“Technology advancements is another area that has gained more prominence. Due to the social distancing norms and regulatory push, increasing number of insurers are shifting to digital platforms. In June 2020, Manulife Hong Kong launched a virtual face-to-face agency sales platform for most of its insurance product offerings,”Pratyusha Mekala, Insurance Analyst at GlobalData,

Ransomware attacks on the rise even as cyber insurers scale back

Dec 18, 2020

Ransomware attacks typically involve the infection of computers with malicious software, often downloaded by clicking on seemingly innocuous links in emails or other website pop-ups and leaving users locked out of their systems, with the demand of a ransom to be paid to restore computer functions.
Paul Bantick, Beazley’s global head of cyber and technology, said that ransomware attackers were demanding more money than in the past and had also become more creative in ways in which they sought to extort money.

“COVID-19, coronavirus, vaccines, all these things, they have enabled people to target organizations,” Bantick said.

EU watchdog wants a more hands-on approach to insurer capital

Dec 18, 2020

Insurance Europe, an industry body, said EIOPA’s “disappointing” proposals would make the capital rules more conservative and create a less competitive sector.

The review should focus on what needs fixing and not be an overhaul as proposed by EIOPA with its “very extensive list” of potential changes, Insurance Europe said.

Dutch court case claims Shell’s operations violate human rights

Dec 18, 2020

The case brought by the Dutch arm of Friends of the Earth, Milieudefensie, links the oil major’s stance on climate change with human rights. The ruling will also have implications for Shell’s European peers as pressure mounts on polluting energy companies to step up the fight against global warming.

Over two weeks of court proceedings, lawyers for Milieudefensie have argued that Shell is violating human rights by extracting fossil fuels and undermining the Paris Agreement’s aim of keeping temperature rises below 1.5 degrees Celsius. Shell says it’s playing its part in addressing climate change, which can only be tackled through collaboration and not court action.

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