Medibank last year disclosed that a hacker stole the personal...
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APAC sees economic loss of $ 80 billion and $11 billion insured claims out of catastrophes and natural disasters in 2022
George Attard, chief executive officer, Reinsurance Solutions, Asia...
Standard Life partners with TCS to revamp customer experience for European policyholders
With this partnership, TCS will set up a customer operations center...
When hackers strike, property insurance may not offer protection
Many companies have long-standing property insurance policies that offer a payout if a cyberattack results in physical damage, but they may not cover financial damage. Many of those policies were bought years ago, before cyberattacks became almost routine, and the terms and conditions haven’t been updated, according to Lori Bailey, Zurich’s global head of cyber risk, talking about the overall market for cyber insurance. That creates uncertainty for insurers and policyholders.
UK, Australia warns against travelling to Sri Lanka, sees further attacks
“Terrorists are very likely to try to carry out attacks in Sri Lanka. Attacks could be indiscriminate, including in places visited by foreigners.”
Boeing drops 2019 outlook after 737 MAX crisis, sees $1 bn in extra costs
Although safety experts have raised some questions over crew performance in both crashes, the regulatory fallout has been dominated so far by questions over anti-stall software known as MCAS, which Boeing has acknowledged was a common link in the separate chains of events leading to both crashes.
Fight against Floods enlists supercomputers, drones, sonar
The cost of this technology is coming down even as disaster recovery becomes more expensive, so “anything we can do to reduce the costs of these floods and natural hazards is worth it,” she said. “Of course, loss of life, which you can’t put a dollar amount on, is certainly worth that as well.”
Canopius and AmTrust Lloyd’s merger agreement signed
From 1 January 2020, Canopius plans to merge its Syndicate 4444 with AmTrust Syndicate 1861 under the management of Canopius Managing Agents. As part of the transaction, AmTrust Financial Services Inc. will become a significant minority shareholder in Canopius.
Global reinsurance industry capital at USD 462 billion in 2018
The largest component of this figure is the total shareholders’ equity of the 32 reinsurance companies tracked in the Willis Reinsurance Index which was down 10 per cent to USD 335.7 billion, reversing growth of 8 per cent in 2017
French insurer Covea seeks acquisitions targets on reinsurance
Unlisted Covea, which holds an 8.17 percent stake in French resinsurer SCOR, has said it didn’t plan to increase its stake in the reinsurer after a attempt to take the firm over went sour a few months ago.
Boeing Dreamliner plant ‘plagued by shoddy production,’ says NYT
John Barnett, a former quality manager who retired in 2017 after almost three decades at Boeing, said he found clusters of metal slivers hanging over the wiring that commands flight controls. A U.S. Federal Aviation Administration spokesman, Lynn Lunsford, said the agency inspected several planes that Boeing had certified as free of such debris and found the same metal slivers.
Over 150 killed, 450 injured in decade’s worst terror attack in Sri Lanka
Christian groups say they have faced increasing intimidation from some extremist Buddhist monks in recent years. And last year, there were clashes between the majority Sinhalese Buddhist community and minority Muslims, with some hardline Buddhist groups accusing Muslims of forcing people to convert to Islam.
Govt & benefactors, not insurers, to bear cost of Notre Dame rebuilding
“It is really going to be up to the French state and benefactors to help to restore and rebuild this,” Robert Read, head of art and private client at Lloyd’s of London insurer Hiscox told Reuters, adding it could take up to 20 years to restore the cathedral.“The scaffolding costs are going to be enormous, actually securing the building is going to be enormous. The cost of renovating the (British) Parliament is a similar sort of number,” Read said.