Data information related to the Philippines’ coronavirus vaccine program may have been leaked following a reported online hacking attack into the World Health Organization (WHO) database, the Department Of Information And Communications Technology (DICT) said on Monday. DICT Spokesperson Aboy Paraiso said monitoring of the agency’s computer emergency response team confirmed the COVID-19 vaccination database of the WHO for the Philippines and India was compromised. At risk are sensitive personal information of people who signed up for the COVID-19 vaccination program including their full names, addresses, birthdays, mobile numbers, email addresses, blood types, and medical histories. “Our capability is limited because from all indications this is an international organization that was hacked and our jurisdiction is very limited. As far as we can say, it’s all COVID-19 related information,” said Paraiso in Maki Pulido’s report on “24 Oras”. GMA Integrated News sought comment from WHO but the United Nations agency has yet to respond. Security analyst Karla Cruz said around 180 million data sets were hacked and released to the dark web. She warned this poses a danger to the public. “This is bigger than COME-leak (referring to the 2016 hacking attack against the Commission on Elections). This is bigger than PhilHealth. This is the biggest I think because it includes children. This is so detailed,” said Cruz. “I can get a credit card in your name. Mag-shopping ako online…Kuha ako ng bagong sim card, OTP, (I can shop online. Buy new sim cards, and get OTP.)” she warned. DICT’s Paraiso said: “If it can be linked to your financial data then it would be possible. I don’t want to downplay it na hindi siya mangyayari. It’s possible”. (If it can be linked to your financial data then it’s possible. I don’t want to downplay it and say it won't happen. It's possible.) To remain safe from cyberattacks, experts advised the public to change passwords every three months, activate multi-factor authentication in accounts and to use strong passwords. —Sundy Locus/RF, GMA Integrated News Source: gmanetwork.com

PSI Work Programme Updates– For Information PSI Preparations for COP28 – The Secretariat is currently confirming PSI events related to the upcoming COP28. If your organisation is planning to attend COP28 please complete the form available here so we can share with you information on possible speaking opportunities and other important information. As part of the PSI’s activities in advance of COP28 Butch Bacani, Programme Leader, UNEP PSI participated in-person and virtually in a series of events highlighting the importance of sustainable insurance including the WTW European Insurance Leaders' Forum in Brussels, Belgium and ICMIF Sustainability Summit in London, England. V20 Sustainable Insurance Facility (SIF) – Throughout the month of October, members of V20 SIF team have been advocating for the facility and the PSI at conferences in West Africa and the Caribbean. Diana Chepngeno, Regional Coordinator for Africa and the Middle East, spoke at the Semaine Africaine de la Microfinance in Lome, Togo to discuss how governments and organizations can collaborate to mitigate the effects of climate change in Africa and strengthen the resilience of populations in the face of these challenges. Diana also attended the International Conference on Inclusive Insurance in Accra, Ghana, where she met with Dr. Kofi Andoh, Acting Commissioner for the National Insurance Commission of Ghana. Gabriel Perez, Regional Coordinator for Latin America and the Caribbean, gave a presentation at the Caribbean Association of Banks annual assembly in Trinidad addressing the importance of embracing the SIF platform as a mechanism for protecting the parts of their portfolios which work with micro, small, and medium-sized enterprises, and bolstering their resilience through sustainable insurance design and development. Additionally, Gabriel has met with insurers, multilateral organizations, and development banks, to discuss actively pursuing a sustainable agenda in the Caribbean region. New Members of the PSI – For Information We would like to take the opportunity to welcome two new signatories to the PSI. Palomar Holdings, Inc. is the 2nd US-based insurance company to join the PSI and Wawanesa Insurance is one of Canada’s largest property and casualty companies. Upcoming Events – For Action Webinar on Building Flood Resilience Through Community Engagement in Canada (21 November, 1000-1100 EST) – Hosted by the PSI Canadian Taskforce, this webinar will explore the opportunities and challenges for growing resilience by showcasing a recent case study by TD Insurance regarding a recent pilot with the Institute for Catastrophic Loss Reduction on a new approach to homeowner education. Click here to register. Sustainable Finance Forum at COP28 – The Sustainable Finance Forum will be held on 6 December in Dubai, UAE. Hosted by Climate Action, the PRI and UNEP FI, this event will be one of the biggest platforms for open dialogue with the finance sector held alongside COP28. Click here for more information. UNEP FI Regional Roundtables – For Information UNEP FI has hosted a series of Regional Roundtables on Sustainable Finance over the course of 2023. These roundtables provide an opportunity for members to come together locally to discuss the latest trends, innovations and share good practices. The final roundtable in the series will be the Latin America and the Caribbean Roundtable30-31 January 2024 in Bogotá, Colombia. Registration is free to UNEP FI members and the public (Click here to register) Previous Regional Roundtables: The North America Regional Roundtable was held 1-2 March 2023 in Toronto, Canada. (Click here to watch the recordings from the event) The Asia Pacific Roundtable was held 24-25 May 2023 in Seoul, South Korea. (Click here to watch the recordings from the event) The Africa and Middle East Roundtable was held 14-15 June 2023 in Windhoek, Namibia. (Click here to watch the recordings from the event) The Europe Regional Roundtable was held 12-13 September 2023 in Madrid, Spain. (Click here to watch the recordings from the event)

