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…

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…

Singapore regulator calls for more use of parametric insurance

Singapore regulator calls for more use of parametric insurance

Singapore regulator calls for more use of parametric insurance

The managing director of Singapore’s financial regulator has called for greater use of parametric and index-based insurance to close the protection gap in natural catastrophe and disaster risk. Speaking at the Institute of Catastrophe Risk Management (ICRM) Symposium, Ravi Menon, managing director of the Monetary Authority of Singapore, said that more innovative use of these products is integral to solving…

Insurtech funding rises by 248% in Q2

Insurtech funding rises by 248% in Q2

Insurtech funding rises by 248% in Q2

Investment in insurtech rose to almost $1bn in the second quarter of 2017, an increase of 248% on the previous quarter, thanks to a record number of deals. In total there were 64 transactions, the most experienced in any quarter to date and almost double the 38 that took place in the previous quarter. The figures were produced by global…

South Africa prime for renewable energy investment conditions

South Africa prime for renewable energy investment conditions

South Africa prime for renewable energy investment conditions

South Africa has been ranked tenth among G20 countries for renewable energy investment opportunities. According to the Allianz Climate and Energy Monitor 2017, it scored highly for its depth of capital markets, even though a high inflation forecast brought down the overall score. The country has steadily increased its renewables capacity in recent years and has a relatively high presence…

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,…

Insurers urged to act to improve access to cover

Insurers urged to act to improve access to cover

Insurers urged to act to improve access to cover

Microinsurance experts have called on the wider insurance sector to act on widening access to insurance worldwide. A group of experts met for a Microinsurance Network event in Luxembourg to discuss the role microinsurance has in reducing the impact of financial shocks. “Insurance and development experts must recognise that insurance is a critical enabler if we are to attain many…

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