The Reserve Bank of New Zealand (RBNZ) yesterday released a draft Guidance on how entities can manage climate-related risks within their broader risk management framework. It has launched a consultation on the proposed Guidance.
Chubb has announced new underwriting criteria for oil and gas extraction projects that will require clients to reduce methane emissions. Methane is a by-product of oil and gas production and is one of the most severe greenhouse gases.
A new phishing tool, EvilProxy, has led to a significant increase in number of business e-mail compromises (BEC). This enables the phishing to bypass most forms of multi-factor authentication (MFA), thus compromising user accounts and ending in attempted payment fraud.
Insurers in UK are expected to pay £219m ($268m) in subsidence claims made in 2022, many of which were caused by 2022 summer's record-breaking high temperatures. This would be the highest expected insurance subsidence bill since 2006.
China recently completed its first national survey on natural disaster risks to understand the risks of hidden natural disasters across the nation.
Life Insurance Corporation of India (LIC), India's largest insurance company, is moving towards limiting its debt and equity exposure to companies, according to an exclusive report by Reuters which quoted two sources.
The Life Insurance Department of the CBIRC is reported to have held a forum with the Insurance Association of China and representatives of more than 20 insurance companies to discuss liability costs and asset-liability management in the life insurance industry.
China's plan to centralise the supervisory agencies for most financial sectors should reduce regulatory gaps and support efforts towards a framework that can monitor and address risks more systematically across the financial system, says Fitch Ratings.
Among the several positive factors in the insurance markets of the Middle East, including Egypt, are increased demand for reinsurance and the desire of insurance companies to ensure sufficient capacity to meet the needs of their business, according to Ms Catherine Thomas, senior director of analytics at AM Best.
From the failure of banks like SVB and Signature Bank in the US to the takeover of Credit Suisse, crisis in the banking sector has raised concerns of the start of another financial crisis.