Better insurance cover proposed for Singapore servicemen

spike

The Singaporean Parliament is discussing several improvements to the National Service (NS), including raising the insurance coverage provided for servicemen.

All male Singaporean citizens and second-generation permanent residents are required to serve for two years in active duty, whether in the Singapore Armed Forces, Singapore Police Force, or Singapore Civil Defence Force.

Workers’ Party MP Gerald Giam (Aljunied GRC) proposed an upgrade to the SG$150,000 group term life and group personal accident insurance coverage provided by the Ministry of Defence, The Straits Times reported. The current insurer for the MINDEF and Ministry of Home Affairs is Aviva.

According to Giam,

Read More

Insurers face mounting pressure to manage ESG risks

spike

Global losses from natural disasters in 2020 were US$210 billion, according to Munich Re, of which only US$82 billion was insured. Both overall losses and insured losses were significantly higher than in 2019, which saw a total loss of US$166 billion, of which US$57 billion was insured.

Read next: Japanese insurers lagging behind on climate action, says eco group

North America suffered the highest losses in 2020 after a record-setting North Atlantic hurricane season, severe thunderstorms in the American Midwest, and yet another series of large wildfires in the western US, fuelled by drought conditions. In Asia, losses from natural

Read More

37 billion data breach records leaked in 2020

spike

According to data analysed by the Atlas VPN team based on the 2020 Year End Data Breach QuickView Report by Risk Based Security, the number of leaked data records worldwide hit a whopping 37 billion in 2020. It is a 140% increase from 15 billion records in 2019.

The majority — 82% or over 30 billion of data records — were compromised in only five major breach incidents. All of them were a result of misconfigured databases or services.

The most commonly exposed type of data were names, leaked in 46% of data breaches last year. Following names are email

Read More

SiriusPoint launches with $4 billion in initial capital

spike

“I am delighted to announce the launch of SiriusPoint,” said Sid Sankaran, chairman and CEO of SiriusPoint. “This is a strategic union of two highly complementary organisations. SiriusPoint is an opportunity to leverage our combined strengths and refocus our organisation on profitability, innovative partnerships, and solutions. Our breadth of footprint combined with the ability to be nimble and responsive will be truly differentiating.”

Sankaran (pictured above) said SiriusPoint aimed to be “a disruptive force in the industry and drive technology innovation.”

“We have set a goal to challenge the status quo and define new ways of conducting business with diversity

Read More