Companies must upgrade their cyber security systems as AI threatens to make cyber attacks more sophisticated according to new research by cyber security company Gemserv. The 55-page Through the Cyber Lens: The Evolving Future of Cyber Security report released in October 2023 surveyed 200 chief information security officers (CISOs) across the UK and Europe. The report reveals that knowledge and information gaps are emerging as critical challenges, particularly for the CISOs, as the cyber threat landscape is expected to become increasingly volatile, further exacerbated by the geopolitical tensions of 2023. The survey also attempts to assess the readiness of CISOs to confront other evolving challenges, particularly those stemming from the rise of AI innovation, while also exploring their expectations for the future. The survey revealed that 38% of respondents anticipate a significant increase in cyber attacks utilizing deep fake AI technologies over the next five years, with an additional 45% expecting a moderate rise. In total, a striking 83% of respondents believe that generative AI will play a more prominent role in cyber attacks. However, a mere 16% of respondents consider their organizations to have an excellent understanding of these advanced AI tools. Gemserv director of cyber and privacy Mandeep Thandi said, “The AI revolution is transforming the landscape of cyber security and AI is reshaping the contours of cyber defense by augmenting human capabilities, predicting threats, and fortifying organizations against the volatile cyber threat landscape.” The report says that the ever-evolving cyber threat landscape presents CISOs with the formidable challenge of predicting and preparing for attacks. Information and budgetary resources are essential for adequate preparation. Amidst these challenges, 82% of the surveyed CISOs believe that new AI regulations will support their organizations' growth and expansion of services. The EU’s AI Act, in particular, distinguishes between high-risk and low-risk AI tools, ensuring that organizations maintain high standards of transparency and security. The European Union’s AI Act and the UK’s Data Protection and Digital Information Bill are set to reshape the AI regulatory landscape. These regulations aim to clarify, manage risks, and strengthen rules around data quality, transparency, human oversight and accountability. Source: asiainsurancereview.com

A new analytical report anticipates increased reliance on government insurance programmes as insurers exit catastrophe-prone states in the US. The report No Calm Before the Storm: U.S. Coastal Communities At Risk Of Becoming Uninsurable As Storm Activity Scares Insurers released by DBRS Morningstar rating agency said these departures could eventually trigger declines in property valuations in the affected regions if alternative sources of insurance, like the government programmes, cannot step up. North America CMBS vice president and head of research Steven Jellinek said, “In what some are referring to as a real estate ‘climate bubble,’ there are concerns that dwellings located in high-risk communities may experience a decline in value in the long run if something is not done to adequately fill the coverage gap left by departing private insurers.” The authors of the commentary said they do not foresee any immediate rating implications because of the exit of insurers from the affected regions. They, however, said that individual properties and transactions could be affected if property prices decline because of expensive or unavailable insurance coverage. Data from Morningstar and the US Census Bureau shows that the states most affected by hurricanes experienced significant population growth in their coastal counties from 1970 to 2020. Florida experienced the highest population growth during that time — a 217% increase — and is the state where most hurricanes make landfall. Meanwhile, Morningstar reports that insurers have been increasingly exposed to larger and more frequent weather-related losses that are driven by climate change and affected by rising real estate values and higher concentrations of high-value properties in risk-prone areas. Several major insurers have said they would stop writing new business or renewals in Florida, California and other states as the industry manages the impact of natural disasters, inflation, rising replacement costs and other loss adjustment expenses. The Morningstar commentary said, “With continued coastal population increases and infrastructure development along the hurricane-prone Atlantic and Gulf coastal states, we expect that economic damages and insured losses as a result of tropical storms that make landfall during the annual Atlantic hurricane season will continue to rise.” There is a growing scientific consensus that increasing ocean temperatures intensify the devastation of tropical storms. According to Swiss Re, tropical cyclones, storms and flooding have been the main drivers behind global catastrophe losses. Another study published recently revealed that Atlantic hurricanes are now more than twice as likely to rapidly intensify from minor to major hurricanes. Source: asiainsurancereview.com

