Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

The commercial insurance market hardening accelerated across all regions in the final quarter of last year with average price increases of 6.6% in continental Europe and 13.7% in the UK, according to Marsh’s latest Global Insurance Market Index that also reports a tightening of capacity in certain product lines and parts of the world. As previously revealed during Marsh’s results…

MAS alerts financial institutions to cyber threat in Microsoft systems

MAS alerts financial institutions to cyber threat in Microsoft systems

MAS alerts financial institutions to cyber threat in Microsoft systems

The Monetary Authority of Singapore (MAS) has issued a warning to financial institutions of “critical vulnerabilities” in the Microsoft Windows operating system. The authority said vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of computer systems. The MAS has told financial institutions that use the affected operating systems to take “immediate action”…

Travelex ransomware attack hints at future systemic failure

Travelex ransomware attack hints at future systemic failure

Travelex ransomware attack hints at future systemic failure

The recent cyberattack on Travelex that has taken down currency services is a sign of things to come as ransomware steps up a pace and threatens systemic failure, according to cyber risk analytics firm CyberCube. As Travelex works to recover its systems following the cyberattack that was detected on 31 December, CyberCube said ransomware attacks are increasing each year and…

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…

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Commercial insurance rates rose by an average 4% in continental Europe during the third quarter of 2019 and 12% in the UK, according to the latest Global Insurance Market Index from Marsh. As previously reported by Commercial Risk Europe, global increases of 8% were the largest since the survey began in 2012 and the eighth consecutive quarter of average price…

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

A single cyberattack on major ports across Asia-Pacific could cost $110bn, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018, according to new research released by Lloyd’s. Under the extreme scenario, a huge 60% of the losses would be from business interruption and contingent business interruption (CBI) claims and 57% would be silent cyber…

Single coordinated cyberattack could cause $40bn insured losses

Single coordinated cyberattack could cause $40bn insured losses

Single coordinated cyberattack could cause $40bn insured losses

Asian risk and insurance managers need to prepare for some challenging converations with their insurers in coming renewals, as the leading global players seek to tackle the so-called silent cyber problem and shift the risk from traditional lines into dedicated affirmative cyber policies. The need for the carriers to take swift action on this potentially catastrophic exposure was laid bare…

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…

MAS maintains focus on fight against cyber risk and urges greater collaboration worldwide

MAS maintains focus on fight against cyber risk and urges greater collaboration worldwide

MAS maintains focus on fight against cyber risk and urges greater collaboration worldwide

The Monetary Authority of Singapore (MAS) is continuing its investment in the fight against cyber risk and crime, to ensure that it is viewed as one of the safest financial centres worldwide and a leader in cyber risk management. Vincent Loy, assistant managing director (technology) at the MAS, recently gave a speech entitled, ‘Building cyber resilience across the financial sector’,…

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