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EU Commission allocates $1.3 bln to tackle mental health ‘silent epidemic’
The Commission said mental health problems already impacted around...
Geneva Association celebrates its 50th anniversary
Christian Mumenthaler, Chairman of The Geneva Association and Group...
Indonesian tsunami insurance claims may reach $1.09 bn
According to insurance companies PT Maskapai Reasuransi Indonesia (REI) and PT Asuransi Maipark Indonesia, there were at least 191 insurance risks from the disaster, which killed at least 430 people and devastated thousands of homes, buildings and infrastructure.
Volcano-triggered tsunami kills 429, thousands homeless Indonesia
Authorities say the tsunami may have been triggered by an abnormal tidal surge due to a new moon and an underwater landslide following the eruption of Anak Krakatoa, which forms a small island in the Sunda Strait between Java and Sumatra.”The combination caused a sudden tsunami that hit the coast,” Nugroho said, but added that Indonesia’s geological agency was working to ascertain exactly how it happened.
10 global re/insurers refuse cover to Adani Group’s $16.5bn Australian coal mine
A campaign by 73 prominent environmental organizations,which collectively represent 76 million members, penned a letter to 30 global re/insurance companies earlier this month urging them to rule out any providing any services for the controversial coal mine and its associated rail project
Federal judge in Texas strikes down Affordable Care Act
The ruling and expected appeal sets up another cliffhanger in which the fate of the law, which Republicans have unsuccessfully tried to repeal for years, will likely once again ultimately lie with the Supreme Court.Chief Justice John Roberts cast the deciding vote leaving the law intact in 2012, but it’s unclear how the justices will view this challenge, which centers on changes to the individual mandate that were baked into the 2017 tax reform.
InsurTech investment doubles in Q3; parametric cover in focus
Some InsurTech firms have acknowledged these benefits and combined technology and information within parametric or event-based insurance structures to address existing inefficiencies or coverage gaps. They use a combination of third-party and proprietary data, advanced sensors, and the capabilities of the Internet of Things to develop a new paradigm of insurance offerings for the connected world. The Briefing looks in detail at several examples, including companies using parametric structures to cover the risks of earthquakes, travel disruption, flash flooding, and horticulture.
China hacked Hewlett Packard Enterprise, IBM and then attacked clients
Businesses and governments are increasingly looking to technology companies known as managed service providers (MSPs) to remotely manage their information technology operations, including servers, storage, networking and help-desk support
J&J loses motion to overturn $4.7 billion talc-ovarian cancer verdict
Surendranath Sai, a regional drug officer in the southern state of Telangana, on Wednesday said he had instructed inspectors to seize samples there.
“On the basis of the news report, we are alerting staff to pick up samples. We will test them in a drug control lab here,” said Sai. “We will take action accordingly. Certainly we are worried because millions of babies may be affected.”
Cryptocurrency industry faces insurance hurdle to mainstream ambitions
“Most institutionally minded crypto firms want to buy proper insurance, and in many cases, getting adequate insurance coverage is a regulatory or legal requirement,” said Henri Arslanian, PwC fintech & crypto leader for Asia.
Marriott Breach losses to be between $200 mn and $600 mn:AIR
“AIR’s new probabilistic security breach model shows that this type of event is not unprecedented, even though an event of this magnitude hasn’t previously happened to a hotel chain,” said Scott Stransky, assistant vice president and director of emerging risk modeling, AIR Worldwide.
“In fact, the largest recorded breach for a U.S.-based hotel chain prior to this event was less than 1/50 the size in terms of the number of records stolen. There are more than 300 simulated events in our model that cause higher losses for U.S.-based hotels.”
Facebook users need Rs 70,000 to deactivate account for one year
“Social media, and the internet more broadly, have changed the way we live and the way we keep in touch with friends and family, but it’s hard to find evidence that the internet has made us richer or more productive at work,” said Jay Corrigan, a professor at Kenyon College in the US.We know people must derive tremendous value from Facebook or they wouldn’t spend millions of hours on the site every day. The challenge is how to put a dollar value on a service people don’t pay for,” Corrigan said