Flying into the future: Australian Senate Inquiry into drones

Flying into the future: Australian Senate Inquiry into drones

Flying into the future: Australian Senate Inquiry into drones

The long-awaited Australian Senate Inquiry report into the current and future regulatory framework for remotely piloted aircraft (drones) in Australia was released on 31 July 2018. The report was highly anticipated. During the 18-month period of consultation with operators, regulators and businesses, the Senate Inquiry committee heard that Australia is at the forefront of drones. Australia’s aviation regulator, the Civil…

POP and Allianz launch M&A insurance for Australia

POP and Allianz launch M&A insurance for Australia

POP and Allianz launch M&A insurance for Australia

Australia-based specialty insurer POP Insurance has teamed up with Allianz Global Corporate Specialty (AGCS) to launch an insurance product covering merger and acquisition exposure in Asia Pacific. Fusion Specialty M&A MGA, which will be based in Sydney, will provide a number of transactional insurance services including warranty and indemnity (W&I), tax opinion and contingent liability. According to POP and Fusion…

QBE UK rolls out AI risk rating for commercial property

QBE UK rolls out AI risk rating for commercial property

QBE UK rolls out AI risk rating for commercial property

QBE’s UK commercial underwriting operation has fully adopted an artificial intelligence-powered risk rating engine to improve underwriting accuracy and speed for insureds. The technology follows QBE’s investment in Cytora, and will also be adopted by QBE Australia later this year. QBE said the Cytora risk engine uses patterns of risk that combine with its own data to create bespoke risk…

IAG increases its 2019 catastrophe cover

IAG increases its 2019 catastrophe cover

IAG increases its 2019 catastrophe cover

Australian insurance group IAG has finalised its catastrophe reinsurance programme for the 2019 calendar year, with a programme that provides increased gross reinsurance protection of up to AUD9bn, compared with AUD8bn in 2018. Consistent with last year, the programme has been placed to the extent of 67.5% to reflect the cumulative whole-of-account quota share position of 32.5%. This comprises the…

QBE offloads Indonesia and Philippines operations in cost-cutting drive

QBE offloads Indonesia and Philippines operations in cost-cutting drive

QBE offloads Indonesia and Philippines operations in cost-cutting drive

Australian insurer QBE is seeking $130m in cost savings in a three-year efficiency programme that will see it sell off its Indonesia, Philippines and Puerto Rico businesses and operate in nine fewer countries. It has also announced a new, simplified structure that will divide its international business into three regional groups – North America, international markets and Australia-Pacific – as…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

Risk modelling firm RMS has compiled a list of ten ‘one in a 100-year’ natural catastrophes that could hit the Asia-Pacific region, highlighting the region’s vulnerability to environmental disasters. The region has already suffered a number of catastrophes in 2018, including Typhoons Jebi and Mangkhut, and the Palu earthquake in Indonesia. However, RMS believes there is a likely expectation of…

Climate risk disclosure – a globally coordinated approach by regulators?

Climate risk disclosure – a globally coordinated approach by regulators?

Climate risk disclosure – a globally coordinated approach by regulators?

With the world’s leading climate change scientists warning that the world has only 12 years to limit a climate change “catastrophe”, in the UN Intergovernmental Panel on Climate Change, published on 8 October, the focus on climate change has never been higher and regulatory scrutiny of how businesses assess and disclose their climate change risk exposures is set to increase…

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