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…
Third-party supply chains have been increasingly targeted by sophisticated cyberattacks in the past year, according to research by Carbon Black that warns cybercriminals’ use of ‘island-hopping’ techniques are a “serious and complex threat”. Island hopping sees cybercriminals infiltrate smaller companies with more vulnerable security systems, to then access larger, target companies. In an article on the risks of third-party supply…
A proposed legal case in Hong Kong could give a significant insight into one of the most debated issues around liability – namely, who do you blame when a robot goes wrong? Hong Kong investor Samathur Li Kin-kan is suing Italian fund manager Raffaele Costa over losses incurred through the latter’s robo-advisory service, where investment decisions are made entirely through…
Nigeria’s National Insurance Commission has granted approval to Casava Microinsurance to operate as a state composite microinsurer. With this approval, Casava Microinsurance will be transacting life and general microinsurance business in Lagos state only. Salami Rasaaq, head of the commissioner’s directorate, said in a statement that Casava Microinsurance is one successful company among several applications received by the commission, from…
Demand for reputational risk insurance is rising, but off-the-shelf solutions do not provide the full answer, said Munich Re, which has begun working with Lockton to deliver bespoke coverage with limits of about €50m. According to Munich Re, demand for reputation cover is increasing as social media becomes more and more prevalent. “A number of studies have shown that companies…