MAS alerts financial institutions to cyber threat in Microsoft systems

MAS alerts financial institutions to cyber threat in Microsoft systems

MAS alerts financial institutions to cyber threat in Microsoft systems

The Monetary Authority of Singapore (MAS) has issued a warning to financial institutions of “critical vulnerabilities” in the Microsoft Windows operating system. The authority said vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of computer systems. The MAS has told financial institutions that use the affected operating systems to take “immediate action”…

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk has perhaps unsurprisingly toppled business interruption (BI) as the number one risk for risk executives within the Asia-Pacific region, according to the Allianz Global Corporate & Specialty (AGCS) Risk Barometer 2020. The Risk Barometer is based on a survey of some 2,700 risk professionals worldwide and is now in its ninth year. BI has regularly topped the list…

Pana Harrison added to Mitsui’s growing in-house brokerage capabilities

Pana Harrison added to Mitsui’s growing in-house brokerage capabilities

Pana Harrison added to Mitsui’s growing in-house brokerage capabilities

Japanese multinational conglomerate Mitsui Holdings has invested deeper in its in-house insurance broking operation through a further investment in Singapore-headquartered insurance and reinsurance broker, Pana Harrison (Asia). Pana Harrison retains its separate brand and will continue to work for other insurance and reinsurance clients. But the firm, which was established in 1980 and is an accredited Lloyd’s broker, will now…

Confidence and risk both set to rise sharply in Asia next year

Confidence and risk both set to rise sharply in Asia next year

Confidence and risk both set to rise sharply in Asia next year

Asian companies expect to see a sharp spike in business confidence as they enter 2020, with 76% of firms expecting to be confident by May 2020 despite ongoing political problems in Hong Kong and China’s trade war with the US, according to a survey carried out by insurer CNA Hardy. The insurer said that given the political instability in Hong…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Lloyd’s says ‘business as usual’ in Singapore despite phasing out of cross-border scheme

Lloyd’s says ‘business as usual’ in Singapore despite phasing out of cross-border scheme

Lloyd’s says ‘business as usual’ in Singapore despite phasing out of cross-border scheme

Asian risk managers with specialty risks to place that cannot be dealt with by their local insurers will be pleased to hear that Lloyd’s has moved quickly to quell fears that its commitment to the Singapore and wider Asian market may be on the wane, as a result of the phasing out of the Lloyd’s Scheme that enables Lloyd’s underwriters,…

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

A single cyberattack on major ports across Asia-Pacific could cost $110bn, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018, according to new research released by Lloyd’s. Under the extreme scenario, a huge 60% of the losses would be from business interruption and contingent business interruption (CBI) claims and 57% would be silent cyber…

Single coordinated cyberattack could cause $40bn insured losses

Single coordinated cyberattack could cause $40bn insured losses

Single coordinated cyberattack could cause $40bn insured losses

Asian risk and insurance managers need to prepare for some challenging converations with their insurers in coming renewals, as the leading global players seek to tackle the so-called silent cyber problem and shift the risk from traditional lines into dedicated affirmative cyber policies. The need for the carriers to take swift action on this potentially catastrophic exposure was laid bare…

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Insurance market liberalisation continues to accelerate across Asia-Pacific, with cross-jurisdiction collaboration further developing and solvency requirements being enhanced across the region. This is according to a new report from Aon, which summarises the key global ratings agency criteria developments and regulatory changes across Asia-Pacific during the past 12 months. Aon said that as the insurance and reinsurance industry continues to…

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