Risk Management

Indian businesses hit by more ransomware attacks in APAC region:Survey

Indian News       Nov 19, 2020

  India has been the worst hit by ransomware in the Asia Pacific (APAC) region, with 74 per cent of organisations having suffered a ransomware attack this year, as compared to 67 per cent in Australia, 52 per cent in Japan and 46 per cent in...

General Motors follows Tesla,launches its own auto insurance

International News       Nov 19, 2020

  DETROIT: US auto major GM announced on Wednesday it will take its relentless focus on safety and delivering a world-class customer experience one step further with OnStar Insurance. General Motors Co. on Wednesday launched an auto insurance program with the help of its OnStar subsidiary,...

Canada names China, Russia as main cyber-crime threats; sees risk to power supply

International News       Nov 18, 2020

  OTTAWA: Canada on Wednesday identified state-sponsored programs in China, Russia, Iran and North Korea as major cyber crime threats for the first time, and said it feared foreign actors could try to disrupt power supplies.The Communications Security Establishment (CSE) signals intelligence agency said the programs...

U.S. lifts Boeing 737 MAX flight ban after crash probes, tough hurdles remain

International News       Nov 18, 2020

  WASHINGTON/SEATTLE : The United States lifted a 20-month-old flight ban on Boeing Co's BA.N 737 MAX on Wednesday, easing a safety crisis that left its top exporter with a tarnished reputation and hundreds of idle jets. But relatives of crash victims denounced the move.U.S. Federal...

Santam loses virus-linked test case for S. African insurers

International News       Nov 18, 2020

  Cape Town: A Cape Town court ordered Santam Ltd. to pay out business-interruption claims to two South African hospitality companies, potentially opening up the industry to cover losses suffered because of the coronavirus pandemic. The court agreed with the approach of the UK Financial Conduct...

Russian economy set to lose $45 bln to cyber crime in 2020

International News       Nov 18, 2020

MOSCOW: The Russian economy is set to lose $44 billion to cyber crime in 2020, according to estimates published on Tuesday by Russian bank Sberbank, with the shift to online during the COVID-19 pandemic posing new challenges. The coronavirus pandemic has exacerbated cybersecurity concerns as...

Aon Launches Asia Pacific Capital Advisory Unit to support Re/insurers

International News       Nov 18, 2020

  London: Insurance broker Aon plc has launched an Asia Pacific Capital Advisory unit within Reinsurance Solutions to deliver a holistic approach to capital optimization for re/insurers. The initiative follows Aon’s launch of similar Capital Advisory units in the UK and U.S., whose aim is to...

Canada promises big fines for companies that breach new privacy law

International News       Nov 18, 2020

OTTAWA: Companies that fail to protect the personal information of Canadians could be fined up to 5% of global revenue under the terms of a proposed new privacy law, Innovation Minister Navdeep Bains said on Tuesday. Bains said the Digital Charter Implementation Act - designed...

AXA XL launches Risk Scanning

International News       Nov 18, 2020

  New Delhi: AXA XL Risk Consulting announced the launch of Risk Scanning, a new risk assessment service. Available globally, the solution combines the expertise of AXA XL’s risk consultants with data mining capabilities and probabilistic algorithms to carry out multi-peril assessments of a company’s physical...

Insurers are trying to escape COVID-19 liability, watchdog tells UK Supreme Cour

International News       Nov 18, 2020

London: Insurers are trying to escape liability for pandemic-related business losses with counter-intuitive arguments that go against the essential purpose of insurance, Britain's markets watchdog told the UK Supreme Court on Tuesday. A lawyer for the Financial Conduct Authority (FCA), which brought a test case...