, ALLFINANZ SPARK enables firms to ignite the digital underwriting experience faster than ever before, providing the services they need to reach new customers and new markets.” says Declan O’Neill, Executive Vice-President for Product & Data at Munich Re Automation Solutions.
Major quake shakes southern Mexico, at least six killed
Houses were scarred by wide cracks across walls and residents sought to clear debris from the streets. About 200 houses in the area were damaged, including 30 that were badly impacted, a local official said.
Global coronavirus cases top 9 million as outbreak surges in Brazil, India
In the United States, which has about 120,000 deaths, cases are rising again after declining for more than a month and wearing a mask is not mandatory in most states.
Fearing second COVID-19 wave, Europe aims to train ‘army’ of medics
“We need a healthcare army,” said Maurizio Cecconi, president-elect of the European Society of Intensive Care Medicine (ESICM), which brings together medics from around the world who work in wards with extremely ill patients.
2-day `Connected Claims Europe’ goes virtual,to be held on Aug 18-19
All insurance executives can attend the the virtual event for free for the first time..
The next generation of claims is on the horizon, as AI, machine-learning, telematics, IoT and payment solutions are paving the way for the customer experience that will give Amazon and Uber a run for their money. Now is the time to win customers hearts, build your innovation dream team and deliver the definitive digital claims experience for all. The entire industry needs to pull together or risk falling behind.