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Automotive industry most impacted by product recalls - AGCS
Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased significantly over the past decade. And it is the automotive sector that is most impacted by product recalls, followed by the food and beverage sector and then IT/electronics, said Allianz Global Corporate & Specialty (AGCS) in a recent report, based on analysis of claims.

Source : AIR | 01 Jan 2018
Cyber gap still prevalent in India
Mr Saurabh Verma of Reliance Industries Limited says cyber is one of the top 3 concerns for him, while lamenting that there are not many insurers are offering cyber protection.

Source : AIR | 01 Jan 2018
Indian non-life insurance industry: Performance and potential
The Indian insurance industry has been on a roll for the last 17 years. It is now on a threshold to make the big jump into the super league. Mr R Chandrasekaran of General Insurance Council of India outlines what the non-life insurance industry has achieved over the years and what remains to be tapped.

Source : AIR | 01 Jan 2018
Which will win, cybercrime or cyber insurance?
Rapid digitalisation and growth of online culture in India has also brought in sophisticated cybercrime. Asia Insurance Review speaks to Mr Sasikumar Adidamu, Chief Technical Officer, Bajaj Allianz General Insurance, to understand how insurers can play an important role in developing a comprehensive cybersecurity framework, including cyber insurance, to tackle cybercrime.

Source : AIR | 01 Jan 2018
Goodbye 2018, hello again in 2019
We swept the newsmakers and headline hoggers for 2018 and highlight some of the significant insurance disruptions, start-ups and InsurTech trends that will bear watching in 2019.

Source : AIR | 01 Jan 2019
World's first marine insurance blockchain platform launched
EY and Guardtime has announced the world’s first blockchain platform for the marine insurance sector. The platform was launched in collaboration with A.P. Møller-Maersk A/S, ACORD, Microsoft, MS Amlin, Willis Towers Watson and XL Catlin and after a 20-week proof of concept.

Source : AIR | 01 Oct 2017
Disrupting the CIO
The role of the Chief Information Officer was brought into question at Asia Insurance Review’s 6th CIO Technology Summit. He now needs to be an instigator, an integrator and an innovator.

Source : AIR | 01 Oct 2017
Cargo still sailing on rough seas - but land ahoy!
A year ago, the container shipping industry was in the doldrums with oversupply of capacity and lay-up of 7% of the global fleet in capacity terms. Predictions were that the market would only fully recover in 2018. One year on, we speak to some insurance players for their sentiments on the marine cargo market.

Source : AIR | 01 Oct 2017
It's time to join the cyber security conversation
Highly sophisticated cyber criminals are posing an increasing and significant threat to businesses. Mr Chris Moyer of DXC Technology discusses the steps insurers can take to manage these risks.

Source : AIR | 01 Oct 2017
The legal clutch of cyber
With the 2017 Asia Pacific Insurance Conference (APIC) being held later this month in Singapore, we bring you AIR’s first ever legal roundtable where we look at insurance from the eyes of the legal eagles.

Source : AIR | 01 Oct 2017
The new Achilles' heel of the marine industry
Cyber is the insurance class of the moment. Some insurers love it and cannot seem to write enough of it, while others hate it – citing unknown risk and potential aggregations as existential threats to the insurance industry as a whole. What is certain is that it is a very real new risk that all businesses and individuals are now exposed to that did not exist 25 years ago.

Source : AIR | 01 Oct 2018
No better time to buy cyber insurance
As ransomware and data breach incidents hit the headlines more frequently, the dangers of ‘silent cyber’ continue to lurk. Yet insurers are starting to get a handle on insuring cyber and are ever more enthusiastic about its potential, while the cyber insurance market continues to grow in tandem with an increasing awareness from clients.

Source : AIR | 01 Oct 2018
Accumulation risk a key concern as cyber insurance market grows - The Geneva Association
Accumulation risks need to be addressed in the context of a hyper connected digital world, as cyber insurance offerings and premium volumes expand sizeably. Sustainable growth in the cyber insurance market should not be taken for granted, says a new report from the Geneva Association called Advancing Accumulation Risk Management in Cyber Insurance.

Source : AIR | 01 Oct 2018
Australia: International Cyber Engagement Strategy launched
The Australian government has launched a new International Cyber Engagement Strategy which outlines its cyber affairs agenda for the next three years, and creates the environment for digital trade to generate economic growth for the country.

Source : AIR | 01 Nov 2017
Singapore: MAS sets up international advisory panel for cybersecurity
The Monetary Authority of Singapore (MAS) has established a Cyber Security Advisory Panel (CSAP), comprising cybersecurity experts from around the world.

Source : AIR | 01 Nov 2017
Technology and talent can transform FAIR-Land
The 25th FAIR Conference in Bahrain lists innovative use of technology and development of talent as insurance industry’s top priorities in battling emerging risks.

Source : MEIR | 01 Nov 2017
Japan: Regulator warns of Initial Coin Offering risks
Japan’s Financial Services Agency (FSA) has issued an advisory warning to users and business operators about the risks of Initial Coin Offerings (ICOs), or digital token sales.

Source : AIR | 01 Dec 2017
AI and machine learning bring benefits to financial services, but also risks
Financial institutions are increasingly using AI and machine learning in a range of applications across the financial system and while this brings benefits, there are also risks, said a report published by the Financial Stability Board (FSB).
Source : AIR | 01 Dec 2017
Regulator sets in place plans for Singapore to be a global capital for Asian risk transfer
The Singapore authorities is stepping up the buzz in an already burgeoning insurance industry with a slew of initiatives announced last month, including strategies for the Lion City to be a global capital for Asian risk transfer.

