Indian state-owned insurers in precarious positions

Dixie

Three state-owned general insurers in India – National Insurance, United India Insurance and Oriental Insurance – are reportedly under pressure on multiple fronts, with the future being very uncertain for these companies.

The Delhi high court’s order to set aside the appointment of directors by the Banks Board Bureau (BBB) due to issues on jurisdiction has also affected the appointment of the insurers’ chief executives, the Times of India reported. Erosion of capital has made it difficult for the insurers to grow their businesses and implement overdue wage hikes for their employees.

Furthermore, the government’s announcement that it wants to

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The rising threat of ‘triple extortion’ in ransomware

Dixie

There are several factors driving the surge in ransomware incidents, according to AGCS. One is the emergence of ransomware-as-a-service (RaaS) whereby criminal groups such as REvil and Darkside sell or rent their hacking tools to other bad actors on the dark web. This ready-made ransomware is often sold for a relatively cheap price, and it comes with support services from the hacker groups, making this type of malware more accessible to malicious threat actors.

Read next: Insurers with high credit ratings have better cyber security

“The marketplace of the bad actors is continuously evolving and maturing,” said Thomas Kang (pictured),

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Worsening climate crisis underlines importance of insurance

Dixie

Since 2017, the (re)insurance market has suffered more than US$10 billion in weather-related losses, with the number of weather catastrophes (12) more than double anything seen in previous five-year periods.

Wildfire is a peril that has seen some of the most significant development. Global insured losses from wildfires spiked an alarming 500% between 2010-2019 — the first two years of which already doubled that of the previous decade.

“The pace of change over a relatively short timeframe is starting to move the (re)insurance market. The significant shift in loss experience is forcing insurers and reinsurers to reassess their views of

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Chubb produces report on civil unrest risk

Dixie

The last two years have been particularly turbulent, according to the report. The COVID-19 pandemic has had economic impacts across the world; the death of George Floyd sparked civil unrest across the US and beyond; and there has been increasing general unrest in many countries – most recently Colombia and South Africa.

The social and political upheaval impacting much of the world means that multinational companies face a challenging risk landscape, Chubb said. Traditionally, insurers have offered SRCC coverage at no extra cost. However, the increased frequency and severity of SRCC risks means that this is changing; many property insurers

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