International News

AXA becomes the first insurer to join Green Monday ESG Coalition

  HONG KONG SAR: AXA Hong Kong and Macau is the first insurer to join the "Green Monday ESG Coalition" ("Coalition") as a founding Mission Partner, rendering our full support to combat climate change for a sustainable and resilient future. The Coalition is led by Green...

Insurers prefer private equity investments over Hedge Funds: Goldman Sachs Survey

Eco/Invest/Demography, Life, Non-Life       Apr 22, 2021

  LONDON: Insurers want to put more money into private equity this year while scaling back on hedge funds, a survey by Goldman Sachs Asset Management showed on Wednesday. Private equity was the most-favored asset class for insurers seeking to increase investment returns, followed by middle...

Chinese military seen behind Japan Cyber-attacks, NHK Says

  China’s military is thought to have instructed a hacker group to conduct cyber attacks on nearly 200 Japanese research institutions and firms, public broadcaster NHK reported, citing unidentified people in a police investigation. The investigators found a member of China’s Communist Party made contracts under...

Bank of England sees potential risks from cloud data providers

  LONDON: The Bank of England might strengthen its controls on cloud data providers and other technology firms to counter possible risks to the stability of the financial system from the rise of fintech, Deputy Governor Dave Ramsden said.The Bank of England (BoE) has expressed concerns...

Britain's driverless car ambitions hit speed bump with insurers

  LONDON: Britain’s goal to be a leader in adopting self-driving cars could backfire unless automakers and government regulators spell out the current limitations of the technology, insurance companies warn. Insurers are key players in the shift to automated driving, with some investing in a technology...

TikTok faces claim for billions in London child privacy lawsuit

TikTok, the wildly popular video app, and its Chinese parent ByteDance could face a damages claim worth billions of pounds (dollars) in London's High Court over allegations they illegally harvested the private data of millions of European children. Anne Longfield, the former Children's Commissioner for...

Kenyan insurer Pula offers lifeline to African farmers hit by climate change, to foray into Brazil and India

KITUI, Kenya: When Kenyan farmer Waki Munyalo's crop of lentils shrank by three quarters last year because of unusually low rainfall, disaster was averted thanks to a simple remedy that was previously unavailable to most African farmers - insurance. Munyalo, a 38-year-old mother-of-three, had taken...

South Africa's to set up vaccine compensation fund,  could cost $17.5 mln in first year

  JOHANNESBURG: The South African government's compensation fund to cover potential injuries from COVID-19 vaccines could cost around 250 million rand ($17.5 million) in the first year, the health minister said in response to questions in parliament. The African country hardest-hit by the coronavirus pandemic in...

Governments need to be ‘insurers of last resort’ to protect businesses from pandemic risks: Report

  ZURICH: COVID-19 has illustrated that pandemic-related business interruption is directly linked to the decisions of governments to implement lockdown measures, making it impossible for insurers to model and price such a risk. Furthermore, it is systemic in nature, inducing widespread and simultaneous financial losses. Coverage...

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