Risk Management

“The entities have been incurring a cost of Rs. 150-200 per KYC sans Aadhaar. They have been demanding to use Aadhaar-based authentication and KYC services on account of these being convenient to them and their customers and also the fact that they will save huge amount which they currently incur in doing KYC through traditional means such as paper, physical verification, etc,” an official source told PTI.

Aon partners with insurtech firm on tracking marine risk accumulations

Mar 6, 2019 | International News, Non-Life, Reinsurance, Risk Management, Technology

In an era of mega-ports and ultra-large container ships, re/insurers are highly exposed to risk accumulation during a catastrophe, said Aon in a statement. As a result, the need to monitor vessel movement and estimate cargo accumulation has become a critical part of exposure management and risk selection.

Aon eyes Willis Towers Watson acquisition, may be made via an all-share business combination

Mar 6, 2019 | International News, Non-Life, Reinsurance, Risk Management

Aon has officially announced its intentions as per Irish regulatory requirements, stating that any deal was “in the early stages” and would be made via an all-share business combination.

IL&FS board charges former directors of money laundering, criminal intent

Mar 5, 2019 | Indian News, Risk Management

They have also been accused of extending loans for “criminal intent of falsification of repayment by a number of borrowers, including some entities associated with large corporate groups.The notices, dated February 27, have asked former directors to reply within seven days upon receipt as to why departmental and legal actions should not be taken against them for their “misconduct, dereliction of duties, gross negligence and acts of conspiracy and getting unlawful gains for oneself and others.”

What happened to MH370? Malaysia open to proposals to revive flight hunt

Mar 4, 2019 | International News, Non-Life, Risk Management

There is no new search planned, but Transport Minister Anthony Loke said at the event that the government was open to hearing proposals to resume the hunt. “If there are any credible leads and any specific proposals, especially from Ocean Infinity, we are more than willing to look at it,” he said.

U.S. bans Lithium Battery Cargo on passenger planes

Mar 4, 2019 | International News, Risk Management, Technology

U.S. regulators identified 39 incidents in air cargo transportation between 2010 and 2016, with 13 involving lithium batteries and smoke, fire, extreme heat, or explosion that would have been affected by the new rules. In one instance, packages of lithium ion cells were found smoldering in an aircraft unit load device during unloading, suggesting the initial thermal runaway likely occurred while the shipment was on the aircraft.

BlackBerry files patent infringement claims against Twitter

Mar 4, 2019 | International News, Risk Management, Technology

The lawsuit said Twitter wrongly sought to compensate for being a “relative latecomer” to mobile messaging by co-opting Blackberry’s inventions for such services as the main Twitter application and Twitter Ads, infringing six of the company’s patents.

Supreme Court limits International Groups’ immunity for commercial activity in U.S.

Mar 4, 2019 | Climate, Environment, Renewable Energy, Eco/Invest/Demography, International News, Risk Management

The U.S. Supreme Court opened some American-based international organizations to lawsuits, ruling that a World Bank affiliate must defend against allegations it is responsible for environmental damage caused by a power plant in India.Voting 7-1 on Wednesday, the court said sovereign immunity doesn’t protect those international organizations in the U.S. when they are involved in commercial activities.

Munich Re leads Pool Re’s £2.3bn terrorism retrocession placement

Mar 1, 2019 | International News, Non-Life, Reinsurance, Risk Management

The retrocession is structured as an aggregate excess of loss treaty which will attach if Pool Re’s losses, individually or in aggregate, exceed £500 million in any year, after member insurers’ combined retention of £250 million per event or £410 million in aggregate. The £2.3 billion total reflects a further annual increase, up from £2.1 billion in 2018, as Pool Re continues to return UK terrorism risk to commercial markets. All of the capacity is written on a 3-year contractual basis.