Ferma has welcomed the fact that proposed EC guidelines on artificial intelligence (AI) ethics will be voluntary, but raised concerns that the use of such technology in the underwriting process could put buyers at a disadvantage and mean some might not be able to obtain cover…
Japanese insurer Mitsui Sumitomo has made a majority acquisition of insurance-linked securities (ILS) fund manager Leadenhall Capital partners (LCP) to further boost its own ILS business. The deal also comes at a time when some of the world’s biggest insurers are making their own acquisitions in the sector, in what could have major implications for the specialist insurance market. Mitsui’s…
The world’s inability to cooperate and tackle major global risks has reached “crisis levels”, and is only expected to worsen in the year ahead, finds the World Economic Forum’s (WEF’s) Global Risks Report 2019…
Fires and explosion losses have cost more than any other commercial risk between 2013 and 2018, according to analysis of 470,000 corporate insurance claims involving Allianz Global Corporate & Specialty (AGCS) in its Global Claims Review…
A willingness to experiment and embrace disruption among Asia-Pacific insurers holds the key to the industry’s future, according to a recently released report from consultant EY. Its insurance outlook for 2019 report reveals that both the life and non-life sectors are growing in the region, against a backdrop of weak growth in insurance markets globally. While the life sector has…
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…