International News

Climate impacts to cost world US$7.9 trillion by 2050: report

  Paris:  Climate change could directly cost the world economy US$7.9 trillion by mid-century as increased drought, flooding and crop failures hamper growth and threaten infrastructure, new analysis showed Wednesday.   The Economist Intelligence Unit's (EIU) Climate Change Resilience Index measured the preparedness of the world's 82...

Aon to acquire small-medium business digital insurance agency Cover Wallet

Intermediaries, Non-Life       Nov 20, 2019

  LONDON: Aon plc  announced today that it has entered into a definitive agreement to acquire CoverWallet, the leading digital insurance platform for small and medium-sized businesses.   The acquisition provides Aon with additional access to the fast-growing, $200+ billion premium digital insurance market for small and...

Microsoft puts Israeli facial recognition startup under ethics microscope

Eco/Invest/Demography, Technology       Nov 18, 2019

  Microsoft Corp. has hired former U.S. Attorney General Eric Holder to investigate whether the use of facial recognition technology developed by an Israeli startup it funded complies with its ethics principles, the company said on Friday.   AnyVision, based outside Tel Aviv, has come under scrutiny...

Aviva to retain China, Singapore businesses after conducting Asian review

Life, Non-Life       Nov 18, 2019

  London: Aviva Plc, the U.K. insurer that’s overhauling some businesses as part of its chief executive officer’s turnaround plan, is to retain its Chinese joint venture as well as assets in its biggest market, Singapore.   The firm will continue to explore options for some other...

Terrorism results in USD 1 trillion loss to world economy: Narendra Modi at BRICS Summit

Eco/Invest/Demography, Non-Life       Nov 14, 2019

  BRASILIA: Prime Minister Narendra Modi on Thursday raised the issue of terrorism at the 11th BRICS Summit here and said the menace has resulted in the loss of USD 1 trillion to the world economy. Addressing the BRICS Plenary Session at the iconic Itamaraty Palace...

FBI warns on rise in sophisticated Cyber crimes

Eco/Invest/Demography, Non-Life, Risk Management       Nov 14, 2019

  On Dec. 14, 2018, Aaron Cole was about to buy a new house and received an email that he thought was from his title company, directing him to make a $123,000 deposit.   Cole complied, not realizing that a sophisticated hacker network had likely been spying...

Allianz partners with Microsoft to digitally transform the insurance industry

Non-Life, Technology       Nov 14, 2019

  Munich : On Thursday, Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. Through the strategic partnership, Allianz will move core pieces...

Boeing says 737 MAX may start flying in January

Non-Life       Nov 13, 2019

  New York: Boeing on Monday said it expects the 737 MAX airplane, which was grounded after two crashes killed 346 people, to resume flying in January, delaying its return by one month. In a statement, the group said it still hopes to receive certification next...

Ransomware attack hits Mexico’s state oil firm Pemex

Eco/Invest/Demography, Non-Life, Reinsurance       Nov 12, 2019

   A ransomware attack hit computer servers and halted administrative work on Monday at Mexican state oil firm Pemex, according to employees and internal emails, in hackers’ latest bid to wring ransom from a major company.   Hackers have increasingly targeted companies with malicious programs that can...

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