"We work for trust, we work for transparency, we work for teamwork,...
Category:
Risk Management
Latest
Compensate construction workers affected by Grap even if no court order: SC
The bench said, "As far as 2024 and 2025 are concerned we have...
Indian entities may lose Rs 20,000 cr to cyber crimes in 2025: CloudSEK Report
"The biggest revelation from our research is the sheer scale of...
9/11: Specter of terrorism risk still hangs over re/insurance industry
The attacks also generated the insurance industry’s biggest-ever man-made loss — $47 billion in 2019 dollars, according to the Insurance Information Institute — and triggered changes that are still visible in the industry.
The attack affected multiple lines of business at once, creating “a shock to the system,” according to David Priebe, chairman of Marsh & McLennan Cos. Inc.-owned reinsurance broker Guy Carpenter.
Before the attacks, business line exposures were managed separately, Priebe said. The lessons that Sept. 11, 2001, taught the industry about risk correlation and aggregation across lines has made the industry “a far more disciplined and resilient business,” he said in an interview.
Large claims push up Cyber premiums by 39% for all European industries: Marsh
Malicious cyber events accounted for 80% of cyber claims made in Continental Europe last year, up from 70% in 2019,according to a report published by Marsh, the world’s largest insurance broker and risk advisor, in collaboration with Microsoft, international law firm CMS, and Kivu, a global cyber security firm,
Ransomware attacks accounted for 32% of cyber claims in 2020 – more than double that recorded for 2016-2020 (14%). Overall, cyber insurance claims across Continental Europe rose by 8% in 2020.
SpiceJet settles with Boeing MAX aircraft lessor CDB Aviation
In August, India’s air safety regulator, the Directorate General of Civil Aviation, said it cleared 737 MAX aircraft to fly with immediate effect, after nearly two-and-a-half years of regulatory grounding.
SpiceJet said in August it expected the grounded 737 MAX jets in its fleet to return to service at the end of September after a settlement with lessor Avolon on leases of the aircraft.
RBI cautions against frauds in the name of KYC updation
The central bank has been receiving complaints about customers falling prey to frauds being perpetrated in the name of KYC updation. The usual modus operandi in such cases include receipt of unsolicited communication, like calls, SMSs and emails by customer urging him/her to share certain personal details, account/login details/card information, PIN and OTP or install some unauthorised/unverified application for KYC updation using a link provided in the communication.
Pilot”s non-adherence to SOP probable cause for Kozhikode plane crash: AAIB report
The Boeing 737 aircraft (VT AXH), which was operating Dubai-Kozhikode flight, landed half way down the runway before crashing into a gorge. Twenty people, including both the pilots, were killed in the accident.
The investigation report, which was released by AAIB Director General Group Captain Aurobindo Handa on Saturday, concluded that the probable cause of the accident was the pilot’s decision to continue with an unstabilised approach and failure to carry out a “go around” despite calls for the same by the co-pilot.
It has also listed out other factors that contributed to the crash. Low visibility and a faulty windshield viper led to degraded visual cues upon landing. “The pilot in command was taking multiple un-prescribed anti-diabetic drugs that could have probably caused subtle cognitive deficits due to mild hypoglycemia, which probably contributed to errors in complex decision making,” the report noted.
Over 7 lakh Maha farmers call insurance insurers to inform about crop damages due to excessive rain
A total of 2,56,985 calls were received till August 1 from farmers across Maharashtra intimating about extremely heavy rains that led to damage of crops. The number of such calls increased to 4,15,747 by September 1 and reached 5,53,491 on September 9. In last two days, the number of such calls reached over seven lakh,” state agricultural commissionerate’s chief statistical officer Vinaykumar Awate told PTI.
The figures could increase further as the data of calls made during the weekend will be updated in the system on Monday, the official said.
36% of call centre agents have been threatened with violence: Study
Three million Americans work as call centre agents and nearly one million in India. However, many face abuse daily from customers, so much that 1.2 million Americans leave the job each year, it said. As many as 51 per cent of agents, who received poor training, report being pessimistic about their careers which can lead to poor performance and burnout, it added.
U.S. lawmakers seek $1 bln to fund FTC privacy probes
The proposal, which Democrats plan to include in a $3.5 trillion spending measure, would fund a new bureau over 10 years to address “unfair or deceptive acts or practices relating to privacy, data security, identity theft, data abuses, and related matters,” according to a summary released by the House Energy and Commerce Committee.
The committee will meet on Monday to take up the wide-ranging spending proposal that includes $30 billion to remove lead pipes and $13.5 billion for zero emissions vehicle infrastructure buildout.
Swiss Re sees growing demand for insurance protection, positive outlook for premiums
According to Swiss Re Institute, non-life insurance premiums are expected to be 10% higher than the pre-COVID-19 level by the end of 2021. Heightened risk trends will increase the need for insurance protection, but also require a greater focus on evaluating and modelling, and ensuring pricing is adequate for the risks taken.
Russia’s Yandex says it repelled biggest DDoS attack in history
The DDoS attack, in which hackers try to flood a network with unusually high volumes of data traffic in order to paralyse it when it can no longer cope with the scale of data requested, began in August and reached a record level on Sept. 5.
“Our experts did manage to repel a record attack of nearly 22 million requests per second (RPS). This is the biggest known attack in the history of the internet,” Yandex said in a statement.