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Risk experts are increasingly using AI to crack an especially...
Disaster is directly linked to climate change: Amit Shah
This Bill does not infringe on the federal structure. The primary...
Cyber reinsurance jump 40 % in July renewals -Willis Re
The average ransom payment made by a business to restore data after a cyber attack was $220,000 in the first quarter, up 43% from the last quarter of 2020, according to cyber security firm Coveware.
In addition to the ransom payments, cyber insurance and reinsurance policies can cover the cost of restoring the network, business interruption losses and even the hiring of a PR agency to address reputational damage.
Swiss Re’s iptiQ and ImmoScout24 launch digital loss of rent insurance
Andreas Schertzinger, CEO of iptiQ EMEA P&C, says: “With ImmoScout24, we have found the ideal partner in Germany to offer customers tailor-made household insurance products online precisely when it matters. Thanks to the seamless integration of our product into ImmoScout24’s digital ecosystem, customers can insure themselves against the risk of rent-related losses directly online and throughout the rental process.”
EU plans new safety rules for the workplace wherever it is
In guidelines to protect almost 170 million EU workers over the 2021-2027 period, it will also seek to produce recommendations on mental health at work before the end of 2022.
Work-related accidents and illnesses cost the EU economy over 3.3% of gross domestic product per year, the Commission said. It said estimates showed that for every euro invested in occupational health and safety, the return for the employer is around twice as much as employees take less sick leave.
“Overall, the insurance capacity in Asia is shrinking in the Power sector”
“Overall, the insurance capacity in Asia is shrinking in the Power sector. While the rate of hardening has now decreased for most lines of business from last year’s percentage rises, the pressure to keep pushing for year-on-year increases shows little sign of abating. It is important for Power companies to work closely with their risk advisors, using risk and analytics tools to help them manage their cost of risk through purchasing the right limits and retention levels for their insurance programmes.
Cryptocurrency-related cyberattacks grew by 192%: Report
“The digital format of cryptocurrencies make them decentralised in nature and without any regulations, they have become the currency of choice for cybercriminals,” Murali Urs, Country Manager, Barracuda Networks-India, said in a statement.
In 2019, ransom demands ranged from a few thousand dollars to $2 million at the top end. By mid-2021 most demands were in the millions, with a significant number over $20 million.
GIC Re shares climb nearly 4 pc after earnings announcement
With a higher investment income, state owned reinsurer GIC Re amidst Covid-19 pandemic, has seen its net profit rising by 5.25 per cent year on year(Y-O-Y) to Rs 1260.44 crore in last quarter(Jan-Mar) of FY 2021.
UK government set for leading role in insuring live entertainment
After months of closure or pared back performances with reduced audiences to allow social distancing, planning ahead to revive the sector is all but impossible without events cancellation insurance, theatre and music directors say. That makes government intervention crucial if the commercial sector will not pay.
Covea eyes take over of AXA XL Re
Any deal would make Thierry Derez’s mutual insurer Covéa finally realize its ambition to acquire a large global reinsurance operation and a takeover of AXA XL Re would strengthen its standings in the non-life reinsurance sector and diversify its offering.
GIC Re’s net profit rises 5 % to Rs 1260 crore, cuts gross premium 4% to Rs 8813 crore in Q4 Fy 21
With a combined ratio of 103.9 per cent(107.6 per cent), GIC Re’s underwriting loss has gone up by 15 per cent y-o-y to Rs 535 crore during the fourth quarter of Fy 2021.
The net investment income of the reinsurer has increased by 20 per cent y-o-y to R 2286 crore in the foutth quater of Fy 2021.For the whole of FY 2021,
MS&AD becomes the first Japanese insurer to adopt coal exit policy
Yuki Tanabe, Program Director at the Japan Center for a Sustainable Environment and Society (JACSES), said: “We welcome MS&AD’s announcement to completely end insurance underwriting for new coal-fired power generation projects, and urge other Japanese non-life insurers, such as Tokio Marine and Sompo, to establish similar policies immediately.”