Risk managers and insurers are within reach of tackling the challenges and complexities posed by cyber risks, according to a new report by Swiss Re’s sigma. However, the report warns that business must work harder to integrate cyber security into risk management programmes and called on insurers to develop more effective cover. The report adds that despite progress on the…
Too many African risk managers and their companies fail to understand the true threat of a cyber attack, warns security boss Dan Thornton. Speaking exclusively to Commercial Risk Africa, Mr Thornton, a director at GoldPhish, said many companies consider cyber attacks in the context of business interruption. Acknowledging that these can be massive, he said however that firms need to…
Insurers across Africa need to be preparing now for massive changes ahead, warns one South African insurance boss. Stuart Wenman, managing director insurance [Africa] at Liberty Holdings, told Commercial Risk Africa: “The risks on the general insurance side of the business are changing. “Motor insurance could be wiped out in the next ten years because the case for owning…
New risks such as cyber incidents or data privacy, rising regulatory and shareholder activism, and the influence of third-party litigation funders are putting corporate leaders under more pressure than ever of falling foul of investigations, fines or prosecution over alleged wrongdoing, warns Allianz Global Corporate & Specialty (AGCS).
Risk managers are being warned not to relax around cyber threats but to make sure they have comprehensive disaster recovery plans in place.
Mobiles driving change, Mauritius in London promotion, Microinsurance challenges, Solution expansion and New face at Chubb.
Botswana is among five Sub Saharan African (SSA) economies that improved their Global Competitiveness Index rankings by three to six positions and their scores by 2% or more, according to the World Economic Forum’s Global Competitiveness Report (GCR) 2015/2016. The country climbed five places to 64th (out of 138 global participants), thanks to year-on-year improvements in infrastructure, higher education and goods market efficiency.
Many African reinsurers see technology as the way to open up previously untapped insurance markets across Africa.
Allied World Europe appoints new head of European casualty, Chubb develops technology and cyber offering in UK and Ireland, XL Catlin creates new reinsurance unit to focus on African risk, London market’s electronic placing platform bounds first risk and AIR launches new global resilience practice.
Christopher Lay named president of Marsh’s global captive business, Mercer to acquire 34% stake in Alexander Forbes, Aon forms global power committee to drive innovation, Marsh launches new policy to plug gaps in cyber coverage for energy sector and Lockton expands risk advisory services in Scotland.