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…
Cyber security is the top threat facing European businesses in 2018, followed by asset bubble and failure of national governance, according to a new report and survey from the World Economic Forum (WEF). Globally, cyberattack recorded a rise from eighth position to fifth place in 2018, but of the 19 countries where businesses ranked cyberattack as their number one risk over the next 10 years, 12 were in Europe…
Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…
Chubb has won an award for its cyberattack simulation boardgame, which is designed to help clients and brokers develop their understanding of cyber risk by presenting a range of scenarios. Developed by Chubb’s European cyber team, ‘Hacksagon!’ won the Excellence in No-Tech Gamification Design category at the GamiCon awards in Chicago. “Working as a team and using roleplay to replicate…
Business interruption protection has become the most requested cyber coverage, a survey by Partner Re and Advisen has found, with the study also revealing a growing trend for overlaps between cyber and other policies…
The first few months of the EU’s General Data Protection Regulation (GDPR) have seen a marked increase in breach notifications, as some organisations struggle under the new regime…
Facebook has revealed that personal data from about 30 million user accounts was accessed by hackers in last month’s cyberattack, fewer than the 50 million first thought. The company added that the source of the breach is under investigation by the FBI and there is still the possibility of smaller-scale attacks…
Allianz Global Corporate & Specialty (AGCS), the commercial and corporate insurance arm of Allianz Group, posted a decent set of first-half figures during the summer. But Chris Fischer Hirs, CEO of AGCS, said the insurer will not become complacent as premiums continue to rise in some market segments and the combined ratio heads in the right direction. The Munich-based global…
Cyber has flown up the ranking and is now the number one risk facing European risk and insurance managers, according to Ferma’s European Risk Manager Survey 2018, which also finds concern among insurance buyers over limitations of cover for such emerging threats…
The role of insurance in society is changing from one that is concerned primarily with loss indemnification to a broader advisory service for customers on how to prevent, mitigate and manage their risks, according to a study by the Geneva Association. This is as a result of the economy, including insurance, becoming more digitalised. According to the report, Insurance in…