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…

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China are to strengthen their cooperation in the supervision of insurance and banking, after the signing of a supervisory memorandum of understanding (MOU). The Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) signed the CBIRC-MAS supervisory memorandum of understanding, “to enhance supervisory cooperation and facilitate exchange of information between MAS and CBIRC…

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business has again produced an underwriting profit in 2018, with a combined ratio of 98.9%, according to Aon. Europe averaged a 96.0% combined ratio, while Asia-Pacific averaged 100.8% and the Americas hit 97.9%. In its 14th edition of the Insurance Risk Study: Global Risk, Profitability, and Growth Metrics, Aon notes that in 24 of the top 50 markets,…

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Specialist Lloyd’s-based insurer Beazley has followed up its announcement made earlier this week about its Asian expansion plans, by revealing that it has taken a 30% stake in Pegasus, a Hong Kong-based coverholder. Beazley began working with Pegasus in January 2019, in an arrangement that the insurer said combines the coverholder’s knowledge of the market and strong broking relationships with…

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…

New leaders for FM Global in EMEA, Asia-Pacific and the US

New leaders for FM Global in EMEA, Asia-Pacific and the US

New leaders for FM Global in EMEA, Asia-Pacific and the US

FM Global has announced a number of senior leadership changes in EMEA, Asia-Pacific and the US. This follows the forthcoming retirement of Stefano Tranquillo, who has served as senior vice-president, division manager EMEA/Asia-Pacific for almost 35 years. Phillip Johnson has been appointed senior vice-president, EMEA division manager, and will be based at FM Global’s Luxembourg office. Most recently, he served…

MAS maintains focus on fight against cyber risk and urges greater collaboration worldwide

MAS maintains focus on fight against cyber risk and urges greater collaboration worldwide

MAS maintains focus on fight against cyber risk and urges greater collaboration worldwide

The Monetary Authority of Singapore (MAS) is continuing its investment in the fight against cyber risk and crime, to ensure that it is viewed as one of the safest financial centres worldwide and a leader in cyber risk management. Vincent Loy, assistant managing director (technology) at the MAS, recently gave a speech entitled, ‘Building cyber resilience across the financial sector’,…

Significant price rises still to come in construction market

Significant price rises still to come in construction market

Significant price rises still to come in construction market

Risk managers in the construction industry should prepare themselves for price increases across all major lines at upcoming renewals or next time they take out project insurance, according to experts speaking on a CRE webinar. They warn there is still a long way to go before the hardening construction market becomes sustainable, with significant price increases still to come. The…

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