BHSI exits Hong Kong EC terrorism pool

BHSI exits Hong Kong EC terrorism pool

BHSI exits Hong Kong EC terrorism pool

Berkshire Hathaway Specialty Insurance (BHSI) has announced its withdrawal from the Hong Kong Government’s employee compensation (EC) terrorism pool, in a move that will make it the first insurer in Hong Kong to offer EC terrorism coverage directly. The pool was established in the wake of the 2001 terror attack in New York, when worldwide capacity for terrorism coverage was…

Chubb launches multinational terrorism risk evaluation service

Chubb launches multinational terrorism risk evaluation service

Chubb launches multinational terrorism risk evaluation service

A new terrorism risk evaluation service aimed at multinational companies and large middle-market businesses has been launched by Chubb. The service combines the insurer’s terrorism and political violence underwriting, risk engineering, global security, catastrophe modelling and digital expertise. According to Chubb, its Terrorism Risk Evaluation Services product was developed after feedback from corporate customers that wanted to evaluate and better…

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…

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Social fragilities and a proliferation of autocratic governance in Asia have led to a rise in political risk that could cloud the continent’s dynamic economic growth, according to credit insurer Coface. Asia scored 45% on Coface’s latest political risk ranking, which put the continent behind Sub Saharan Africa, the Middle East and North Africa, and Latin America, but well ahead…

Threat of more lone-wolf terror attacks added to RMS models

Threat of more lone-wolf terror attacks added to RMS models

Threat of more lone-wolf terror attacks added to RMS models

An updated terror model has been developed by RMS to include new and increasing threats, such as lone-wolf terrorist attacks. RMS said it expects more lone-wolf terror plots, particularly aimed at soft targets with public access such as hotels, transport hubs and night clubs with crowds of people and limited exit routes. The new model has also refined the Terrorism…

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