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Swiss Re net income surges off low catastrophe-linked losses
In its key property and casualty business, Swiss Re booked $634 million in large natural catastrophe losses in the first half from the earthquake in Turkey and Syria, Cyclone Gabrielle, and flooding in New Zealand. All are events that occurred in the first quarter...
Ransomware cyber attacks surge over 2-fold in India in first half of 2023: Report
The data suggests increased law enforcement activity, heavy sanctions and victims' refusal to pay ransom demands have altered criminal conduct, and threat actors are targeting other means of revenue, the report said while explaining the reason for fall in ransomware...
Big central banks hike again with end of tightening in sight
Upcoming decisions are on a knife-edge. Pausing too early could cause financial conditions to loosen too fast, re-igniting inflationary pressures. Stopping too late could trigger a credit crunch and a recession. So far, nine developed economies have raised rates by a...
Those with less than Rs 8 lakh income won’t have to pay premium of govt’s insurance scheme: CM Gehlot
The premium amount will be paid by the state government for families with income less than Rs 8 lakh and belonging to all classes including general, other backward classes, most backward classes, scheduled castes and scheduled tribes, Rajasthan Chief Minister Ashok...
Hindu-Muslim riots expose risk at major Indian business hub
Gurugram, formerly known as Gurgaon, is a city of over 1.5 million people that shares a border with New Delhi. A new urban centre with glitzy high-rises, luxury hotels, malls and gated condominiums, it is home to multinational firms, large Indian corporates and...
India data protection bill: What’s the concern?
Privacy experts say the proposed law fails to adequately safeguard the personal data of the nation’s 1.4 billion citizens, and gives the government too much power Companies and institutions can be penalised for non-compliance, and for failing to take reasonable...
Ukraine weighs possibility of insuring ships going via ‘grain corridor’ – Interfax-Ukraine
Ukraine is considering the possibility of insuring ships going through the “grain corridor,” news agency Interfax-Ukraine reported on Thursday, citing Prime Minister Denys Shmyhal. “Now we are discussing in the government and, I am sure, we will make a decision on...
Europeans lack insurance protection as wildfires and drought batter the region
When it comes to disaster response, the ECB sees insurers as the first line of financial defense, backed up by reinsurers and the financial markets with instruments like catastrophe bonds. The global market for catastrophe bonds, which give insurers a payout when a...
Ratings firms struggle with climate risk in $133 trillion market
As the world reels from the mounting impact of heat waves, droughts and fiercer storms, there is growing concern that credit rating analysts are misreading climate risks in the $133 trillion global bond market, to the detriment of creditors and borrowers alike For...
France’s AFP sues Musk’s X social media, cites refusal to discuss payment for news
France in 2019 enacted a copyright rule dubbed “neighboring rights” that compels large online platforms to open talks with publishers seeking remuneration for news.“Agence France-Presse has expressed its concerns over the clear refusal from Twitter (recently rebranded...
Beijing records heaviest rainfall in at least 140 years, causing severe flooding and 21 deaths
The severity of the flooding took the Chinese capital by surprise. Beijing usually has dry summers but had a stretch of record-breaking heat this year China`s capital has recorded its heaviest rainfall in at least 140 years over the past few days. The city recorded...
Insurance ‘AAA’s unaffected by U.S. downgrade, financial conditions key risk: Fitch
Ratings for these U.S. insurers and the broader sector could face pressure if U.S. fiscal and governance deterioration contributes to a negative scenario of heightened capital market volatility and/or a more severe economic downturn The 'AAA' Insurer Financial...
Data protection bill tabled in Parliament, will compel cos to review their current working ways
Enterprises will have to review the current ways of working, especially for personal data of employees, customers, merchants and vendors to honour their right to access, update and erase their personal data Non-adherence of obligation listed in the bill may attract...
India can become a USD 6.7 trillion economy by 2031:S&P
The report also said that India will likely see gains from reforms such as Goods and Services Tax. Further, the implementation of the Insolvency and Bankruptcy Code would also help to drive a healthy credit culture It said that even with India recalibrating toward...
Maharashtra: Man loses Rs 2.24 crore to insurance fraud
In his complaint to the police, the resident of Kamothe, near Mumbai, said he lost the money over three years, the official said. The man, whose occupation was recorded as "service" by the police, allegedly received a call before August 2020 from a person who claimed...
1 in 5 companies in Vietnam are prepared against major risks: WTW survey
“What our study has shown is an urgent need to bridge the protection gap in risk impact and its financial implications, and consequentially, to enhance risk preparedness across organisations. This is especially important for a market like Vietnam, one of the most...
Container vessel runs aground in Hooghly river safely refloated later
The incident, which took place at around 11.30 am, had caused concerns as the vessel was carrying 338 containers from Port Kelang in Malaysia, bound for Netaji Subhash Dock under Kolkata Dock System Kolkata: The 140-metre-long container vessel, MTT Singapore, which...
Pharma cos with over Rs 250 cr turnover have to adopt good manufacturing practices within 6 months: Mandaviya
Recently, drug regulators inspected 162 units and 14 public testing labs and major issues found during inspections are poor documentation, lack of process and analytical validations, absence of quality failure investigation, absence of internal product quality review...