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 This is especially true in Asia, where a combination of outdated security systems, a lack of reporting on cyber attacks and a low take-up of cyber insurance have all been highlighted by the…

IRDAI plans new reinsurance framework and considers use of ART

IRDAI plans new reinsurance framework and considers use of ART

IRDAI plans new reinsurance framework and considers use of ART

India’s insurance watchdog, the Insurance Regulatory and Development Authority of India (IRDAI), has formed a new Reinsurance Expert Committee to conduct a comprehensive review of the country’s reinsurance framework. The 17-member committee will also undertake a study of alternative risk transfer tools and techniques, opening the door to the possible use of insurance-linked securities (ILS) and the capital markets. The…

Gen Re gets Mumbai branch approval from Indian regulator

Gen Re gets Mumbai branch approval from Indian regulator

Gen Re gets Mumbai branch approval from Indian regulator

The Insurance Regulation and Development Authority of India (IRDAI) has granted approval for Gen Re to open a branch in Mumbai (known as an R3 licence). The new branch structure will now allow Gen Re to deliver underwriting and risk management expertise locally, rather than cross-border. The reinsurer said the Indian insurance market is a huge business opportunity waiting to…

Asia: All that glitters is not gold, says Hannover Re chief

Asia: All that glitters is not gold, says Hannover Re chief

Asia: All that glitters is not gold, says Hannover Re chief

Given the fact that emerging economic regions such as Asia are showing stronger rates of growth than mature markets such as Europe and the US, it is natural to assume that leading international insurers and reinsurers such as Hannover Re will look for growth in these parts. The simple logic is that if the economic growth outlook remains poor for…

India and China to overtake US on renewable energy spending

India and China to overtake US on renewable energy spending

India and China to overtake US on renewable energy spending

China and India are on track to meet their climate change goals under the Paris Agreement due to rapidly scaling up their use of renewable energies. The two Asian nations are also closer to achieving these targets than the US, whose climate change efforts have stalled somewhat since the election of President Trump. A recently published report, the Allianz Climate…

Singapore scores high in global talent poll

Singapore scores high in global talent poll

Singapore scores high in global talent poll

Singapore has been ranked as the second best place in the world for attracting, retaining and developing talent, according to the Global Talent Competitiveness Index (GTCI). The index, produced by France-based business school INSEAD, ranked Switzerland as the number one destination, with the UK, US and Sweden making up the rest of the top five. While Singapore was the highest…

India’s regulator issues insurers with new guidelines for cyber security

India’s regulator issues insurers with new guidelines for cyber security

India’s regulator issues insurers with new guidelines for cyber security

The Insurance and Regulatory Development Authority of India (IRDAI) has proposed a new information and cyber security framework for the insurance sector, mandating the appointment of a chief information security officer (CISO) by the end of April. According to the new rules, which were issued on 7 April, insurers will have just over three weeks to appoint or designate a…

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re, the world’s second largest reinsurer, is to establish a regional headquarters for its reinsurance business in Singapore, in 2018. The new HQ, which will be wholly owned by its Zurich-based parent and also inherit its credit rating, will also act as a dedicated legal entity for any reinsurance business in Singapore, as well as overseeing its  existing Asian…

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…

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