FTC move makes biometric privacy liability a national concern
A recent policy statement from the Federal Trade Commission on the collection of biometric information, such as fingerprints and retina scans, will put a national spotlight on the issue, which will likely lead to more litigation and regulatory action, experts say.
GIC Re sees net profit jump over 90%
Reinsurer General Insurance Corporation of India Ltd.’s net profit increased by 90% year-on-year to 34.17 billion Indian rupees ($413.8 million) in the first quarter of the year, despite underwriting profits shrinking 61% to INR8.89 billion, MSN reported citing The Times of India. The reinsurer saw gross premium income fall by 15.3% year-on-year to INR365.9 billion.
Agriculture insurer braces for largest payout due to drought damage
Spain-based agriculture insurer Agroseguro SA is gearing up to make one of its largest-ever claims payouts of over €300 million ($321.7 million) for extensive damage caused by severe drought in the country, Reinsurance News reported. The drought has damaged an estimated 1.5 million hectares of arable crops in Spain. The report also adds that wildfires […]
Helios’ retained underwriting capacity grows by 34%
U.K.-based Helios Underwriting PLC said that its retained underwriting capacity grew by 34% year-on-year £238 million ($293.7 million) in 2022, despite reporting a total comprehensive loss of £1.3 million, Reinsurance News reported. The Lloyd’s of London insurer’s gross written premiums grew by 131% to £244 million, reflecting the increase in the capacity portfolio.
State government plans to abolish business insurance duty
Tim Pallas, treasurer of the Victoria state, said that its government is planning to abolish business insurance duty starting in 2024, making it the first state in Australia to do so, Asia Insurance Review. The move is expected to save businesses more than $275 million Australian ($179.2 million) in the first three years alone.
Costa Rican volcano registers powerful eruption
The Volcanological and Seismological Observatory of Costa Rica said that the Rincon de la Vieja volcano erupted on May 25, with plume composed of water vapor and volcanic material reaching 3,000 meters above the height of the crater, Tico Times reported. The eruption, which comes a month after the last notable eruptive event, is so […]
Credit Suisse ordered to pay $926 million to billionaire after fraud
Singapore's International Commercial Court on May 26 ordered Swiss investment bank Credit Suisse Group AG to pay $926 million to billionaire businessman Ivanishvili, who served as Georgia's prime minister from 2012 to 2013, in compensation for failing to safeguard his assets, Reuters reported. Mr. Ivanishvili had placed $1.1 billion under the custodianship of Credit Suisse […]
Rate of ransomware attacks increases in South Africa: Survey
According to a report by U.K.-based security software and hardware company Sophos Group PLC, the rate of ransomware attacks has increased in South Africa, with 78% of organizations surveyed saying that they fell victim to ransomware attacks in 2022, Middle East Insurance Review reported. The report also found that 98% of organizations in the country […]
Halifax declares state of local emergency after wildfire
The Canadian city of Halifax declared a state of local emergency on May 28 for seven days, after a wildfire forced evacuations and power outages in the region, ThePrint reported citing Reuters. Wireless operator Rogers Communications Inc. said that its customers in communities evacuated due to wildfire are likely to witness service disruption.