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 This is especially true in Asia, where a combination of outdated security systems, a lack of reporting on cyber attacks and a low take-up of cyber insurance have all been highlighted by the…

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Global reinsurer Swiss Re has partnered with local specialist insurer Taiwan Fire & Marine Insurance to launch what it claims is the first parametric insurance policy for Taiwan’s fish farmers. The product will provide them with cover against extreme rainfall in Ping Tung county, a centre of agriculture and tourism in southern Taiwan. Parametric insurance uses pre-defined triggers to determine…

Korean insurers report growth in 2016

Korean insurers report growth in 2016

Korean insurers report growth in 2016

South Korean insurers saw a 2.9% increase in gross written premiums to KRW195.2trn in 2016 from KRW189.6trn in 2015, according to preliminary business results for 2016. In its latest bulletin, Korean Re said non-life gross written premiums for the Korean insurance industry grew by 4.2% to KRW75.4trn in 2016, driven by an 11% increase in auto insurance premiums to KRW15.7trn,…

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…

Parima and WTW launch Risk Lab education initiative

Parima and WTW launch Risk Lab education initiative

Parima and WTW launch Risk Lab education initiative

The Pan-Asia Risk and Insurance Management Association (Parima) has teamed up with broker Willis Towers Watson (WTW) to launch a series of education programmes designed to further the career of risk and insurance managers working in Asia-Pacific. The Risk Lab initiative was launched at Parima’s recent conference in Manila, where more than 100 delegates were in attendance. In addition to…

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Violations of workers’ human rights are endemic across most Asian countries and initiatives to tackle the issue at source, and within supply chains, are not fit for purpose, warns UK-based consultant Verisk Maplecroft. In its Human Rights Outlook 2017, the firm stresses that risks are particularly acute down the Asian supply chain, where modern slavery is rife and migrant workers…

Landmark case in HK could push up price of D&O insurance

Landmark case in HK could push up price of D&O insurance

Landmark case in HK could push up price of D&O insurance

Risk managers and insurers are eyeing the progress of a landmark Hong Kong tribunal that could have massive implications for D&O insurance in the region. The case involves Chinese state-backed conglomerate Citic, formerly known as Citic Pacific, which specialises in mining. The company ran into trouble back in 2008, when the chairman Larry Yung discovered a HK$15bn loss through unauthorised…

Vietnam hosts APEC forum on disaster insurance

Vietnam hosts APEC forum on disaster insurance

Vietnam hosts APEC forum on disaster insurance

Experts from the Asia-Pacific Economic Cooperation (APEC) forum and a number of international financial institutions met in Vietnam this week, to debate the establishment of disaster risk financing and insurance policies. The event was designed to address APEC’s own disaster risk financing initiatives, as well as other national financial strategies designed to mitigate the effects of natural catastrophes in the…

Scandals highlight rising D&O risk in corporate Asia

Scandals highlight rising D&O risk in corporate Asia

Scandals highlight rising D&O risk in corporate Asia

High level executives in Asia corporates face a much greater risk of litigation and liability due to more stringent regulation, greater shareholder activism and the continued threat of cyber attacks. Recent events involving some of Asia’s most high profile corporate brands – from Toshiba to Samsung – have highlighted the clear and present danger facing directors and officers. Japanese conglomerate…