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As cyberattacks rise, Cyber insurers are overhauling their strategies
Cyber policies are relative newcomers to the centuries-old insurance industry. The sector has exploded in the past decade — with premiums more than doubling since 2015 and totaling $3.15 billion last year, according to the National Association of Insurance Commissioners.
Some firms are charging more for less coverage. Clients in US paid 35% more for cyber coverage in the first quarter than they did in the same period last year, according to broker Marsh McLennan. Demand for standalone policies surged 24% last year.
Wrestling with higher costs and more risk, insurers are tightening standards, boosting prices and slashing how much they’re willing to pay for a breach.
From China to Germany, floods expose climate vulnerability
“Governments should first realize that the infrastructure they have built in the past or even recent ones are vulnerable to these extreme weather events,” said Eduardo Araral, associate professor and co-director, Institute of Water Policy, at Singapore’s Lee Kuan Yew School of Public Policy
. In Europe, climate change is likely to increase the number of large, slow-moving storms that can linger longer in one area and deliver deluges of the kind seen in Germany and Belgium, according to a study published https://agupubs.onlinelibrary.wiley.com/doi/full/10.1029/2020GL092361 June 30 in the journal Geophysical Research Letters.
World Bank provides $185million to Jamaica in storm protection
Dr The Hon. Nigel Clarke, Minister of Finance and the Public Service, Government of Jamaica, said, “The Government of Jamaica has strategically prioritized Disaster Risk Financing to mitigate the adverse fiscal impact of tropical cyclones and natural disasters, thereby strengthening Jamaica’s economic resilience. We are pleased with the successful placement of this catastrophe bond, which adds an indispensable layer of disaster risk financing that complements our multi-layered approach. In this transaction, Jamaica benefited from the vast technical resources of the World Bank, and from the strength of its balance sheet. We are also grateful to our bilateral partners, the Governments of the United Kingdom and Germany, through the Global Risk Financing Facility, and to the United States through the United States Agency of International Development who provided financial support for the transaction.”
Final settlement for Brazil’s Samarco dam disaster could reach $19 bln, governor says
That estimate is nearly four times higher than an initial deal struck with mining companies in 2016, which created a foundation to implement reparations and temporarily froze lawsuits relating to the incident. “The expectation is that the agreement is around 100 billion reais,” Romeu Zema, governor of Minas Gerais, told Reuters in an interview late on Friday.
China puts controlling stake of revamped Anbang on the block for $5.2 bln
China Insurance Security Fund Co Ltd., the state rescue fund for the insurance sector which is controlled by the Ministry of Finance, aims to auction all of its 98.23% stake in Dajia for 33.38 billion yuan.
South Africa’s riots insurer in spotlight after days of Carnage
While some claims will be assessed by heavyweight insurers such as Old Mutual Group Ltd. and Santam Ltd., the bulk of the burden will fall to one company little known outside the country: Sasria Insurance Ltd.
Sasria, a state-owned firm with 8.5 billion rand ($591 million) in assets under management, was founded shortly after the Soweto uprising of 1976, when at least 176 people died in demonstrations led by school children against the apartheid government. The frequency and scale of political protests that followed prompted private insurers to stop offering cover to vulnerable businesses, and Sasria was crated to fill the void.
US to expose China’s ‘malicious cyber activities’ after threat to economic, national security
In the announcement which will be made tomorrow morning at 7 am (local time), there will be three things including — an unprecedented group of allies and partners (the European Union, the United Kingdom, Australia, Canada, New Zealand, Japan, and NATO) will be joining the US in exposing and criticising the PRC’s Ministry of State Security’s malicious cyber activities. This is the first time NATO has condemned PRC cyber activities, the officials said via Teleconference.
“We will show how the PRC’s MSS — Ministry of State Security — uses criminal contract hackers to conduct unsanctioned cyber operations globally, including for their own personal profit. Their operations include criminal activities, such as cyber-enabled extortion, crypto-jacking, and theft from victims around the world for financial gain,” the officials said.
Microsoft, DHL and Amazon most imitated brands for phishing attempts: Report
“Cybercriminals are continually increasing their attempts to steal peoples’ personal data by impersonating leading brands. In fact, in the run up to Amazon Prime Day in Q2, more than 2,300 new domains were registered about Amazon,” said Omer Dembinsky, Data Research Group Manager at Check Point Software.
India needs Pandemic Pool to manage risks on long-term basis: CII
”This is the opportune time for India to have the first-mover advantage in the creation of the pandemic pool with a two-pronged strategy of going beyond the insurers and the government by inviting international reinsurers to supplement capital contribution for the pool and to incentivize state governments to participate with additional supplementary capital for greater protection to their denizens,” it added.
Climate change is driving a large increase in intense, slow-moving storms, a new study has found.
Researchers from the Newcastle University and the UK Met Office Hadley Centre used very detailed climate model simulations and found that slower storm movement acts to increase the amount of rainfall that accumulates locally, increasing the risk of flash floods across Europe beyond what has been expected based on previous studies.
The scientists estimate that these slow-moving storms may be 14 times more frequent across land by the end of the century. It is these slow-moving storms that have the potential for very high precipitation accumulations, with devastating impacts, as currently seen in Germany and Belgium.