Action on silent cyber risks will drive market growth: Fitch

Action on silent cyber risks will drive market growth: Fitch

Action on silent cyber risks will drive market growth: Fitch

New approaches led by insurers to tackle the threat of silent cyber risks will boost the cyber insurance market, according to Fitch Ratings. Recent actions by three major carriers on the growing and unquantified threat of silent cyber risk “will likely shape market direction”, the ratings agency said. “A more active approach by insurers to write affirmative coverage or more…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

French commercial insurance market has turned, finds annual AMRAE survey

French commercial insurance market has turned, finds annual AMRAE survey

French commercial insurance market has turned, finds annual AMRAE survey

France’s risk management association AMRAE says the commercial insurance market has turned and advised French companies to budget for between a 5% and 20% rise in insurance spend, while being be prepared to keep a higher volume of risks on their balance sheets. In its annual State of the Market report based on a survey of brokers, the association adds that…

Cyberattackers target IT vendors and clients: Beazley

Cyberattackers target IT vendors and clients: Beazley

Cyberattackers target IT vendors and clients: Beazley

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…

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Specialist Lloyd’s-based insurer Beazley has followed up its announcement made earlier this week about its Asian expansion plans, by revealing that it has taken a 30% stake in Pegasus, a Hong Kong-based coverholder. Beazley began working with Pegasus in January 2019, in an arrangement that the insurer said combines the coverholder’s knowledge of the market and strong broking relationships with…

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR Worldwide and Lloyd’s have produced a new quantitative modelling framework to help risk managers and insurers better get to grips with supply chain risk. The new Hidden Vulnerabilities in Supply Chain Risk: A Quantitative Risk Modelling Framework report, produced by the two companies and supported by UK risk management association Airmic, explains that a scarcity of historical claims data and…

Businesses struggling to meet growing supply chain exposures: Airmic report

Businesses struggling to meet growing supply chain exposures: Airmic report

Businesses struggling to meet growing supply chain exposures: Airmic report

A new report by Airmic warns that supply chains are under growing strain, with businesses struggling to manage the new exposures. Published at Airmic’s fourth ERM Forum in London this week, it provides risk managers with practical guidance on how to inject resilience into entire supply networks. The Complex Supply Chains in a Complex World report says that “a potent” combination…

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

New Zealand’s only locally owned specialty liability insurer – Delta Insurance NZ – has responded to the growing risk of food recalls in New Zealand with a broader offering for food manufacturers. The specialty insurer, which recently welcomed Kent Chaplin, former chief executive officer and regional head for Lloyd’s in Asia-Pacific, to its board in August, has also published a…

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