Morning Briefing: China to launch insurance exchange aimed at global market Sunday

China to launch insurance exchange aimed at global market Sunday… Call for insurers to act to end illegal fishing… Internet can’t cope with cyber crime says expert…

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China to launch insurance aimed at global market Sunday
China wants to be a global center of insurance excellence and plans to launch its own insurance market to rival other international players.

That launch looks like it will take place this weekend (June 12) according to a report in the South China Morning Post.
The Shanghai-based insurance market will offer trading facilities and services for reinsurance, shipping and specialty lines with the aim of becoming a major global player in financial services by 2020.

It will mean a strengthening of China’s insurance regulations and standards to bring domestic insurers up to international standards.  Authorities have been tightening restrictions on foreign insurers in recent months.
 
Call for insurers to act to end illegal fishing
The insurance industry could play a major role in ending illegal fishing according to a new academic study.

The cost to the global economy of rogue fishing vessels is estimated at between $10 to $20 billion a year and the ability of illegal operators to get insurance is supporting the problem.

The University of British Columbia Institute for the Oceans and Fisheries study, reported by Phys.org, suggests that insurers could help by checking a list of illegal vessels before issuing insurance.

"Insurers should take the simple step of consulting IUU fishing vessel lists to make sure that these notorious and well-known ships are refused insurance,” said co-author Dana Miller.
 
Internet can’t cope with cyber crime says expert
Financial institutions being hit by cyber crime is inevitable because it’s not what the internet was made for. That’s according to a leading cyber expert who told CNBC: "The internet was never designed to be secure….the criminals have taken advantage of the weaknesses which are inherent in this kind of network of networks.”

Professor Sir David Omand, Commissioner at the Global Commission on Internet Governance said Monday that the big challenge is to make the internet secure, especially as the Internet of Things spreads, creating greater vulnerability.
 

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