Swift report shows concentration of bank cyberattacks in southeast Asia

Swift report shows concentration of bank cyberattacks in southeast Asia

Swift report shows concentration of bank cyberattacks in southeast Asia

Banking cooperative Swift, which runs the global network for interbank payments, has issued a new report on bank-focused cyberattacks, which shows that four out of five of all fraudulent transactions were issued to beneficiary accounts in southeast Asia. The report is part of Swift’s information-sharing initiative, which was established in the wake of the 2016 cyberattack on the central bank…

ADB chief calls for more action on disaster risk reduction

ADB chief calls for more action on disaster risk reduction

ADB chief calls for more action on disaster risk reduction

The chief economist at the Asian Development Bank (ADB) has called on governments and the insurance industry to increase their efforts to reduce the risk of natural disasters. His calls were prompted by the finding in the ADB’s Asian Development Outlook 2019 report that four out of five people affected by natural hazards live in Asia. “Asia has led the…

Australian mining firm wins $55m insurance payout

Australian mining firm wins $55m insurance payout

Australian mining firm wins $55m insurance payout

Kingsgate Consolidated, an Australian mining firm, has been awarded a $55m payout from a political risk policy it has with Zurich Insurance Australia, over the closure of its goldmine in Thailand. The goldmine, based in Chatree in the Thai provinces of Phichit and Phetchabun, is the largest in Thailand, with more than 1,000 employees. It was shut down in December…

Cost of typhoon Jebi to hit $12bn

Cost of typhoon Jebi to hit $12bn

Cost of typhoon Jebi to hit $12bn

The latest estimates from reinsurers suggest that the cost to the insurance industry of Typhoon Jebi could rise to as much as $12bn. Should the estimate prove to be true, it would make Jebi the costliest typhoon to ever hit Japan. It would also be a considerable increase on previous estimates from both reinsurers and risk modelling firms. The typhoon…

HDI Global Specialty sets up aviation team in Australia

HDI Global Specialty sets up aviation team in Australia

HDI Global Specialty sets up aviation team in Australia

HDI Global Specialty Australia has appointed Jamie Bowes to head up its new general aviation team in Asia-Pacific. Mr Bowes was previously international aviation manager at QBE, a position he held for ten years. He will be based in Melbourne, where he will oversee creation of the new aviation team. “We are extremely pleased that we could get Jamie to…

Ed bolsters credit and political risks team in Singapore

Ed bolsters credit and political risks team in Singapore

Ed bolsters credit and political risks team in Singapore

Specialty broker Ed has appointed Abhishek Chhajer as its new head of credit, political risks and surety solutions. He will take up the newly created role with immediate effect and will be based in Singapore, reporting to Stephen Britten, chief executive of Asia-Pacific. Mr Abhishek joins from Standard Chartered Bank, where his most recent role was managing a project on…

Markel appoints strategy head for Asia

Markel appoints strategy head for Asia

Markel appoints strategy head for Asia

Specialty insurer Markel International has hired Christian Stobbs as strategy director for Asia. Based in Singapore, Mr Stobbs will be responsible for leading and developing the insurer’s strategic priorities in the region. These include building on Markel’s existing presence in Singapore, India, China and Malaysia by deepening its links with local insurers and distributors, as well as developing new products…

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Global broker Willis Towers Watson (WTW) has forecast that catastrophe loss-affected property and casualty (P&C) rates will rise by at least 10% in Asia through 2019. The broker has also called for a new approach to risk and insurance in the region, as a result of a more sophisticated corporate marketplace driven by global economic and political pressures. The forecasted…

AIG hires new head for Singapore office

AIG hires new head for Singapore office

AIG hires new head for Singapore office

Global insurer AIG has appointed Christian Sandric to act as president and chief executive of its Singapore office. Mr Sandric, an AIG veteran of more than 20 years, will report to Sachin Shah, Asia-Pacific chief executive of AIG General Insurance. Mr Sandric, who will take up his new post in April, will be responsible for leading AIG’s Singapore business and…

Zurich Australia launches M&A underwriting agency

Zurich Australia launches M&A underwriting agency

Zurich Australia launches M&A underwriting agency

Zurich Australia has teamed up with Fusion Specialty Insurance to launch a mergers and acquisitions (M&A) underwriting agency partnership. Under the terms of the collaboration, Zurich will delegate its underwriting authority to Fusion M&A, which will write warranties and indemnity insurance on its behalf. The agency will focus on supporting cross-border M&A transactions across Asia-Pacific. Fusion M&A is a subsidiary…