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SEBI panel soon to work on conflict of interest rules for board members: Report
“We need to not only create trust of all stakeholders in us (SEBI)...
Heathrow airport reopens after blackout shutdown
The financial fallout from the day-long disruption may reach reach...
Global bodies join hands to launch 500 actions to reduce environmental health burden
Environmental pollution and other environmental risks cause 24 per cent of deaths through, for example, heart disease, stroke, poisonings, traffic accidents, and others, all of which could at least be substantially reduced, if not eliminated, through bold preventive action at national, regional, local and sector-specific levels.
Air pollution alone leads to 7 million deaths each year, while climate change is expected to contribute increasingly to a broad range of health impacts, both directly and indirectly through effects on biodiversity.
Global re/insurance market to grow by 3% by 2023, Cyber, data analytics & AI key growth areas: Munich Re
“The digitalisation megatrend will radically change traditional insurance. It will give rise to new fields of risk in need of insurance solutions. With its numerous digital and innovation projects, Munich Re has laid the foundations for profitable growth going forward”, says Munich Re’s Board member Torsten Jeworrek.
Munich Re has kept the rising ransomware losses in its book of business readily manageable. In addition, price increases in a hardening market environment are producing a stabilising effect. Munich Re is adhering to its plan to grow profitably based on a current market share of roughly 10%.
Climate NGOs in Germany threaten legal action against VW, Daimler, BMW
Lawyers Remo Klinger and Roda Verheyen, who represented plaintiffs in a groundbreaking case in May which concluded that Germany must set out by end of next year how it will bring carbon emissions to nearly zero by 2050, will represent the NGOs, DUH’s statement said.
Cos can incorporate rewards, incentives to achieve ESG goals
According to Willis Towers Watson’s Global Executive Compensation Trends, ESG has become a critical business consideration, impacting companies’ cost of, and access to, capital. ESG goals and outcomes directly impact the company’s reputation with the public and employees, and often play a role in attracting and retaining a new generation of talent.
Companies with strong ESG practices have been found to deliver more sustainable returns, including higher levels of value creation and risk mitigation.
FSDC asks regulators to keep constant vigil on financial sector
It also discussed issues relating to management of stressed assets, strengthening institutional mechanism for financial stability analysis, framework for resolution of financial institutions and issues related to IBC, banks’ exposure to various sectors and government, data sharing mechanisms of government authorities, internationalisation of Indian rupee and pension sector related issues.
Maruti to recall over 180,000 vehicles to replace faulty electrical part
As a responsible corporate, keeping in mind customer safety, the company has announced to proactively undertake a recall of some petrol variants of Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6, MSI said in a regulatory filing.This is to inspect for a possible defect in 181,754 units of these models manufactured between May 4, 2018 to October 27, 2020. In the interest of customers, Maruti Suzuki has decided to voluntarily recall the affected vehicles for inspection/replacement of Motor Generator Unit, free of cost,” said the company.
Surging collision risks Satellite and Space Debris force insurers to exit satellite coverage market
Space coverage has been a lucrative niche for insurers, which took in $475 million in gross premiums to cover satellites, rockets and unmanned space flights last year and paid just $425 million in losses, according to Seradata.
Space premiums are 10-20 times aviation premiums, said Peter Elson, CEO of insurance broker Gallagher Aerospace.
Only 11 spacecraft have suffered a partial or total failure due to suspected debris strikes over the past decade, according to Seradata, making insurer worries largely theoretical for now.
Yet because insurers predict risks over the life of current and future policies, space underwriters fret over doomsday scenarios years ahead.
Swiss Re creates a central cyber underwriting team,John Coletti to head Global Cyber
With his expertise, John Coletti will help Swiss Re to address the complex nature of cyber risk, including important industry issues such as ransomware and risk aggregation. John Coletti will report into Gregory Schiffer, Head of Global Specialty, and will be responsible for Swiss Re’s global cyber business, which includes portfolio ownership, global underwriting activities as well as cyber product development.
WhatsApp fined $266 mn by Irish regulator over data transparency breaches
Under the three-year-old GDPR law, authorities have powers to fine companies as much as 4% of their annual sales. The rules put watchdogs based in a company’s chosen EU hub in charge of supervising them. But the Irish regulator, which has at least 28 privacy probes open targeting tech giants such as Apple Inc. and Alphabet Inc.’s Google, has faced mounting criticism for taking too long to wrap up its cases.
Chinese regulators seek more control over internet firms’ algorithms
Under the draft regulations, companies must disclose the basic principles, purpose and operation mechanism of its algorithm recommendation services, and must include convenient options for users to turn off the recommendation service.
Algorithms should also not be used in ways that may cause addictive behaviors in users, or induce them to spend excessively. It was not immediately clear how that would be enforced.