Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Theft from trucks continues to account for the highest proportion of cargo thefts worldwide and the threat from insiders – employees, contractors and even business partners – continues to rise, according to analysis carried out by transport insurer TT Club and supply chain intelligence firm BSI. The Global Cargo Theft Intelligence Report for 2018 found that thefts from trucks accounted for 84%…

Insurers may fight claims from Australia’s financial services scandal

Insurers may fight claims from Australia’s financial services scandal

Insurers may fight claims from Australia’s financial services scandal

The insurance industry could face large losses from the Australian Royal Commission’s probe into misselling in the country’s financial services sector, but coverage disputes are likely, according to experts. Widespread misconduct in the financial services market has dominated the news in Australia. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct…

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

The Federation of Indian Chambers of Commerce and Industry (FICCI) has advised the Indian government to raise the ceiling on foreign direct investments (FDI) in the insurance sector, to attract overseas investments. The Insurance Laws (Amendment Bill) 2015 raised the cap on total foreign investment in the insurance sector from 26% to 49%. This cap includes all forms of foreign…

Fitch says motor deregulation in China will hamper insurer profits

Fitch says motor deregulation in China will hamper insurer profits

Fitch says motor deregulation in China will hamper insurer profits

Fitch Ratings expects deregulation in commercial motor insurance premium rates in China to hamper the ability of insurers to improve underwriting margins. But the credit ratings agency expects the regulator’s control of motor insurance policy acquisition costs to curb the ongoing rise in insurers’ expense ratios. Fitch noted that smaller motor insurers still reported underwriting deficits in 2018. “While the…

Insurance and oil costs to rise as two more tankers hit in Gulf of Oman

Insurance and oil costs to rise as two more tankers hit in Gulf of Oman

Insurance and oil costs to rise as two more tankers hit in Gulf of Oman

Two further torpedo attacks on oil tankers in the Gulf of Oman today that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk…

Singapore and UK join forces in fight against cybercrime

Singapore and UK join forces in fight against cybercrime

Singapore and UK join forces in fight against cybercrime

The Monetary Authority of Singapore (MAS), the Bank of England and the UK Financial Conduct Authority (FCA) have announced that they will work together to strengthen cybersecurity in their financial sectors. The authorities will start work towards a memorandum of understanding to signify this enhanced collaboration. The MAS has also signed agreements with the City of London to cooperate in…

Baron calls for better support from brokers on employee benefit risk

Baron calls for better support from brokers on employee benefit risk

Baron calls for better support from brokers on employee benefit risk

Brokers, and as a result insurers, are failing to properly support risk managers as they move into the employee benefit space and increasingly want to place such risks in their multinational insurance programmes, Franck Baron, chairman of Parima, told those gathered for a Commercial Risk conference. While being careful to note that risk managers also have much room for improvement…

Test the strength of the fintech bridge before you cross: Lagarde

Test the strength of the fintech bridge before you cross: Lagarde

Test the strength of the fintech bridge before you cross: Lagarde

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.…

Porsche dieselgate recovery marred by another Chinese recall

Porsche dieselgate recovery marred by another Chinese recall

Porsche dieselgate recovery marred by another Chinese recall

German carmaker Porsche has been hit with the third expensive product recall in China within 12 months. This comes only weeks after the Volkswagen-owned sports-carmaker hoped that the payment of a fine of €535m in Germany for its contribution to the ‘dieselgate’ scandal would mark the end of that drawn-out and reputationally damaging affair. The news of the latest recall…

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Steve Tunstall, general secretary of Parima, will represent the association at a conference on captives, organised by Labuan International and Business Financial Centre and Swiss Re Corporate Solutions, as evidence mounts of the increased interest in the self-insurance tools among Asian risk and insurance managers. Mr Tunstall, a founding member of the Parima leadership team, is set to take part…

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