AIR estimates insured losses of between $6bn and $9bn for the Camp Fire in northern California, taking its total loss for the state’s two big November wildfires to between $9bn and $13bn. Meanwhile, Aon has said that insured US wildfire losses will exceed $10bn for the second year running. This may force insurers to rethink how they view the risk…
The amount of GDP at risk from cyberattack in the world’s largest cities has risen nearly 9% during the past year to $39.7bn, according to the 2019 Global Risk Index from the Centre for Risk Studies at the Cambridge Judge Business School. This has pushed cyber risk up one place in the ranking to sixth…
AXIS Insurance has launched a global cyber unit to consolidate its cyber and technology expertise, to be headed up by Dan Trueman
A new voucher system has been launched in Tanzania, potentially extending the reach of insurance to millions more Africans. Mohammed Jaffer, Tan Management group CEO, said the Safari Vocha covers an insured against death and/or permanent disability when travelling. The lowest cover is TZS 200/- (about $0.80) for a period of three days and a sum insured of TZS1m (about…
Barely more than half (53%) of business leaders in Asia-Pacific have any confidence that their companies can grow and prosper, ranking the region as the second-least confident behind only Britain where fears over Brexit continue to erode business confidence, according to new research from CNA Hardy. Asia-Pacific also ranked high in terms of risk perception, with 82% of respondents stating…
By nature, risk managers are tuned into new risks from innovative technology, and while the internet of things (IoT) has taken centre stage, a new report from Lloyd’s maps out how it could improve risk management and put pressure on insurers to develop products. The report, written by academics from University College London (UCL) and the PETRAS Internet of Things…
Data analytics provider Verisk has released a study examining the significant risks and trends that could seriously impact the businesses of insurers and risk managers, from environmental changes and technological developments to their potential effects on humans and society. The report, Insurance Perspectives on Evolving Risks, looks across geographic and disciplinary borders to examine themes ranging from climate- and weather-related…
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…
Danish toymaker Lego is celebrating the successful outcome of a copyright court case in China that could have repercussions for other international manufacturers that have struggled to protect their intellectual property (IP) from Chinese imitators. The decision, from a district court in Guangzhou Yuexiu, found that the four Chinese defendants had infringed Lego’s IP rights by copying the 3D artworks…
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…