Risk managers have key role in rise of the robots

Risk managers have key role in rise of the robots

Risk managers have key role in rise of the robots

Very few professions have been left unchallenged by the rise of new technology, in particular the prevalence of automation and artificial intelligence. However the rise of the so-called economy 4.0 could generate new opportunities for corporate risk managers, especially in Asia where the use of robotics and automation is outstripping other regions. For decades we have seen automation and robotics…

AGCS and Nephilia extend weather risk hedges to solar market

AGCS and Nephilia extend weather risk hedges to solar market

AGCS and Nephilia extend weather risk hedges to solar market

Nephila Climate, the weather and ESG-driven specialty division of Bermuda-based Nephila Holdings, together with Allianz Global Corporate & Specialty’s (AGCS’s) alternative risk transfer unit, have closed a first set of solar proxy revenue swaps for two projects in Australia, the Susan River Solar and Childers Solar facilities. The two new five-year transactions announced this week by Nephila and AGCS will…

New climate insurance initiative launches for Africa and Asia

New climate insurance initiative launches for Africa and Asia

New climate insurance initiative launches for Africa and Asia

Parametric and index-based risk transfer startup Global Parametrics has launched the Natural Disaster Fund, through an innovative climate insurance initiative backed by the UK and German governments. The initiative uses bespoke parametric risk transfer and advanced climate risk modelling developed by Global Parametrics to support offerings that deliver affordable insurance-style solutions to smallholder farmers in six countries in Africa and…

AGCS launches entertainment insurance in Asia

AGCS launches entertainment insurance in Asia

AGCS launches entertainment insurance in Asia

Allianz Global Corporate and Speciality (AGCS) is expanding its entertainment insurance coverage to Asia, with launches planned in Singapore, Hong Kong and China. The new division, Entertainment Asia Pacific, will be headed by Damian Kerrin. Entertainment has become an important growth sector in the region, with Asia now accounting for close to half of the world’s movie production and a…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

Asia lagging rest of the world in insurtech

Asia lagging rest of the world in insurtech

Asia lagging rest of the world in insurtech

The size of Asia’s insurtech market may have been overstated after a report revealed that the region accounts for just 7% of the global total of recognised insurtech startups. The region may be home to some of the biggest and most prolific insurtech conferences and exhibitions, but the latest Quarterly InsurTech Briefing from broker Willis Towers Watson (WTW) states that…

Malaysian organ donor data breach stresses need for cyber investment

Malaysian organ donor data breach stresses need for cyber investment

Malaysian organ donor data breach stresses need for cyber investment

The personal details of some 220,000 Malaysian organ donors and their next of kin have been leaked online since September 2016, according to technology magazine website Lowyat.net. This news came only a day after global consulting firm A.T. Kearney published a report that concludes that member countries of the Association of Southeast Asian Nations (Asean) need to seriously step up…

BI, cyber and nat cats top 2018 Allianz Risk Barometer

BI, cyber and nat cats top 2018 Allianz Risk Barometer

BI, cyber and nat cats top 2018 Allianz Risk Barometer

Business interruption (BI), cyber and natural catastrophes are the leading business risks this year, according to more than 1,900 risk experts from 80 countries polled for the latest Allianz Risk Barometer. The survey by Allianz Global Corporate and Specialty (AGCS), reveals that BI and cyber also remain the leading two risks in Europe, where changes to legislation/regulation and natural catastrophes…

Insurers not doing enough with technology and innovation, say risk managers

Insurers not doing enough with technology and innovation, say risk managers

Insurers not doing enough with technology and innovation, say risk managers

Asia’s Risk managers have such low expectations of insurers’ and their ability to innovate that two thirds of them believe they will never receive a policy document on the day of inception in their lifetime. This revelation was one of the more striking findings from this year’s Risk Frontiers Asia survey, produced by Commercial Risk Asia in partnership with Parima…

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Specialty insurer Ironshore has expanded its political risk business lines in Asia-Pacific, by increasing capacity for its Singapore-based political risk and trade credit unit from $15m to $50m and hiring a new underwriter. Sam Lim joins from AIG and will report to Boo Hui Yun, managing director of Ironshore Asia-Pacific. The extra capacity is a result of greater concern about…

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