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…

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…

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…

QBE offloads Indonesia and Philippines operations in cost-cutting drive

QBE offloads Indonesia and Philippines operations in cost-cutting drive

QBE offloads Indonesia and Philippines operations in cost-cutting drive

Australian insurer QBE is seeking $130m in cost savings in a three-year efficiency programme that will see it sell off its Indonesia, Philippines and Puerto Rico businesses and operate in nine fewer countries. It has also announced a new, simplified structure that will divide its international business into three regional groups – North America, international markets and Australia-Pacific – as…

AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

US insurer AIG has appointed Sachin Shah as the chief executive of its Asia-Pacific general insurance business. Mr Shah, who was formerly the president, chairman and chief executive of MetLife Japan, will take up his new role at the end of December, subject to regulatory approval. He will be based in Singapore and report to AIG’s general insurance CEO Christopher…

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

Specialty commercial insurer CNA Hardy has announced that it will cease underwriting new business with immediate effect on its two Lloyd’s Asia platforms in Singapore and China. The insurer still intends to write business in Singapore and across the Asia-Pacific region but will do so from London. A memo sent to brokers from CNA Hardy chief executive Dave Brosnan suggested…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Good growth prospects for ASEAN insurance markets, says Moody’s

Good growth prospects for ASEAN insurance markets, says Moody’s

Good growth prospects for ASEAN insurance markets, says Moody’s

Strong socioeconomic fundamentals are supporting growth prospects for insurance in six major Association of Southeast Asian Nations (ASEAN) markets, according to Moody’s Investors Service. However, it stresses that the pace and quality of growth will vary by geography. In a new report, Insurers – ASEAN: Growth comes through new policies and innovations, Moody’s looks at six ASEAN markets: Singapore, Thailand,…

Tokio Marine Kiln to close HK office

Tokio Marine Kiln to close HK office

Tokio Marine Kiln to close HK office

Tokio Marine Kiln (TMK) is to close its Hong Kong office with immediate effect, citing challenging market conditions for marine and cargo insurance. Meanwhile, fellow insurer Chubb is launching a cargo insurance product aimed at Hong Kong exporters and importers. Tokio Marine’s primary Asian base will now be in Singapore, with a supporting office in Shanghai. The Hong Kong office…

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