Machinery breakdown risk in spotlight as claims rise
Machinery breakdown risks are coming under increased scrutiny after an uptick in claims, according to specialist property insurer FM Global…
AXA insures Notre-Dame contractors and artwork
AXA insures two contractors working on Notre-Dame’s restoration prior to the fire that ripped through the cathedral, and provides cover for some of its relics and religious artwork, the company said…
Willis joins programme to boost resilience to geopolitical risks
Willis Towers Watson has joined the Royal United Services Institute’s (RUSI) Modern Deterrence Programme, which aims to increase resilience to geopolitical instability in western societies. The programme brings together governments, the private sector and civic society to tackle the changing nature of geopolitical threats. The Willis Research Network will engage with the four-year-long RUSI programme, supporting the platform and research…
Marine piracy drops by 25% in Asia
Latest figures produced by the Regional Cooperation Agreement on Combating Piracy and Armed Robbery Information Sharing Centre (ReCAAP ISC), an anti-piracy consortium of Asian states, have revealed a 25% decrease in marine piracy activity in Asia. The data, presented by ReCAAP ISC executive director Masafumi Kuroki at its annual Piracy and Sea Robbery Conference in Singapore, showed that there were…
Liberty Mutual to acquire AmTrust’s global surety and credit reinsurance operations
Liberty Mutual Insurance is to acquire the global surety and credit reinsurance operations of AmTrust Financial Services. Liberty Mutual has signed a definitive agreement with AmTrust, a multinational property and casualty insurer specialising in coverage for small to mid-sized businesses. It added that the agreement supports its goal of becoming a top three global commercial (re)insurer. Terms of the deal were not disclosed. Liberty Mutual will acquire four AmTrust businesses:…
Conflicts of interests in commercial insurance creating ‘unhealthy’ market: Mactavish
Too many conflicts of interest in the commercial insurance market are leading to a lack of scrutiny, hampering progress and creating a fundamentally unhealthy operating environment, according to insurance governance consulting firm Mactavish…
Delta Insurance launches cyber cover for Asia-Pacific
New Zealand-based specialist insurer Delta Insurance has unveiled a cyber protection and insurance product for businesses in Asia-Pacific. The cyber protection element of the product has been developed in partnership with London-based cybersecurity firm DynaRisk. It will be marketed and distributed from Delta’s New Zealand and Singapore offices. And while the service is aimed at businesses in the region, it…
Businesses need to warn employees of dating risk
With businesses being warned that cyber threats are often greatest from within, there is a new warning for employees to watch their internet activity. Shared by Munich Re of Africa, the warning comes as spring brings a surge in activity in online dating services. However there could be trouble ahead as consumers looking for romance ignore the threat of hackers,…
Swift report shows concentration of bank cyberattacks in southeast Asia
Banking cooperative Swift, which runs the global network for interbank payments, has issued a new report on bank-focused cyberattacks, which shows that four out of five of all fraudulent transactions were issued to beneficiary accounts in southeast Asia. The report is part of Swift’s information-sharing initiative, which was established in the wake of the 2016 cyberattack on the central bank…
Debate continues over use of war exclusions for cyber claims
A number of coverage disputes, including the recent revelation that Merck is suing its property insurers over NotPetya losses, have raised questions around the enforceability of war exclusions and the ability of policyholders to recover cyber losses…