Dani Tobler.Head Cyber Reinsurance at Swiss Re "North America...
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8th Bima Manthan: IRDAI and Insurers brainstorm implementation of IFRS and Cyber security measures
In an era where digital transformation is reshaping industries,...
End the secrecy: Insurers call on the EU to regulate private Third-Party Litigation Funding
Currently, the practice whereby private investors who are not party...
Volkswagen to receive 270 million euro from its D&O Liability insurers in dieselgate settlement
The settlement marks a major milestone in Volkswagen’s efforts to turn a page on its biggest ever corporate scandal, which has cost it more than 32 billion euros in vehicle refits, fines and legal costs so far.
The scandal, which Volkswagen initially blamed on a small number of rogue engineers, also spurred it to launch a huge investment in electric cars.
With $42.61 billion net prm, Munich Re retains its ranking as top global reinsurer in 2020: S&P
From Asia ,China Re at the 7th position, Korea Re at the 14th ranking, and India’s GIC Re at 16th place are part of the S&P’s 2020 Top 25 global reinsurers’ list
Global insurance industry faces IFRS 17 costs estimated at $15 to $20 bn:Willis Towers Watson
Kamran Foroughi, Global IFRS 17 Advisory Leader at Willis Towers Watson, said: “This is an extraordinary figure that will naturally lead to many questions from Boards and investors.
“For many, significant improvements will also be required in business processes and finance operations to deliver IFRS 17 efficiently and link with other metrics. With smart investment and the right people, an insurer’s IFRS 17 programme has the potential to help deliver long-term annual savings to show against the daunting up-front costs.”
Willis Towers Watson collaborates on world-first insurance protection for endangered Mesoamerican Coral Reef
The Mesoamerican Barrier Reef System is listed as critically endangered by the IUCN Red List of Ecosystems and is home to 65 species of coral and more than 500 species of fish, as well as many other protected marine species. Coastal wetlands, lagoons, mangrove forests, and seagrass beds also protect against storms and coastal erosion.
Sedgwick announces new leadership appointments in Australia
Kimberley Daley was recently named head of professional services, and now four new appointments join the Australia leadership team, including:
Leon Briggs as , head of property, Emma Levett as head of forensic advisory services, Margot De Villiers as head of marine, Johanna Agar as capability development manager.
No Olympics if no athletes come to Japan, says Tokyo 2020 president
Already postponed from last year at the cost of an extra $3.5 billion, a scaled-down version of the Games, with no foreign spectators, is set to start on July 23.
Suez Canal controlled ship speed before it blocked waterway, insurer says
The Ever Given, one of the world’s largest container ships, is still being held in the canal while both sides continue compensation talks. It became jammed in high winds on March 23, halting traffic in both directions for several days and disrupting global trade.
The SCA initially demanded $916 million in compensation from Japanese owner Shoei Kisen, but has since said it would be willing to accept $550 million, including a $200 million deposit to secure the ship’s release.
Brit launches new consortium for placement of “Marine War breach call risks”
Keel offers up to $152.2m of capacity per risk and provides instant quotes that are fully sanctioned screened – an area of increasing importance in the growing regulatory environment affecting marine war risks.
1 Indian firm paying average Rs 55 lakh after ransom attack
The average ransom payment in India was $76,619 (over Rs 55 lakh). However, paying up often doesn’t pay off as Indian organizations that paid the ransom got back, on average, 75 per cent of their data and only 4 per cent got all their data back, according to ‘The State of Ransomware 2021’ report by global cybersecurity leader Sophos.
Ransomware & aggregation issues in US call for new approaches to US Cyber Risk : AM BEST
The loss ratio for cyber insurance rose dramatically in 2020, to 67.8%, from 44.8% in 2019. However, the increase was not limited to just a few insurers—the loss ratio rose for 15 of the 20 largest cyber insurers.
“The rate increases for cyber insurance outpaced that of the broader property/casualty industry, but the increase in cyber losses outstripped the rate hikes, which suggests more trouble for 2021 as ransom demands continue to grow,” said Sridhar Manyem, director, industry research and analytics.