By Michael F. Rellosa It seems everything that we do now involves some aspect of technology, unthinkable the year I was born when things were much simpler and slower. However fast forward to the present where everything is needed ASAP, and where instant gratification is the norm, we need technology to make that happen. Don’t get me wrong, admittedly I hanker for the old times but given todays issues of inclusivity, scarce resources huge populations and an environment rife with risks, we need technology in almost all aspects of our lives. Let me zero in on Insurance, my area of expertise for over 40 years. We are aware of the dismal 2% penetration rate (and that already includes the life sector) that the Philippines has as compared to the rest of the world or even amongst its ASEAN neighbors. The response, greater inclusivity. How do we make the underserved (read poorer) sectors of society see and benefit from the protection afforded by insurance when in technical aspects they may be higher rated risks and therefore more expensive to write? This is where technology can help. Let me share some of the more obvious ways in which it can. Financial inclusivity means opening the market to a larger segment who will only be able to afford a fraction of what traditional insurance costs. Technology allows Insurers to adjust pricing and coverage through predictive analytics by identifying potential risks and trends in real time. This also means having to administer a huge number of customers and their needs from policy issuance, policy maintenance, premium collection, claims adjudication and servicing among others, at a reduced cost and with greater efficiency. Again, there are existing plug and play solutions that answer each the pain points in each of the operational areas. Solutions that utilize algorithms to make processes faster and less tedious. Tech based Insurers now even boast of paying claims in minutes if done digitally end to end. The Insurance industry being hundreds of years old, are weighed down by complex legacy environments from its own systems to new stricter and more transparent reportorial requirements. Again, Technology can be a major part of the solution via a long-term Cloud Strategy. The sense of Urgency is there but to move the behemoth insurance industry to change overnight is going to be difficult to say the least, perhaps by hyperscaling, but not every company can do this on their own and would need a service integration layer. This may be something to look out for in the not-too-distant future. Non-Life Insurance has many different products with its own unique set of issues, however there are commonalities in the servicing and administrative phases. There have been well publicized creation and rolling out of specific digital platforms for a class of business such as Microsoft’s relationship with AXA to launch a digital health-care platform which later became the backbone of Microsoft and Allianz’s plug and play platform that works across the different kind of non-life products. And the last most important point I want to bring across is Big Data and AI possibilities. As the industry has gathered and is in possession of hundreds of years’ worth of data across a wide range of subjects, Insurers have a scant idea of how valuable this data is and how it could be utilized for the betterment of society. I would not even dare hazard a guess how this marrying of data and AI would end up, scary but exciting as well. This is the reason why PIRA, the non-life industry’s trade association is collaborating with PLIA (Philippine Life Insurance Association) and Digital Pilipinas in mounting the Philippine Insuretech Festival. Watch this space for more information. Source: manilatimes.net

An increase in ransomware attacks in 2023 is challenging companies' cyber security defenses according to a new report by Allianz Commercial. The new report Cyber security trends 2023 - The latest threats and risk mitigation best practice – before, during and after a hack from Allianz Commercial published in October 2023 reflects an increase in ransomware attacks so far this year and reveals that hackers are increasingly favouring supply chain attacks to maximize leverage, while the number of large cyber losses involving data exfiltration has surged. Allianz Commercial global head of cyber Scott Sayce said the number of cyber insurance claims is on track to close the year 25% higher after the level of claims stabilized in 2022. With ransomware activity up 50% during the first half of 2023, claims are set to rise above 2022 levels. Mr. Sayce said, “The attackers are back and focused again on Western economies with more powerful tools, enhanced processes, and attack mechanisms. Given this dynamic, a well-protected company is necessary to stand up to the threat and, increasingly, the most crucial element of this is developing strong detection and fast response capabilities.” The report said, “Most ransomware attacks now involve the theft of personal or sensitive commercial data for the purpose of extortion, increasing the cost and complexity of incidents, as well as bringing greater potential for reputational damage. The report notes that ransomware-as-a-service attacks are driving the increased frequency of attacks in 2023, while ransomware gangs are carrying out attacks at a faster rate, taking on average four days to execute an attack. Several factors are combining to make data exfiltration more attractive for threat actors. The scope and amount of personal information being collected is increasing, while privacy and data breach regulations are tightening globally. At the same time, the trends towards outsourcing and remote access leads to more interfaces for threat actors to exploit. Companies should channel additional cyber security investment in detection and response, rather than add more layers to protection and prevention. Cyber attacks that are undetected and contained early can multiply the cost of a breach by as much as 1,000.

