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%…

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…

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…

Risk managers must review supply chains as US-China trade war hots up

Risk managers must review supply chains as US-China trade war hots up

Risk managers must review supply chains as US-China trade war hots up

Risk managers in the Asia-Pacific region and worldwide will need to step up their scenario-planning efforts and review supply chains, as their companies face up to ever-rising levels of political and macroeconomic risk on the back of the mounting US-led trade war with China, academics and political risk experts have warned. Speaking this week to China’s Xinhua news agency, Fu…

China fears US will wage cyber assault in tandem with trade war

China fears US will wage cyber assault in tandem with trade war

China fears US will wage cyber assault in tandem with trade war

Most cyberattacks on Chinese networks last year originated from the US, according to an annual report released by China’s National Computer Network Emergency Response Technical Team (CNCERT). Xinhua news agency reports that CNCERT, a non-governmental organisation of network security technical coordination, found that 3.34 million computers on the Chinese mainland were controlled by more than 14,000 Trojan or botnet command…

Labuan sees captive growth in 2018

Labuan sees captive growth in 2018

Labuan sees captive growth in 2018

Labuan saw six new captives licensed in 2018, bringing the total number of captives in the domicile to 48. According to the Labuan International Business And Financial Centre (IBFC) Market Report 2018, 22 insurance and insurance-related entities were approved in 2018, comprising six captives, 13 brokers, two (re)insurers and one underwriting manager, bringing the total number of approved Labuan insurance…

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses were at their lowest level last year since the turn of the 21st century, according to maritime statistics from Allianz Global Corporate & Specialty (AGCS). There were just 45 total losses globally in 2018. This is down from 98 in 2017 and 55% lower than the ten-year average of 104. It is the fourth consecutive year that…

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