Corporate whistleblowers call for protection and compensation

Corporate whistleblowers call for protection and compensation

Corporate whistleblowers call for protection and compensation

Protection for corporate whistleblowers is on the increase. For example, China and India have recently followed the US lead in enacting legislation. Despite enhanced rewards and protections, whistleblowing laws also pose significant risks and corporates, their risk managers and their insurers will need to be aware of the changing legal landscape in all of the territories where they operate. In…

XL Catlin appoints McMahon to head global property underwriting

XL Catlin appoints McMahon to head global property underwriting

XL Catlin appoints McMahon to head global property underwriting

XL Catlin has appointed Tim McMahon as global chief underwriting officer for property. Mr McMahon is currently head of energy, property, construction for the Asia-Pacific region and has worked at XL Catlin since 2011. In his new role at the company, Mr McMahon will be responsible for XL Catlin’s global property insurance underwriting and will join the firm’s global insurance…

Allied World launches three PI products in Australia

Allied World launches three PI products in Australia

Allied World launches three PI products in Australia

Allied World Assurance Company Holdings has launched three new professional liability products in Australia: Directors and Officers liability insurance, Architects and Engineers professional indemnity insurance, and Miscellaneous professional indemnity insurance. The Miscellaneous professional indemnity insurance is aimed at professional services providers, such as interior designers, management consultants, advertising agents, educational institutes, accountants, technology firms, architects, surveyors and engineers of all…

Allied World launches new products in Australian liability market

Allied World launches new products in Australian liability market

Allied World launches new products in Australian liability market

Allied World, the Switzerland-based international insurance and reinsurance group, continues its expansion in the Australian market with the launch of three new professional liability products. These are D&O liability insurance, architects and engineers professional indemnity insurance, and miscellaneous professional indemnity (PI) insurance. The miscellaneous PI cover is designed mainly for professional services providers such as interior designers, management consultants, advertising…

Australia passes new data privacy law

Australia passes new data privacy law

Australia passes new data privacy law

Companies in Australia will soon face mandatory notification obligations in the event of a data breach, after the federal parliament passed a long awaited amendment to its 1998 Privacy Act. The Privacy Amendment (Notifiable Data Breaches) Bill 2016, was passed on 17 February and will include all companies subject to the aforementioned Privacy Act, which includes not just Australian registered…

IAG plans insurtech hub in Singapore

IAG plans insurtech hub in Singapore

IAG plans insurtech hub in Singapore

Insurance Australia Group (IAG) is the latest insurer to launch an insurtech centre in Singapore, in a bid to spread its presence across Asia. The so-called innovation hub will focus on recruiting startups to act as research and development partners and to help launch new products and services. The initiative, called Firemark Labs, is supported by the Monetary Authority of…

Australian actuaries decry government rejection of cat fund plan

Australian actuaries decry government rejection of cat fund plan

Australian actuaries decry government rejection of cat fund plan

The Australian Institute of Actuaries (AIA) has urged the Turnbull government to review its recent decision to ignore advice from the Productivity Commission to create a $200m per annum disaster resilience fund. The AIA’s Natural Disasters Working Group estimates that the natural peril cost to Australia stands at $11bn per annum, of which only 40% is insured. Only yesterday, the…

Four insurance law firms form global legal alliance

Four insurance law firms form global legal alliance

Four insurance law firms form global legal alliance

Four leading insurance law firms have come together to form Legalign Global to meet the legal needs of the multinational insurance market. Legalign Global comprises founding member law firms BLD Bach Langheid Dallmayr (Germany), DAC Beachcroft (UK), Wilson Elser (US) and Wotton + Kearney (Australia) and has 2,000 lawyers in 58 offices throughout Europe, Latin America, Australia, New Zealand, Singapore…

Business interruption tops Allianz risk poll in Asia

Business interruption tops Allianz risk poll in Asia

Business interruption tops Allianz risk poll in Asia

The threat of business interruption is the main concern for Asian businesses according to a global survey of more than 1,200 risk experts conducted by insurer Allianz. The Allianz Risk Barometer lists the top three risks facing Asian corporates as business interruption, market developments and natural catastrophes – the same top three risks that featured in the 2016 survey, albeit…

Oasis cat model framework offers risk managers new insight

Oasis cat model framework offers risk managers new insight

Oasis cat model framework offers risk managers new insight

A new catastrophe modelling framework should help corporate risk managers gain better insight into the risks faced by their companies. Oasis, a modelling framework based on data shared by ten Lloyd’s of London managing agents, launched at the start of this year. The framework has taken five years to bring to market. It was developed in collaboration with data centre…

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