Ocean-driven melting of floating ice-shelves in the Amundsen Sea in the Antarctic is currently the main process controlling Antarctica's contribution to sea-level rise according to a new study. The new research Unavoidable future increase in West Antarctic iceshelf melting over the twenty-first century published in a recent issue of scientific journal Nature.com, using a regional ocean model, presents a comprehensive suite of future projections of iceshelf melting in the Amundsen Sea. The researchers reveal that rapid ocean warming, at triple the historical rate, is likely committed over the twenty-first century, with widespread increases in ice-shelf melting, including in regions crucial for ice-sheet stability. When internal climate variability is considered, there is no significant difference between mid-range emissions scenarios and the most ambitious targets of the Paris Agreement. The study results suggest that mitigation of greenhouse gases now has limited power to prevent ocean warming that could lead to the collapse of the west Antarctic ice sheet. The west Antarctic ice sheet holds 3.2m cubic kilometers of ice on land. Yet the area is the fastest melting part of the Antarctic, making it the continent’s largest contributor to sea level rise. The study shows that hotter oceans are causing the ice shelves around West Antarctica to destabilize, raising the spectre of massive sea level rise. British Antarctic Survey Cambridge faculty and lead author of the study Kaitlin A. Naughten said scientists are still refining estimates on how fast the ice shelves will melt and how that in turn will impact ice on land. Dr Naughten said, “It’s hard to know exactly how quickly it will respond, but we expect that the bulk of the ice sheet’s response will take a few centuries. It doesn’t respond instantly.” Source: asiainsurancereview.com

Risk tipping points are becoming an increasing challenge worldwide according to a new report by the United Nations University - Institute for Environment and Human Security (UNU-EHS). Published in October 2023, the new research report The Interconnected Disaster Risks report 2023 finds that the world is fast approaching risk tipping points on multiple fronts. The report says tipping points are reached when the systems we rely on stop functioning as designed, amplifying the risk of catastrophic impacts. The report says by indiscriminately extracting water resources, damaging nature and biodiversity, polluting both Earth and space while cutting down options to deal with disasters, human actions introduce new risks and amplifying existing ones. UNU-EHS deputy director and lead author of the study Dr Zita Sebesvari said, “With these risk tipping points, it is as though we are approaching a cliff that we cannot see clearly ahead of us, and once we fall off the cliff, we can’t easily go back.” The report analyses six interconnected risk tipping points, which have been selected for their representation of large global issues that impact lives across the world they are: -Accelerating extinctions that trigger chain reaction to ecosystem collapse -Groundwater depletion that drains water risking food supply -Mountain glaciers melting -Space debris causing loss of multiple satellites -Unbearable heat making it hard to live in some areas -Uninsurable future when rising risks make homes unaffordable The impacts can also cascade through to other systems and places around the world, the report warns. It says if risk tipping points are understood, informed decisions and decisive actions to avert the worst are possible. Dr Sebesvari said, “Due to the interconnected nature of these risk tipping points, their drivers, root causes and influences, avoiding them will require more than a single solution. We will need to develop solutions that bring together different sectors and address the drivers and root causes in a systemic way.” The report offers a new framework that categorizes risk mitigation solutions into four types based on their approach: Avoid (preventing risk), Adapt (dealing with risk), Delay (slowing risk progression), and Transform (system overhaul). This framework aids in evaluating a solution's potential outcomes and trade-offs. Identifying a solution's category helps evaluate potential outcomes and trade-offs. Source: asiainsurancereview.com

