Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

The long tail of earthquake-related loss events has been illustrated by news that insurers are still facing claims from historic earthquakes in Canterbury, Christchurch and Kaikoura in New Zealand. Two Australian insurers, IAG and Suncorp, reported that they are still paying out several years after the events. IAG said it was being passed on cap claims from the New Zealand…

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Respective regulators for the insurance industry in Malaysia and Myanmar are set to issue new and separate rules that take a different approach to the issue of foreign insurers. Myanmar is set to allow at least three overseas insurers to operate in the country by May, as part of an effort to liberalise its economy and financial services sector. Meanwhile,…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

XL Catlin extends accident and health insurance product for Australian businesses

XL Catlin extends accident and health insurance product for Australian businesses

XL Catlin extends accident and health insurance product for Australian businesses

International broker XL Catlin has announced the extension of its Protect and Assist health and accident insurance product to cover Australian corporate customers. The policy expansion has been partly inspired by heightened security threats and the growing need for Australian businesses to meet their duty of care in the face of these threats and to protect their staff, said XL…

IRM announces ambassador for Vietnam, Cambodia and Laos

IRM announces ambassador for Vietnam, Cambodia and Laos

IRM announces ambassador for Vietnam, Cambodia and Laos

The Institute of Risk Management (IRM), a UK-based risk education body, has appointed Saman Bandara as a global ambassador for Vietnam, Cambodia and Laos as it continues to expand its operations in Asia-Pacific. Mr Bandara is head of insurance, forensics and it risk and analytics at EY Vietnam, where he has worked for 11 years. He is also a long-serving…

XL Catlin appoints country head for China

XL Catlin appoints country head for China

XL Catlin appoints country head for China

Phil Xue has been announced as the new chief executive officer and general manager of XL Insurance (China) Co Ltd, pending regulatory approval. Mr Xue will be responsible for coordinating all activity in China. He comes from a ten-year stint at Guy Carpenter, where he was most recently head of south China market and head of the broker’s Shanghai operation,…

Singapore’s cybersecurity bill passed in parliament

Singapore’s cybersecurity bill passed in parliament

Singapore’s cybersecurity bill passed in parliament

A bill designed to make Singapore’s critical services more resilient to cyberattacks has been passed in parliament. The Cybersecurity Bill mandates that owners of computer systems deemed to be providing essential services, known as critical information infrastructures (CIIs), must comply with codes of best practice, report any cybersecurity incidents, undergo regular cybersecurity risk assessments and submit to a cybersecurity audit…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

An earthquake in the popular Taiwanese tourist city of Hualien has left four dead and more than 250 injured. The shallow quake had a magnitude of 6.4 and struck on Tuesday night, following a series of tremors earlier in the week. Roads were ripped up and at least two hotels were partially toppled by the quake, leaving many trapped inside.…

Asia lagging rest of the world in insurtech

Asia lagging rest of the world in insurtech

Asia lagging rest of the world in insurtech

The size of Asia’s insurtech market may have been overstated after a report revealed that the region accounts for just 7% of the global total of recognised insurtech startups. The region may be home to some of the biggest and most prolific insurtech conferences and exhibitions, but the latest Quarterly InsurTech Briefing from broker Willis Towers Watson (WTW) states that…

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