The Monetary Authority of Singapore (MAS) has published a consultation paper to seek feedback on proposals to reduce the amount of information collected by financial institutions from their clients for selected insurance policies, when recommendations are made based on the Basic Financial Planning Guide (Guide).
A new code of conduct for the insurance industry for using AI has been put in place. Created by a collaborative group of 127 experts, the new initiative aims to establish and uphold “the highest standards of behaviour and ethical responsibility” when planning, designing, or utilising AI in the management and settlement of insurance claims.
The insurance industry runs the risk of disappearing if it does not adapt to climate change and the ESG agenda according to risk managers.
A recent study has revealed concerning trends in reporting mental disorders in India. Self-reporting rates for mental health problems were found to be remarkably low.
AI generated deepfake images offered as evidence in support of a fraudulent claim and deglobalisation are among the new kinds of risks that insurers will face moving ahead according to a new risks forecast study for the insurance industry.
A typical one-litre bottle of water contains some 240,000 plastic fragments on average according to a new study.
Triple-I’s latest edition of Cyber Insurance: State of the Risk said two primary factors may be at work in developing this trend.