APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

Global companies’ preparedness for the top 10 risks they face has deteriorated and risk readiness of global firms is at an all-time low, according to Aon’s 2017 Global Risk Management Survey. Global preparedness for the top 10 risks fell from 58% in 2015 to 53% in 2017. Aon said the findings are “worrisome”, particularly given that this year’s report surveyed…

A legal guide to cyber BI cover in Asia

A legal guide to cyber BI cover in Asia

A legal guide to cyber BI cover in Asia

Business interruption (BI) insurance, in the traditional context of commercial property insurance, is well established. While in Asia BI wordings are largely consistent, the wordings found in most traditional BI policies have not been universally adopted in the modern context of cyber risk/data breach BI insurance which, broadly, is directed at the disruption caused to a business through lack of…

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Total insured losses resulting from cyclone Debbie are estimated to cost at least $1.3bn due to a significant number of commercial and corporate claims, according to reinsurer Swiss Re. The tropical cyclone hit the Queensland coast in late March, causing five fatalities and widespread flooding and property damage, including the loss of electricity for 68,000 people. Classified as a Category…

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Drinks company Coca-Cola is demanding close to $1m in compensation from its insurers for unpaid business interruption (BI) losses incurred during the Nepal-India blockade between 2015 and 2016. The lawsuit, filed in Coca-Cola’s home state of Atlanta, implicates both insurer Hannover Re and underwriter Lloyd’s, and claims that the losses were covered under its political risk policy. The blockade, which…

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japanese corporates continue to be significantly underinsured for commercial earthquake risk, despite the large economic losses incurred in the March 2011 earthquake in Tohoku region and the Kumamoto earthquake in 2016, states Fitch Ratings in a new report. Fitch does not expect demand for earthquake insurance from Japanese corporates to dramatically increase, because premiums are regarded as too expensive. Japanese…

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012. The increase was driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires, many of which took place in Asia. Total…

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

A category four cyclone that hit the northeastern coast of Australia on Tuesday 28 March has led to mass evacuations and the closing of goldmines and coalmines, reported Bloomberg. It has also caused insurers to declare a catastrophe in the expectation of thousands of claims. Cyclone Debbie made landfall near Airlie Beach in Queensland, a tourist resort also known as…

Parima signs three more partners

Parima signs three more partners

Parima signs three more partners

The Pan-Asia Risk and Insurance Management Association (Parima) has recruited a further three additions to its roster of corporate partners.   Singapore-based disaster recovery specialist Belfor Asia, US-based insurer Liberty International Underwriters (LIU) and the Labuan International Business and Financial Centre (Labuan IBFC) join 23 other companies in what the association says is a mission to “create opportunities for education and…

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…