Asia Pacific continues to lead shipping losses but trend is positive: AGCS

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

The south China, Indochina, Indonesia and Philippines region continues to lead the world shipping losses table, according to the Allianz Safety & Shipping Review 2017. The insurer’s latest report reveals that 23 of the 85 total losses suffered in 2016 occurred in the region. The region also leads the longer-term table. From 2007 to 2016, it was a clear leader…

Cyber and new regulations push risk management up APAC insurers’ corporate agenda

Cyber and new regulations push risk management up APAC insurers’ corporate agenda

Cyber and new regulations push risk management up APAC insurers’ corporate agenda

New regulatory and reporting requirements along with a widening range of risks such as cyber are helping to expand the role of the CFO within the Asia-Pacific insurance sector. During AM Best’s recent 11th Asian CFO Summit in Hong Kong, a range of senior insurance market figures from the region told the credit rating agency that the rapid rise of…

HDI appoints crisis management chief

HDI appoints crisis management chief

HDI appoints crisis management chief

Karina Rodriguez Diaz has been recruited by corporate insurer HDI Global to lead its crisis management practice in Australasia. Ms Rodriguez Diaz has worked in a number of positions during a 12-year career, specialising in crisis management. Prior to her latest role, she was placement manager for crisis management at Aon Australia. Before taking up the position at Aon, Ms…

Philippine regulator calls for new cyber products as worldwide demand rises

Philippine regulator calls for new cyber products as worldwide demand rises

Philippine regulator calls for new cyber products as worldwide demand rises

Philippine Insurance Commissioner Dennis Funa has urged insurance companies to develop cyber insurance products for businesses in the country following the recent WannaCry ransomware attacks, according to local newspaper reports over the weekend. Mr Funa reportedly said in a statement that the local insurance industry had been too slow to develop cyber insurance products and has left Philippine businesses and…

NZ business leaders urged to take cyber seriously and buy cover

NZ business leaders urged to take cyber seriously and buy cover

NZ business leaders urged to take cyber seriously and buy cover

New Zealand businesses appear to be failing to take adequate action to identify, manage and prevent ransomware attacks, according to latest research from insurer NZI. The insurer’s poll of some 200 New Zealand business leaders, carried out by Kantar TNS, found that they are becoming increasingly concerned about connectivity. But they are doing little to protect their businesses should they…

Companies turning to K&R cover for ransomware in absence of cyber insurance

Companies turning to K&R cover for ransomware in absence of cyber insurance

Companies turning to K&R cover for ransomware in absence of cyber insurance

Corporates without cyber insurance have been turning to their kidnap and ransom (K&R) policies as a means to protect themselves against ransomware in light of the recent WannaCry attacks. A Reuters article reports that a number of insurers have received ransomware claims from customers with K&R insurance. This is due to a rapid increase in ransomware attacks, up by 36%…

WannaCry attack brings moment of truth for cyber insurance market

WannaCry attack brings moment of truth for cyber insurance market

WannaCry attack brings moment of truth for cyber insurance market

The recent WannaCry ransomware attacks that affected businesses, government agencies and individuals in more than 150 countries could be a seminal moment for the cyber insurance market. This is especially true in Asia, where a combination of outdated security systems, a lack of reporting on cyber attacks and a low take-up of cyber insurance have all been highlighted by the…

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…

China and Australia to cooperate on cyber crime

China and Australia to cooperate on cyber crime

China and Australia to cooperate on cyber crime

The respective governments of Australia and China have pledged to formally collaborate in the fight against transnational crime and to cooperate on legal and judicial issues regarding cyber crime and terrorism. The agreement was reportedly the result of a special request made by Australian Prime Minister Malcolm Turnbull to Chinese Premier Li Keqiang during his state visit to Australia last…

AIR Worldwide rolls out cyber risk model

AIR Worldwide rolls out cyber risk model

AIR Worldwide rolls out cyber risk model

A cyber risk modelling tool for commercial insurers has been released by AIR Worldwide, the cat risk modelling company. AIR says that ARC (Analytics of Risk from Cyber) can evaluate any commercial policy (including those vulnerable to silent cyber), measure and monitor aggregations of cyber risk within a portfolio, and estimate potential insured cyber losses for portfolios. “Insurers typically have…

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