Swift report shows concentration of bank cyberattacks in southeast Asia

Swift report shows concentration of bank cyberattacks in southeast Asia

Swift report shows concentration of bank cyberattacks in southeast Asia

Banking cooperative Swift, which runs the global network for interbank payments, has issued a new report on bank-focused cyberattacks, which shows that four out of five of all fraudulent transactions were issued to beneficiary accounts in southeast Asia. The report is part of Swift’s information-sharing initiative, which was established in the wake of the 2016 cyberattack on the central bank…

London Market Group identifies trade priorities post-Brexit

London Market Group identifies trade priorities post-Brexit

London Market Group identifies trade priorities post-Brexit

The London Market Group (LMG) has called on the UK Government to be “proactive in opening up international insurance markets based on mutual market access, home-state supervision and no host-state financial requirements”. The LMG said it has identified a number of priority markets that it will seek to work on with the Treasury and the Department of International Trade. Malcolm…

Moderate growth predicted for global takaful premiums, says Moody’s

Moderate growth predicted for global takaful premiums, says Moody’s

Moderate growth predicted for global takaful premiums, says Moody’s

Moody’s believes that takaful premiums globally will keep rising moderately in the next two to three years, driven by stronger regulations and increased compulsory cover. Moody’s said it expects regulatory regimes to strengthen across all takaful markets, with improvements in risk management, underwriting and reserving. Globally, gross takaful premiums, or contributions, increased at a compound annual rate of 9% between…

Australian mining firm wins $55m insurance payout

Australian mining firm wins $55m insurance payout

Australian mining firm wins $55m insurance payout

Kingsgate Consolidated, an Australian mining firm, has been awarded a $55m payout from a political risk policy it has with Zurich Insurance Australia, over the closure of its goldmine in Thailand. The goldmine, based in Chatree in the Thai provinces of Phichit and Phetchabun, is the largest in Thailand, with more than 1,000 employees. It was shut down in December…

Bulgaria, Indonesia, Vietnam, Peru and Morocco most promising markets for trade

Bulgaria, Indonesia, Vietnam, Peru and Morocco most promising markets for trade

Bulgaria, Indonesia, Vietnam, Peru and Morocco most promising markets for trade

Bulgaria, Indonesia, Vietnam, Peru and Morocco are the most promising emerging markets for 2019, according to Atradius. All five markets have the most potential for new trade opportunities this year, and are predicted to shine in 2019 thanks to their strong growth prospects and limited vulnerability to global headwinds, said the trade credit insurer. In its Promising Emerging Markets Economic…

European re/insurers face protectionist measures in  Argentina, Brazil, India and Indonesia

European re/insurers face protectionist measures in Argentina, Brazil, India and Indonesia

European re/insurers face protectionist measures in  Argentina, Brazil, India and Indonesia

Insurance Europe has published updated country factsheets for Argentina, Brazil, India and Indonesia, which reveal market access and trade barriers faced by European insurers and reinsurers. It notes that there are a number of protectionist measures in these jurisdictions. For example, in Argentina, European (re)insurers continue to face significant barriers when placing business. “While a number of positive measures related…

New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York is still the leading financial centre in the world, followed by London and Hong Kong, according to the 25th Global Financial Centres Index, published by Z/Yen Partners and the China Development Institute. According to the index, New York remains in first place, just seven points ahead of London, with Hong Kong four points behind London in third. Singapore…

Symbo launches digital insurance brokerage in Singapore

Symbo launches digital insurance brokerage in Singapore

Symbo launches digital insurance brokerage in Singapore

Singapore-based insurtech firm Symbo is to launch a digital insurance broking platform for corporate and retail customers in Singapore, after it was granted an insurance brokerage licence by the Monetary Authority of Singapore (MAS). Symbo hopes that its online platform will help to streamline the insurance process, from purchase to claims, by eliminating some of the more painful and longstanding…

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