The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

In July 2018, news emerged that between 27 June and 4 July, hackers had infiltrated the IT systems of Singapore Health Services (SingHealth), the largest healthcare group in Singapore. The hackers illegally accessed and copied the non-medical personal particulars of 1,495,367 patients to servers hosted overseas. Approximately 159,000 of the affected group, including Prime Minister Lee Hsien Loong and several…

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

A large number of midsized natural catastrophes drove 2018 insurance losses to $71.5bn, the third highest in the past eight years and above the annual average of $65.5bn since 2011, said Willis Re in its annual nat cat review. Willis Re said 2018 was “unusual” because a series of smaller catastrophes, rather than one large event, pushed the insured total…

Chubb makes new APAC appointment

Chubb makes new APAC appointment

Chubb makes new APAC appointment

Global insurer Chubb has promoted Glen Browne to the role of deputy regional president for Asia-Pacific and division president, southeast Asia. Effective immediately, the role covers the general management of Chubb’s activity in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam as well as any future southeast Asian territories. Mr Browne will be based in Singapore, reporting to Paul McNamee, senior…

Beazley partners with HK’s Pegasus on APAC financial lines coverage

Beazley partners with HK’s Pegasus on APAC financial lines coverage

Beazley partners with HK’s Pegasus on APAC financial lines coverage

Lloyd’s insurer Beazley is expanding its Asian insurance offering via a linkup with Hong Kong-based Pegasus Underwriting for financial lines coverage. Pegasus, a Lloyd’s coverholder, will see its financial lines coverage across professional indemnity, directors and officers, cyber and medical malpractice supported by extra capacity from Beazley. The combination of Pegasus’s market knowledge and regional broking relationships with Beazley’s global…

Singapore’s Etiqa targets SMEs with online insurance platform

Singapore’s Etiqa targets SMEs with online insurance platform

Singapore’s Etiqa targets SMEs with online insurance platform

Singapore-based insurer Etiqa has launched an online platform for small to medium-sized enterprises (SMEs) to buy commercial insurance. The Business Owners Super Suite (BOSS) enables SMEs to engage in what Etiqa claims is a wholly automated or ‘straight-through’ purchasing process. Underinsurance and an absence of formal risk management among SMEs is one of the biggest problems in the Asian commercial…

Myanmar’s insurance market opens to foreign insurers

Myanmar’s insurance market opens to foreign insurers

Myanmar’s insurance market opens to foreign insurers

Myanmar has opened up its insurance market to foreign insurers, according to the Myanmar Times. The paper quoted an announcement by the country’s Ministry of Planning and Finance that officially permits companies wishing “to operate the business of insurance, underwriting agency or insurance broking with foreign investment” to open for business in the country. According to the announcement, the ministry…

POP and Allianz launch M&A insurance for Australia

POP and Allianz launch M&A insurance for Australia

POP and Allianz launch M&A insurance for Australia

Australia-based specialty insurer POP Insurance has teamed up with Allianz Global Corporate Specialty (AGCS) to launch an insurance product covering merger and acquisition exposure in Asia Pacific. Fusion Specialty M&A MGA, which will be based in Sydney, will provide a number of transactional insurance services including warranty and indemnity (W&I), tax opinion and contingent liability. According to POP and Fusion…

New insurers and reinsurer formed in North Korea

New insurers and reinsurer formed in North Korea

New insurers and reinsurer formed in North Korea

North Korea has established a number of insurance and reinsurance companies in the past few years, according to the Korea Times, which experts in the publication describe as a “gradual yet firm move toward an open market economy”. The re/insurance companies recently appeared on Naenara, North Korea’s state-run web portal, promoting their services. The web portal revealed that Future Re…

QBE UK rolls out AI risk rating for commercial property

QBE UK rolls out AI risk rating for commercial property

QBE UK rolls out AI risk rating for commercial property

QBE’s UK commercial underwriting operation has fully adopted an artificial intelligence-powered risk rating engine to improve underwriting accuracy and speed for insureds. The technology follows QBE’s investment in Cytora, and will also be adopted by QBE Australia later this year. QBE said the Cytora risk engine uses patterns of risk that combine with its own data to create bespoke risk…

IAG increases its 2019 catastrophe cover

IAG increases its 2019 catastrophe cover

IAG increases its 2019 catastrophe cover

Australian insurance group IAG has finalised its catastrophe reinsurance programme for the 2019 calendar year, with a programme that provides increased gross reinsurance protection of up to AUD9bn, compared with AUD8bn in 2018. Consistent with last year, the programme has been placed to the extent of 67.5% to reflect the cumulative whole-of-account quota share position of 32.5%. This comprises the…

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