Risk of not implementing AI higher than risk of forging ahead

Risk of not implementing AI higher than risk of forging ahead

Risk of not implementing AI higher than risk of forging ahead

Businesses cannot afford to ignore artificial intelligence (AI), as they would be running higher risks than if they forge ahead with implementation. According to a new report from RIMS – RIMS Professional Report: Making Sense of Artificial Intelligence and Its Impact on Risk Management – the risk of not adopting some form of AI can be much greater than the…

JBA and IDF partner for Sri Lanka flood data provision

JBA and IDF partner for Sri Lanka flood data provision

JBA and IDF partner for Sri Lanka flood data provision

UK-based catastrophe modelling firm JBA Risk Management has teamed up with the Insurance Development Forum (IDF) to improve access to flood risk data in Sri Lanka. JBA has released its Sri Lanka Flood Model on the ModEx platform, a risk modelling service provided by Nasdaq-subsidiary Simplitium. The release comes on the back of recent collaboration between the IDF and JBA…

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

The majority of small and medium-sized businesses (SMEs) in Asia-Pacific believe they are in a better position than larger companies to deal with cyber risk, despite having a larger exposure to the risk and fewer resources to manage the exposure. The potential perception gap was uncovered in a survey by insurer Chubb of 1,000 SMEs in the region’s three most-developed…

IRM contracts new training provider in southeast Asia

IRM contracts new training provider in southeast Asia

IRM contracts new training provider in southeast Asia

The UK-based risk management education provider, Institute of Risk Management (IRM), has licensed a new training provider in southeast Asia for its Fundamentals of Risk Management (FoRM) course. JGA Training Services has been accredited as a licensed FoRM provider operating in Malaysia, Singapore, Indonesia, Thailand, the Philippines and Vietnam. The course, according to IRM, is designed to provide an introduction…

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

A review of the Work Injury Compensation Act (WICA) by Singapore’s Ministry of Manpower (MoM) has proposed extending mandatory insurance coverage so that workers have a greater chance of being compensated for workplace accidents and injuries. The review proposes extending both the breadth of coverage and the size of the payouts. At present, WICA requires employers to compensate their employees…

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Japanese insurer Mitsui Sumitomo has made a majority acquisition of insurance-linked securities (ILS) fund manager Leadenhall Capital partners (LCP) to further boost its own ILS business. The deal also comes at a time when some of the world’s biggest insurers are making their own acquisitions in the sector, in what could have major implications for the specialist insurance market. Mitsui’s…

Singapore reveals new medical data breach

Singapore reveals new medical data breach

Singapore reveals new medical data breach

Singapore’s health ministry has disclosed that more than 14,200 people with HIV had their registry data leaked online raising more questions about the security of its citizens’ medical records. The cyberattack, which occurred in 2016 but was only discovered on 22 January, is the second major leak of personal health data to be reported in less than a year following…

Iran prepares to welcome foreign insurers

Iran prepares to welcome foreign insurers

Iran prepares to welcome foreign insurers

Foreign insurers are reportedly lining up to establish reinsurance operations in Iran, according to the country’s top insurance official. Head of Central Insurance Iran (CII) Gholamreza Soleymani told an insurance and risk management conference that several companies have expressed their readiness to operate in Iran. The country’s insurance industry has been affected by the reimposition of US sanctions by the…

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

In July 2018, news emerged that between 27 June and 4 July, hackers had infiltrated the IT systems of Singapore Health Services (SingHealth), the largest healthcare group in Singapore. The hackers illegally accessed and copied the non-medical personal particulars of 1,495,367 patients to servers hosted overseas. Approximately 159,000 of the affected group, including Prime Minister Lee Hsien Loong and several…

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