Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

A broadening of coverage in business interruption (BI) insurance due to price pressure and competition is leading to concerns about claims certainty, according to Swiss Re Corporate Risk Solutions (SRCS). The BI proportion of Property Damage claims continues to grow and in some cases eclipses physical loss to assets by more than double. It is not uncommon for BI losses to…

Chubb launches new unit for Asian SMEs

Chubb launches new unit for Asian SMEs

Chubb launches new unit for Asian SMEs

Chubb has announced the formation of a new business unit to meet the risk management needs of small and medium-sized enterprises (SMEs) in Asia Pacific. The small commercial division will focus “on delivering a sustainable value proposition to SMEs through innovative products, tailored distribution strategies and convenient sales platforms”, said Chubb in a statement. Chubb has also made three executive…

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Evariste Yeung has been appointed to lead Willis Towers Watson’s (WTW) property and casualty (P&C) division in north Asia. Mr Yeung will be based in Shanghai and will report to Richard Collis, managing director for WTW’s insurance consulting and technology business in Asia-Pacific. In what is a newly created role, he will be responsible for developing the broker’s north Asia…

China and Asia poised to take the lead on insurtech: WTW report

China and Asia poised to take the lead on insurtech: WTW report

China and Asia poised to take the lead on insurtech: WTW report

Insurance penetration in Asia-Pacific may be as little as a third of the global average but it could lead the world when it comes to the development of the insurtech market. This is the finding from a report issued by global broker Willis Towers Watson (WTW), its Third Quarter Insurtech Briefing. Much has been made of the disruptive potential of…

Beazley unveils new financial lines products for Asia

Beazley unveils new financial lines products for Asia

Beazley unveils new financial lines products for Asia

Specialist insurer Beazley has launched two financial lines products for the Asia market. The first of these products is aimed at financial institutions and offers a range of policies including directors and officers liability, professional indemnity and cover for financial crime, as well as policies designed specifically for private equity and investment management firms. The second set of products are…

RMS opens Sydney office to bolster APAC client support

RMS opens Sydney office to bolster APAC client support

RMS opens Sydney office to bolster APAC client support

Risk modelling and analytics firm RMS has opened a new office in Sydney, Australia as part of its effort to grow its presence in the Australian and New Zealand markets and to increase its support for APAC-based clients. The office will focus on insurers and reinsurers looking to adopt new models in light of a particularly active year for natural…

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…

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

The risk of natural catastrophe in Asia-Pacific is outpacing resilience and could push those in the most disaster-prone areas into poverty unless action is taken, according to a recent report from a United Nations regional commission. The report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) urges countries to explore ways to close the…

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

The Tianjin bureau of the China Insurance Regulatory Commission (CIRC) has revealed that more than CNY8.1bn ($1.2bn) of insurance claims related to the Tianjin port explosions had been settled by the end of 2016. The explosions occurred in two chemical warehouses back in August 2015 and killed 165 people. This was one of the biggest and costliest man-made catastrophes reported…

China’s first online-only insurer’s IPO rockets as investors scramble for shares

China’s first online-only insurer’s IPO rockets as investors scramble for shares

China’s first online-only insurer’s IPO rockets as investors scramble for shares

If anyone in the Asian and international risk and insurance market still doubts that insurtech is the future of the business, then they need to take a look at the huge demand for shares in China’s first online-only insurer and probably think again. ZhongAn Online Property & Casualty Insurance, China’s first online-only insurer, looks set to raise an impressive $1.5bn…

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