The words on everyone’s lips

The words on everyone’s lips

The words on everyone’s lips

Cyber risk/cyber security is the most-used word or phrase encountered by insurers in 2016 according to a report from AM Best. About one-third of insurers surveyed cited cyber as the most common buzzword, while ‘low/negative interest rates’ placed second (23.1% of responses) and ‘increasing regulation’ finished third with 10.6% of respondents citing the phrase. Those surveyed were also asked about…

Commercial drone use to soar in the US, FAA predicts

Commercial drone use to soar in the US, FAA predicts

Commercial drone use to soar in the US, FAA predicts

The US commercial, non-hobbyist drone (or Unmanned Aircraft Systems) fleet is forecast to grow from 42,000 at the end of 2016 to about 442,000 aircraft by 2021, with the possibility of as many as 1.6 million UAS in use by 2021, according to the Federal Aviation Administration. Pilots of commercial UAS vehicles are expected to increase from 20,000 at the…

Seize the day – Parima interview

Seize the day – Parima interview

Seize the day – Parima interview

The current era of uncertainty is a great opportunity for Parima and its members to seize the initiative and demonstrate the worth of risk managers. 2017 has begun at a breakneck pace for the risk management community, including the Pan Asian Risk and Insurance Management Association (Parima). The association’s annual congress in Singapore in late November came in the wake…

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers need to address growing fracking risks and develop policies to specifically cover the emerging threat, according to a new report from the Chartered Insurance Institute (CII). The report, which is focused on UK risks, says the expected increase in onshore fracking following government support for the technique needs to be tackled head-on by insurers through designing specific policy cover.…

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

The China Insurance Regulatory Commission (CIRC) has laid out its big plans for the year and says it will focus on finance and taxation, internet finance, medical sports, agriculture and water conservation among other matters. The supervisor plans to accelerate its strategy of promoting the growth of private medical insurance to support the state system. CIRC says that it will…

New app to give Ugandans free insurance cover

New app to give Ugandans free insurance cover

New app to give Ugandans free insurance cover

Android app SureBüddy has launched sponsored insurance and insurance-related products in Uganda. SureBüddy plans to roll out into 11 Sub Saharan Africa countries, as well as India, Turkey, Indonesia, Philippines and Pakistan, with South American countries to follow. The company claimed SureBüddy is simple and easy to use – the app renders advertisements, the consumer watches the ads and then…

Driverless cars could reshape Africa’s insurance markets

Driverless cars could reshape Africa’s insurance markets

Driverless cars could reshape Africa’s insurance markets

The motor insurance sector, which drives many of the African insurance markets, is set to be completely transformed as widespread adoption of driverless cars will shift liability towards manufacturers, according to a new report from Fitch Ratings. It states that insurers will be forced to diversify in search of other profit sources and some of those that fail to adapt…

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

The International Cooperative and Mutual Insurance Federation (ICMIF) has announced that it will work with the Development of Humane Action (DHAN) Foundation in India, in an effort to supply an additional 1.17 million people from low income communities with its mutual life, health, crop and livestock products during the next five years. This work forms part of Phase II of…

Sompo develops online reputation insurance for corporates

Sompo develops online reputation insurance for corporates

Sompo develops online reputation insurance for corporates

Japanese insurer Sompo has launched a new insurance policy designed to protect a business from online attacks on its reputation, otherwise known as ‘enjo’. The practice, also known varyingly as flaming or doxing, refers to mass, sustained attacks via social media or the flooding of websites with negative comments. Typically, these attacks emanate from the fans of celebrities maligned by…

Number of wealthy Africans on increase as extreme poverty numbers rise significantly

Number of wealthy Africans on increase as extreme poverty numbers rise significantly

Number of wealthy Africans on increase as extreme poverty numbers rise significantly

Seven of the 10 most economically unequal countries in the world are in Africa, most of them in southern Africa, according to the World Bank. In a new report, the bank says poverty across the continent may be lower than current estimates suggest, though the number of people living in extreme poverty has grown substantially since 1990. Poverty in a…

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