The US-based Council of Insurance Agents & Brokers (CIAB) has released its biannual Cyber Market Watch Survey, which showed that the cyber insurance take-up rate among US insurance managers remained low at 32%, despite rising awareness of the risk within the c-suite. Some 89% of survey respondents also said that premium pricing remained flat or fell during the past six months.…
Thomas Lillelund will join AIG as chief executive officer of AIG Europe SA, from Aspen, as part of the US-based insurance group’s strategic response to Brexit…
Bermuda-based Nephila Capital has confirmed that the Lloyd’s board has given in-principle approval to its plan to form its own managing agency, subject to regulatory authorisation. Nephila is the largest institutional asset manager of vehicles dedicated to investing in natural catastrophe and weather risk. Nephila’s Syndicate 2357, which is backed by funds managed by Nephila, has been managed by Asta,…
The Chinese government has continued its crackdown on market confusion acts, trade secret infringement and internet-related misconduct, and is focusing its efforts particularly on the online and pharmaceutical industries. Experts advise risk managers with companies that procure products from China to make doubly sure that they are asking the right questions of suppliers to ensure that they are compliant. The latest…
FWD Group, the fast-growing Asian multi-line insurance group that is owned by Pacific Century Investment group (PCI), has hired Robert Schimek as managing director and group chief operating officer. Mr Schimek’s appointment came days after news agency Bloomberg reported that the founder and chairman of PCI and FWD – Hong Kong billionaire Richard Li – is planning a potential initial public…
Risk managers need to focus as much on people as machines when working out how to prevent data breaches, because human error is the second-highest overall source of the problem – and in some sectors the highest – according to the second quarterly report into notifiable data breaches, issued by the Office of the Australian Information Commissioner (OAIC). The commissioner…
Ongoing commercial motor insurance pricing deregulation in China is likely to damage motor insurers’ ability to improve underwriting margins, according to credit ratings agency Fitch. Scale advantage, however, will still enable major insurers to remain profitable, it adds in its latest report on the Chinese non-life insurance sector, produced by analysts Terence Wong and Mia Yang. The China Banking and…
The International Maritime Rescue Foundation (IMRF), the charity that prevents loss of life in the world’s waters, has held a two-day Inter Regional Mass Rescue Workshop for the Asia-Pacific region in Kuala Lumpur, Malaysia, alongside the seventh International Search and Rescue Conference and Exhibition. The foundation reported a healthy attendance from key Malaysian bodies, representatives of the Korean defence attaché…
Thailand’s non-life insurance premiums expanded by 4% on an annualised basis in the first quarter of this year, driven by the motor and personal accident segments according to a new report from Fitch Ratings. The credit ratings agency expects premium growth to continue, supported by Thailand’s “benign” economic conditions, government stimulus for investment and strong new car sales. The Thailand…
Risk managers need to reassess their role and approach to help companies make better and more innovative risk-based decisions, including taking risks rather than avoiding them, a senior executive of the central bank of Malaysia told the recent annual meeting of the Malaysian Association of Risk and Insurance Managers (MARIM). Puan Jessica Chew Cheng Lian, deputy governor of Bank Negara…