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…

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Specialty insurer Ironshore has expanded its political risk business lines in Asia-Pacific, by increasing capacity for its Singapore-based political risk and trade credit unit from $15m to $50m and hiring a new underwriter. Sam Lim joins from AIG and will report to Boo Hui Yun, managing director of Ironshore Asia-Pacific. The extra capacity is a result of greater concern about…

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…

Insurers urged to take more technical approach to corporate risk

Insurers urged to take more technical approach to corporate risk

Insurers urged to take more technical approach to corporate risk

Italian risk managers agree with the vast majority of their peers across Europe that the prolonged soft commercial and corporate insurance market is good news for insurance buyers. But there is concern that this represents a short-term benefit because such a competitive market does not promote a technical and truly risk-based approach to risk transfer. Italian risk managers would like…

Insurers and government form WEF coalition to tackle tech risks

Insurers and government form WEF coalition to tackle tech risks

Insurers and government form WEF coalition to tackle tech risks

A coalition of the insurance industry, government and technology companies has been formed, led by the World Economic Forum (WEF), to “take charge” of new risks posed by technology. Insurers have warned that large levels of uninsured risk from new innovations, including drones and driverless cars, will impose a heavy cost on society and the global economy. Victoria Shirazi, who…

Insurance plays key role in aiding emerging economies

Insurance plays key role in aiding emerging economies

Insurance plays key role in aiding emerging economies

Insurance does help improve the quality of life in emerging countries, according to a new body of study. The latest sigma report from Swiss Re, Insurance: adding value to development in emerging markets says every year, 100 million people around the world fall into poverty because of out-of-pocket spending on medical treatment. Case studies indicate that insurance can help mitigate…

Agriculture on cusp of revolutionising economies

Agriculture on cusp of revolutionising economies

Agriculture on cusp of revolutionising economies

The food market in Africa could be worth more than $1trn a year by 2030, according to a new report. However, the report’s authors conclude that, although progress is being made, Africa needs to pick up the pace if it is to compete globally and turn itself from importer to exporter by feeding its people with food made in the…

Alternative capital continues to rise but must align with new risks for future growth

Alternative capital continues to rise but must align with new risks for future growth

Alternative capital continues to rise but must align with new risks for future growth

Alternative capital continues to flow into the reinsurance market, but without innovation it will be hard to deploy, according to participants on an AM Best webinar. In its latest Global Reinsurance Report, AM Best states that alternative capital grew by approximately 10% last year, faster than traditional reinsurance capital but slower than the growth rates seen in recent years. The…

Ironshore Singapore offers legal expenses cover for local corporates

Ironshore Singapore offers legal expenses cover for local corporates

Ironshore Singapore offers legal expenses cover for local corporates

The Singapore branch of Australian-based insurer Ironshore has introduced a new specialty, professional lines product offering after-the-event legal expenses to help cover loss exposure from commercial litigation. The product provides insurance against any adverse costs awards in a commercial case, which is a standard policy in the UK but has been adapted to suit the Singapore market to meet client…

Cat bonds issuance reaches record levels in Q2

Cat bonds issuance reaches record levels in Q2

Cat bonds issuance reaches record levels in Q2

The rise of insurance-linked securities continues to reach new levels after the issuance of catastrophe bonds exceeded previous records in the most recent quarter. A report issued by Aon Securities, the investment banking arm of broker Aon Benfield, recorded issuance of cat bonds at $6.38bn across 20 transactions, exceeding the previous record of $4.49bn set back in Q2 2014. The…

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