Insurers not doing enough with technology and innovation, say risk managers

Insurers not doing enough with technology and innovation, say risk managers

Insurers not doing enough with technology and innovation, say risk managers

Asia’s Risk managers have such low expectations of insurers’ and their ability to innovate that two thirds of them believe they will never receive a policy document on the day of inception in their lifetime. This revelation was one of the more striking findings from this year’s Risk Frontiers Asia survey, produced by Commercial Risk Asia in partnership with Parima…

Beazley unveils new financial lines products for Asia

Beazley unveils new financial lines products for Asia

Beazley unveils new financial lines products for Asia

Specialist insurer Beazley has launched two financial lines products for the Asia market. The first of these products is aimed at financial institutions and offers a range of policies including directors and officers liability, professional indemnity and cover for financial crime, as well as policies designed specifically for private equity and investment management firms. The second set of products are…

Markel extends fintech insurance policy to Asian market

Markel extends fintech insurance policy to Asian market

Markel extends fintech insurance policy to Asian market

Specialty insurer Markel has launched its fintech insurance policy in Asia, following its launch earlier this year in the UK. The policy is designed to offer professional indemnity to firms operating in Asia’s financial technology, or ‘fintech’, sector. In addition to broad civil liability protection from claims by clients or other third parties, the policy also offers coverage for liability-related…

Chubb hires underwriters for its APAC cyber team

Chubb hires underwriters for its APAC cyber team

Chubb hires underwriters for its APAC cyber team

International insurer Chubb has appointed two underwriters to lead the expansion of its cyber insurance business in Asia-Pacific. Andrew Taylor has been hired as cyber underwriting manager for Asia-Pacific and will be responsible for growing the cyber division from his base in Sydney. Mr Taylor joined Chubb in 2009 as part of the information and technology team, before starting cyber…

XL Catlin launches cyber insurance in Asia-Pacific

XL Catlin launches cyber insurance in Asia-Pacific

XL Catlin launches cyber insurance in Asia-Pacific

Bermuda-based insurer XL Catlin has unveiled a cyber and data protection insurance policy for Asia-Pacific. The policy covers business interruption and associated extortion demands arising from a network compromise, as well as both the first-party incident response costs and third-party liability. The first-party costs include notification, forensic investigation and public relations support, while the potential liability covered under the policy…

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Asia continues to be underinsured against cyber attacks despite recent research that puts the cost of such an attack as equivalent to a natural disaster. The report from insurer Lloyd’s and risk modelling firm Cyence – Counting the cost: Cyber exposure decoded – estimates the potential economic impact from two different cyber attack scenarios in an attempt to underline just…

Japanese insurer warns of unknown cyber liabilities in P&C policies

Japanese insurer warns of unknown cyber liabilities in P&C policies

Japanese insurer warns of unknown cyber liabilities in P&C policies

Insurers could be liable for massive cyber losses they are unable to cover due to the loose wording of their property and casualty (P&C) policies. A senior executive at one of Japan’s biggest insurers, Sompo International, issued the warning to the Financial Times. Nigel Frudd, Sompo’s chief strategy officer, said the prolonged soft market in the P&C sector had led…

Specialist cyber insurer opens in Singapore

Specialist cyber insurer opens in Singapore

Specialist cyber insurer opens in Singapore

A new insurer has launched in Singapore, hoping to capitalise on the growing insurtech market in the country. Delta Insurance Singapore (Delta IS) describes itself as “the first cyber, technology and financial lines Lloyd’s coverholder in Singapore”. It is part of the Delta International Group and a sister company to Delta New Zealand, which has a similar technology-based risk focus,…

Insurance lawyers form global network

Insurance lawyers form global network

Insurance lawyers form global network

Seven law firms across four continents have launched a network to focus on insurance law. The founders of Global Insurance Law Connect said the network will provide clients with access to global legal expertise on the ground. Global Insurance Law Connect was founded by four companies – Italy’s Batini Traverso Grasso & Associati, BLM in the UK, Byrd & Associates…

South Korea government warns firms not to pay ransomware demands

South Korea government warns firms not to pay ransomware demands

South Korea government warns firms not to pay ransomware demands

The South Korean government has urged companies not to cave in to ransomware demands from cyber criminals after a South Korean web-hosting company Nayana paid more than $1.1m in bitcoins to have its customers’ data unlocked. The Financial Supervisory Service (FSC) has written to a number of local financial companies warning them not to follow the lead of Nayana. The…

1 2 3 5