Annual residential building costs from extreme weather events addressed by the National Construction Code (bushfires, cyclones and floods) are around A$4bn ($2.53bn) per year, estimates the Centre for International Economics (CIE) - a leading economic research firm. The Insurance Council of Australia (ICA) commissioned the CIE to conduct a high-level economic analysis of the anticipated costs and benefits of amending the National Construction Code (NCC). The Code is Australia’s primary set of technical design and construction provisions for buildings and sets the minimum required level for the safety, health, amenity, accessibility and sustainability of buildings. The findings of the CIE are published in “Future Proofing Australia's Resilience – Insurance Council of Australia Summary Report”, released by the ICA. The report estimates that strengthening the NCC could reduce the current average annual building-related costs estimated to be around A$486m per year for bushfires, A$2bn per year for cyclones, and A$1.475bn per year for floods. Cyclones The CIE analysis identified a range of areas where the NCC could potentially be strengthened to improve the resilience of buildings from the impact of cyclones. These impacts include the threat of water ingress, which is when water penetrates through the building’s windows, vents, doors, or other similar vents. The report concludes there are significant opportunities and economic benefits from strengthening the NCC to reduce water ingress from wind-driven rain. There are also opportunities to address high internal pressure in houses in areas which are currently not designed for high internal pressure. Internal pressure occurs when a house experiences damage to an external opening, such as a window or door in a tropical cyclone, and when combined with the large uplift pressures on the roof, can result in roof failures. CIE also found that there are significant cross-overs between storm and bushfire resilience measures and, if taken together, they would deliver even greater economic benefits for Australian homeowners. Bushfires The report also highlights many Australian homes are susceptible to extreme damage from a bushfire as they are built to a standard that does not address some of the key causes of property loss, including house-to-house ignition, maintenance, compliance, landscaping and storage of combustible materials. Concerningly, the report also confirms there has been an increase in the number of houses built in bushfire-prone areas, particularly in New South Wales, Victoria and Queensland, which will continue to increase exposure to bushfire-related risks. The report also points out that despite ember attack being the main source of ignition for many bushfires in Australia, the basis upon which the relevant standard’s requirements are set is based upon flame contact and intensity, not ember attack. In addition, the report finds that in most states and territories there is no requirement for houses built more than 100 metres from vegetation to include any bushfire protection measures, even if in a designated bushfire-prone area. The report proposes a series of relatively low-cost bushfire mitigation measures which are currently outside the scope of NCC, but which have the potential to improve resilience. These include increasing separation distances between buildings to limit the spread of fires between houses, as well as the use of non-combustible fences. Flooding The report highlights the benefits and opportunities for improved integration between land use planning and building standards to minimize risk and to form a comprehensive flood risk management system. It found that the current building standards and codes are underpinned by historical rainfall regimes and do not adequately account for current and future conditions. To address this, land use planning, building regulations and rainfall and runoff guidelines should be informed by forward-looking science and modelling that takes into account the growing risk of flooding events in the future. In addition, the report highlights that the current building standards and codes do not achieve the desired outcomes in minimizing damage when floods occur, and that there are opportunities to enhance flood resilience through building standards, including increased floor heights. Source: asiainsurancereview.com

The 2nd Digital Pilipinas Festival and the inaugural Festival of Festivals is happening this November, and as a pre-lude to this event, we invite you to join us for an exclusive kick off program in partnership with the Philippine Life Insurance Association and the Philippine Insurers and Reinsurers Association on November 7, 2023, 4:30pm to 6:00pm via Zoom. To reserve your slot for this kick off program. Scan the QR code or click this link: https://us02web.zoom.us/j/87421750064pwd=QUU5NTl6QnVma0VIN0xMSnhPcmtZdz09 Learn more about the upcoming festival – especially the curated festival for the insurance industry - Philippine InsurTech Festival and how you can be a part of it and have the opportunity to connect and collaborate with industry stakeholders. The Philippine InsurTech Festival is happening within the Digital Pilipinas Festival on November 20 to 24, 2023 at SMX Aura and in various co-located venues and innovation hubs across the country. The Festival of Festivals, a weeklong celebration of multiple festivals highlighting key industries and priority growth sectors that will support innovation and growth in the country, is coinciding with the landmark Philippine Fintech Festival. The inaugural festivals this year include the Philippine Investment Festival, Philippine Proptech Festival, Philippine Insurtech Festival, Philippine Digital SME Festival, Philippine Digital Government Festival, Philippine CyberSecurity & TrusTech Festival, and the Philippine Sustainability and Climate Festival. Scheduled immediately after the Singapore Fintech Festival and coinciding with the Philippine Startup Week, the Digital Pilipinas Festival 2 is anticipated to be the biggest gathering of industry leaders and country delegations. Mark the dates on your calendars and register for the festival, please visit https://digitalpilipinas.ph/registration2023/ Join us and get front-row access to all things ASEAN and beyond at the Digital Pilipinas Festival x Philippine FinTech Festival Year 2! Let's all build a Digital Pilipinas through InsurTech!