More than two-thirds of the insured losses were as a result of...
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Marsh agrees to acquire Honan Insurance Group, seeks to expand its presence in Australia and New Zealand
“The addition of Honan’s highly complementary capabilities,...
AI unlikely to destroy most jobs, but clerical workers at risk, ILO says
An explosion of interest in generative AI and its chatbot...
Real-time payments platforms have increased fraud losses for 4 out of 5 APAC Banks:Survey
“While the convenience of real-time payments is great news for customers, increasingly, banks have zero time to clear a transaction or payment. AI can’t slow down the clock, but it can help create systems that are radically quicker to recognize a transaction that smells likely to be fraudulent,” said Dan McConaghy, president of FICO in Asia Pacific.
“Banks will need to move beyond passwords and OTPs and add biometrics, device telemetry and customer behavior analytics to keep up with the changing payments landscape,” he said.
Hopeful all countries will come together on AI regulations: Sundar Pichai
Pichai added he is clear-eyed about the risks of technology, but the risk of AI is failing to work on it, because it can affect billions of people
Repeat of 2003 SARS crisis? China virus outbreak rattles financial markets
While the new virus appears much less dangerous than SARS, the most significant Asia risk could lie ahead as the regional peak travel season takes hold, which could multiply the disease diffusion,” said Stephen Innes, chief Asian strategist for AxiCorp.
Ransomware exposure driving up cyber insurance costs
Cyber-insurance premiums started rising 5% to 25% late last year, said Robert Parisi, U.S. cyber product leader at Marsh & McLennan Companies Inc.
IBM calls for rules to curb bias in Artificial Intelligence
The European Union is considering new, legally binding requirements for developers of artificial intelligence to ensure the technology is developed and used in an ethical way. IBM advised a European committee of academics, experts and executives that recommended avoiding unnecessarily prescriptive rules.
EU privacy regulators expected to raise fines under GDPR data protection rules
Regulators in France, Germany and Austria levied the biggest fines so far, while the Netherlands, Germany and the U.K. topped the list for the number of data breaches notified to their authorities, the survey by law firm DLA Piper found. France’s data protection commission, the CNIL, last January slapped Google with a 50 million-euro fine over transparency, information and consent failures.
China’s mysterious respiratory virus spreads to health workers, different countries
“The risk from this virus causing pandemonium has increased because it is spreading from different countries, and we are now seeing that it can be more easily transmitted from person to person,” said Sanjaya Senanayake, associate professor of medicine at the Australian National University. In comparison with SARS, he said, “the one good factor, I guess, at the moment seems to be the low mortality rate.”
Financial Services CEOs in Davos complain they can’t save planet without clients’ help
Financial companies are under pressure to retreat from funding industries including coal-fired power, and the European Union is working on a so-called taxonomy governing sustainable investments. Lawrence Fink, who runs BlackRock Inc., last week pledged to incorporate environmental concerns into the asset manager’s investment process for both active and passive products.
Wealth of India’s richest 1% more than 4 times that of 70% poorest: Oxfam
Regarding India, Oxfam said the combined total wealth of 63 Indian billionaires is higher than the total Union Budget of India for the fiscal year 2018-19 which was at Rs 24,42,200 crore.
Coronavirus: New disease spreading in Asia revives SARS fears
The outbreak has caused alarm because of the link with SARS (Severe Acute Respiratory Syndrome), which killed 349 people in mainland China and another 299 in Hong Kong in 2002-2003.