The reinsurance market faces a massive opportunity to grow the cyber market by teaming up with governments and the insurance-linked securities (ILS) market, in a similar manner to the property catastrophe reinsurance market in recent times. But to realise this potential, reinsurers must improve quantitative modelling and data quality to dodge the “iceberg threat” of silent cyber, according to a…
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…
The insurance-linked securities (ILS) market is willing and able to pick up significant gaps in cyber and terrorism cover as traditional insurers seek to limit their exposure and, for Asian companies at least, Singapore is the place to go to investigate this potential, according to Gillian Tan, executive director of the Monetary Authority of Singapore (MAS). Singapore enacted rules two…
Airmic has “strongly welcomed” the launch of the Lloyd’s Product Innovation Facility, which has committed £53m of capacity to speed up (re)insurance product development for complex and non-standard risks. “This initiative has the potential to break new ground and we applaud Lloyd’s not only for the breadth of what is being considered, but also the extent of collaboration between syndicates…
Fintech theoretically offers huge opportunities for the insurance and wider financial services sector to open up its products and services to a far broader spectrum of society, at a lower price than currently available. But the rise of fintech, including insurtech, also carries significant risks – not least concentration risk as the big tech giants move into the financial sector.…
There is growing tension in the commercial insurance market between the need for long-term collaboration to deliver innovation and short-term behaviour from insurers as things begin to harden, warns Airmic. Speaking during a press conference at the association’s annual conference this week, Julia Graham, Airmic’s technical director and deputy CEO, said these tensions are harming the insurance market’s ability to…
Businesses and risk professionals are not paying enough attention to emerging and intangible risks, according to reports published at the Airmic conference this week that call for a transformation of risk management frameworks and closer collaboration with the insurance market to boost response. Airmic argues that, given the increased unpredictability of risks and new corporate governance requirements, a new approach…
Following a disappointing 2018, Allianz is predicting that Asia’s insurance market will rebound in 2019 and be a primary driver of global insurance growth over the next decade. Industry projections have repeatedly forecast a strong improvement in Asia’s insurance industry given the strong growth rates of many of its economies and the relatively low level of insurance penetration to date.…
The insurance industry is at a tipping point where it is beginning to be more agile in response to emerging risks, according to a panel of insurers who urged their profession to focus solutions on risk mitigation rather than response. Those on the ‘Ask The Insurer’ panel at the British Insurance Brokers’ Association conference, also said the industry needs to…
Senior managers must wake up to the risk of contagion within the supply chain as their companies become increasingly reliant upon technology and need a rapid response when incidents occur. But while the technology and data-based global economy may lead to more vulnerable supply chains, those companies that manage these risks more effectively using rich data and information available, will…