Cyberattacks against IT vendors spiked in the third quarter of 2019 and accounted for 24% of all ransomware cases reported to Beazley Breach Response (BBR), the cyber team at insurer Beazley. BBR said cyberattacks against IT vendors or managed service providers (MSPs) “exploit weak security programmes to target both the vendor and their clients”, in a “cynical” tactic to widen…
UK investment firms, pension funds and other corporates will be expected to meet “substantially higher” stewardship standards that reflect a shift towards “sustainable and responsible” investment, rather than a single focus on generating financial returns. Unveiling an “ambitious” revision to the UK Stewardship Code, the Financial Reporting Council (FRC) said the new code “substantially raises expectations” for how money is…
The Pan-Asia Risk and Insurance Management Association (PARIMA) expects up to 300 delegates to attend its final regional conference for 2019 on 4-5 November, which will be held at the Pullman Kuala Lumpur City Centre Hotel in Malaysia’s capital. PARIMA now has more than 2,000 members representing more than 1,130 companies across the Asia-Pacific region, and has been a real…
The European Commission (EC) should reject proposals to harmonise national insurance policyholder protection schemes in Europe, said Insurance Europe, and instead focus on ensuring Solvency II is effectively applied in all member states. In response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on the options for harmonising insurance guarantee schemes, Insurance Europe said the current…
The International Underwriting Association (IUA) has set up a new committee for underwriters of professional indemnity cover to the construction industry, in the wake of the Grenfell Tower fire in London. It said the group will focus on issues surrounding the use of cladding and fire protection that were found to have exacerbated the fire at the tower block in…
US tax reforms dented the Bermudan market’s net written premiums by more than 8% last year, according to Fitch Ratings, with the tax set to double in 2019. The Base Erosion and Anti-Abuse Tax (BEAT) was introduced by the US for 2018 at a rate of 5% to tackle deductible payments of US corporates to offshore affiliates, but this has…
The Pan-Asia Risk & Insurance Management Association (Parima) is this week supporting an event focused on employee benefits for risk managers in Beijing, organised by MAXIS Global Benefits Network (Maxis GBN) and its local partner ICBC AXA. Risk and insurance managers in Europe and North America are becoming increasingly involved in the management and transfer of employee benefits, as multinationals…
Swiss Re has teamed up with Singapore-based insurer EF Marine to offer protection and indemnity (P&I) cover with potential limits up to $500m, to foreign ships that call at Indian ports. EF Marine, which has offices in Singapore and Rotterdam and provides AA-rated security from Swiss Re, announced that it is now an approved insurance provider for the purpose of…
A data pool run by Irish insurance association Insurance Ireland could be in breach of Europe’s competition laws, said the European Commission (EC), as it steps up an investigation that started in July 2017. The EC said this week that if non-member companies are excluded from accessing the data pool, it could in turn affect their position in the Irish…
London-based international insurer Beazley has launched a new cyber policy and risk management service for shipowners and operators, as they prepare to meet new International Maritime Organization (IMO) cyber risk measures. Beazley said its Cyber Defence policy is aimed at vessel owners and operators, to cover physical damage and loss of hire caused by a cyberattack. Buyers in the maritime…