Boeing suspends entire 737 Max fleet as insurance details come to light

Boeing suspends entire 737 Max fleet as insurance details come to light

Boeing suspends entire 737 Max fleet as insurance details come to light

Boeing has suspended all 371 of its worldwide 737 Max aircraft fleet, after the US became the last major country to ground the planes over safety fears. The decision follows news that Global Aerospace is the lead insurer for Boeing, with Chubb confirmed as lead underwriter of the Ethiopian Airlines plane that crashed on Sunday and Willis Towers Watson the broker…

China and North Korea adding to new levels of political risk, warns Marsh

China and North Korea adding to new levels of political risk, warns Marsh

China and North Korea adding to new levels of political risk, warns Marsh

Multinationals face “unprecedented uncertainty” caused by growing political risk, Marsh warned on publishing its Political Risk Map 2019. Marsh added that trade disputes, protectionism and geopolitical tensions have created an “unstable” environment for multinational companies with direct foreign investment. The updated Political Risk Map uses data from Fitch Solutions to rate more than 200 countries’ political, economic and operational stability.…

RIMS report highlights need for active shooter plan

RIMS report highlights need for active shooter plan

RIMS report highlights need for active shooter plan

US risk association RIMS has produced a new report – Active Shooter Preparedness for Your Organisation – encouraging its members to customise an active shooter plan that focuses on prevention, training, feedback and post-incident protocols. In doing so their workforce will be mentally and physically prepared to react to violent threats, the report says. The need for this was recently…

CyberScout announces new cyber insurance distribution model in SE Asia

CyberScout announces new cyber insurance distribution model in SE Asia

CyberScout announces new cyber insurance distribution model in SE Asia

Cybersecurity firm CyberScout has announced two new partnerships with insurers, which it claims will help form a new model for the distribution of cyber insurance for small and medium-size businesses (SMEs) in southeast Asia. The two insurers, Philippines-based Pioneer Insurance and Surety and Taiwan’s MSIG Mingtai, have struck an agreement whereby CyberScout’s cyber services will be incorporated into the respective…

Risk of not implementing AI higher than risk of forging ahead

Risk of not implementing AI higher than risk of forging ahead

Risk of not implementing AI higher than risk of forging ahead

Businesses cannot afford to ignore artificial intelligence (AI), as they would be running higher risks than if they forge ahead with implementation. According to a new report from RIMS – RIMS Professional Report: Making Sense of Artificial Intelligence and Its Impact on Risk Management – the risk of not adopting some form of AI can be much greater than the…

JBA and IDF partner for Sri Lanka flood data provision

JBA and IDF partner for Sri Lanka flood data provision

JBA and IDF partner for Sri Lanka flood data provision

UK-based catastrophe modelling firm JBA Risk Management has teamed up with the Insurance Development Forum (IDF) to improve access to flood risk data in Sri Lanka. JBA has released its Sri Lanka Flood Model on the ModEx platform, a risk modelling service provided by Nasdaq-subsidiary Simplitium. The release comes on the back of recent collaboration between the IDF and JBA…

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

The majority of small and medium-sized businesses (SMEs) in Asia-Pacific believe they are in a better position than larger companies to deal with cyber risk, despite having a larger exposure to the risk and fewer resources to manage the exposure. The potential perception gap was uncovered in a survey by insurer Chubb of 1,000 SMEs in the region’s three most-developed…

IRM contracts new training provider in southeast Asia

IRM contracts new training provider in southeast Asia

IRM contracts new training provider in southeast Asia

The UK-based risk management education provider, Institute of Risk Management (IRM), has licensed a new training provider in southeast Asia for its Fundamentals of Risk Management (FoRM) course. JGA Training Services has been accredited as a licensed FoRM provider operating in Malaysia, Singapore, Indonesia, Thailand, the Philippines and Vietnam. The course, according to IRM, is designed to provide an introduction…

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

A review of the Work Injury Compensation Act (WICA) by Singapore’s Ministry of Manpower (MoM) has proposed extending mandatory insurance coverage so that workers have a greater chance of being compensated for workplace accidents and injuries. The review proposes extending both the breadth of coverage and the size of the payouts. At present, WICA requires employers to compensate their employees…

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Japanese insurer Mitsui Sumitomo has made a majority acquisition of insurance-linked securities (ILS) fund manager Leadenhall Capital partners (LCP) to further boost its own ILS business. The deal also comes at a time when some of the world’s biggest insurers are making their own acquisitions in the sector, in what could have major implications for the specialist insurance market. Mitsui’s…

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