Firms’ cyber resilience fails to learn lessons of past breaches: survey

Firms’ cyber resilience fails to learn lessons of past breaches: survey

Firms’ cyber resilience fails to learn lessons of past breaches: survey

Only 13% of company executives across the world are confident that their firm has acted on lessons learnt from cyber breaches, according to a new survey by The Economist Intelligence Unit (EIU) and Willis Towers Watson. The survey also finds that European respondents believe a dedicated team should oversee cyber risk management, while those in other parts of the world…

JLT appoints new partner to M&A unit

JLT appoints new partner to M&A unit

JLT appoints new partner to M&A unit

JLT Specialty has appointed Hayley Tennant as partner in its mergers and acquisitions (M&A) insurance practice. Ms Tennant joins JLT from Allied World Assurance Company, where she was vice-president of M&A. In her new role, she has been tasked with driving new business growth in Europe, particularly in the legal and private equity sectors. JLT’s M&A insurance operations have teams…

Markel receives licence to write reinsurance business in India

Markel receives licence to write reinsurance business in India

Markel receives licence to write reinsurance business in India

The Insurance Regulatory and Development Authority of India has granted a licence to Markel International to write reinsurance business in India. Markel said that capacity will be provided by its Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform. Markel India will provide treaty and facultative reinsurance to local Indian insurers in a broad range of commercial classes,…

China’s securities regulator approves PICC IPO

China’s securities regulator approves PICC IPO

China’s securities regulator approves PICC IPO

Xinhua News Agency has reported that the China Securities Regulatory Commission has approved an application for an initial public offering (IPO) by the People’s Insurance Company of China Limited (PICC). It said that PICC is already listed in Hong Kong but applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, According to Xinhua, the IPO is…

Hong Kong insurance market continues growth in first quarter

Hong Kong insurance market continues growth in first quarter

Hong Kong insurance market continues growth in first quarter

The Hong Kong insurance industry saw an 8.6% increase in total gross premiums to $132.5bn for the first quarter of 2018 compared with the same period in 2017, according to provisional statistics from the Insurance Authority of Hong Kong. Gross premiums of general insurance business recorded an increase of 11.1% to $15.5bn in the first quarter of 2018, compared with…

GDP at risk from geopolitical and security threats in leading cities up 16%

GDP at risk from geopolitical and security threats in leading cities up 16%

GDP at risk from geopolitical and security threats in leading cities up 16%

Annual GDP under threat from geopolitical and security risks to the world’s largest cities rose by 16% in the past year, according to research by the Centre for Risk Studies at the Cambridge Judge Business School. Its 2018 Global Risk Index, upon which the Lloyd’s City Risk Index published this week is based, the centre finds that interstate conflict, which…

Man-made risks outstrip nat cat as Lloyd’s research shows $546.5bn annual GDP under threat in leading cities

Man-made risks outstrip nat cat as Lloyd’s research shows $546.5bn annual GDP under threat in leading cities

Man-made risks outstrip nat cat as Lloyd’s research shows $546.5bn annual GDP under threat in leading cities

An estimated $546.5bn of GDP is at risk each year from 22 perils across leading cities, with man-made threats posing greater vulnerability than natural catastrophes, finds Lloyd’s City Risk Index. The new research shows that Tokyo, New York and Manila have the highest exposure, and that boosting resilience would reduce annual GDP at risk in the 279 cities studied by…

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…

AXIS Re reorganises for growth and creates new global market division

AXIS Re reorganises for growth and creates new global market division

AXIS Re reorganises for growth and creates new global market division

AXIS Re is to shake up its operations, including expansion into new products and markets, with the aim of improving service to clients. As part of the plans it has unveiled a new leadership team to oversee four main operating divisions: North America, Asia, EMEA and newly-created Global Markets. The reinsurer said it will increase its presence in Asia and…

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume is likely to reach around €7.9trn by 2030, almost double the volume of €4.2trn in 2017, according to Munich Re. Of the additional premium of €3.7trn by 2030, some €1.2trn is expected to come from China alone, with almost two thirds of this likely to derive from life and health insurance business, with the rest coming from…

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