Source : AIR | 01 Dec 2017
53 years, 53 countries, 265 members, 25th Conference - that's FAIR Land!
Soft insurance markets, low investment returns and rapid advent of digitalisation were some of the issues discussed at the recent 25th FAIR Conference. We bring key highlights.

Source : AIR | 01 Dec 2017
Insurers and InsurTechs - A symbiotic partnership
Asia Insurance Review speaks to four leading Indian InsurTech companies to find out how they define their role in the Indian insurance ecosystem.

Source : AIR | 01 Dec 2017
Seeking a buffer in a tough marine market
We speak to Munich Re Syndicte Singapore CEO Celine Ang about the company’s diversification efforts as it seeks to cushion the effects of a weak marine and energy insurance market.

Source : AIR | 01 Dec 2018
Stars of 2017 continue to shine bright
We look back at how some of the winners of the 2017 Asia Insurance Industry Awards fared in 2018.

Source : AIR | 01 Dec 2018
BI and cyber dominate Asian risk concerns in 2018 - Allianz
Business interruption (#1 with 42% of responses; #1 in 2017) and cyber incidents (#2 with 38% of responses; #4 in 2017) emerged as the top two risk concerns among corporates in Asia, mirroring the response of businesses globally, according to the Allianz Risk Barometer 2018.

Source : AIR | 01 Feb 2018
Firms will make enterprise-wide changes to address cyber risk - Aon
As cyber attacks grow in volume and scale, companies will be compelled to address cybersecurity risk holistically by integrating it more aggressively into their enterprise risk management (ERM), said Aon’s latest 2018 Cybersecurity Predictions report.

Source : AIR | 01 Feb 2018
South Korea: Local insurers to play bigger role in corporate plans
The domestic insurance market is expected to continue to play an increasingly important role in large corporate insurance programmes, says Aon in its annual Asia Market Review.

Source : AIR | 01 Mar 2018
Cybercrimes make healthcare sick
Modern healthcare industry is highly evolved. However, with petabytes of sensitive and vital data, it has become vulnerable to cyber-crime prowlers. Employees have emerged as the weakest link in the chain. Continuous training and reskilling of human resource, at all levels can thwart at least 95% of cyber-attacks.

Source : AIR | 01 Mar 2018
New reinsurers are the flavour of the season!
Market participants in India have now transcended from finding the ideal reinsurance partner globally to having them in India itself! It is indeed ‘The New World of Reinsurance in India’.

Source : AIR | 01 Mar 2018
Insurance CROs under pressure from digital risks
Mr Sumit Narayanan of EY, who led EY’s APAC Insurance CRO survey 2017–2018: Empowering for transformation which interviewed the region’s leading insurers and reinsurers, looks at the biggest challenges facing chief risk officers (CROs) in managing radically different risks in a digital world.

Source : AIR | 01 Mar 2018
Look out for these what-if scenarios - WEF's 10 potential future shocks
The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.

Source : AIR | 01 Mar 2018
Top connected risks trends in 2018 - Russell Group
The relationship between public capital and private capital, macroeconomic risks and protectionism and data privacy are among the key connected risks trends that corporates need to be aware of in 2018, says a white paper from risk management and services software company Russell Group.

Source : AIR | 01 Mar 2018
Lloyd's: Seeking sustainable pricing for all
On the sidelines of the 11th India Rendezvous 2018 in Mumbai, Ms Inga Beale, CEO of Lloyd’s of London, shared with us her thoughts on the global (re)insurance markets, especially in emerging Asia, and their focus on achieving a sustainable pricing for all.

Source : AIR | 01 Mar 2018
SMEs show misplaced assumptions about cyber risk
Many small and medium enterprises in Singapore think they are too small to fall prey to cyber attacks.

Source : AIR | 01 Mar 2019
Bajaj Allianz General: Human touch is still important despite digitisation
As India progresses economically and the country’s insurance penetration rises, what does the Indian customer expect from their insurers? Can technology and digitalisation be a “cure-all” solution for customers’ expectations? How to fulfil all these expectations and still be profitable? Mr Tapan Singhel, Managing Director & CEO, Bajaj Allianz General Insurance Company, shares his views on these crucial issues with Asia Insurance Review.

Source : AIR | 01 Apr 2018
Actuaries - time to chart a new path
Revealing insights from the Institute and Faculty of Actuaries immediate past president Marjorie Ngwenya.

Source : AIR | 01 Apr 2019
Understanding and addressing global insurance protection gaps
The Geneva Association’s Kai-Uwe Schanz provides an updated quantification of protection gaps in the areas of natural catastrophe, cyber and healthcare risk.

Source : AIR | 01 May 2018
News - Cyber risk management will be a major challenge in 'smart cities' of the future
Cities in Asia Pacific are getting smarter, but they must be ready for the cyber security risks that accompany the growing adoption of tech-enabled real estate and infrastructure, according to the Clicks and Mortar: The Growing Influence of Proptech study by real estate services company JLL and start-up community Tech in Asia.

Source : AIR | 01 May 2018
Dancing in the dark - AI fights the unknown unknowns
Darktrace’s Mr Sanjay Aurora digs deep into the use of artificial intelligence and machine learning to combat cyber threats that could have applications in the insurance sector.

Source : AIR | 01 May 2018
CIOs and the opportunities ahead
The responsibilities of CIOs are multiplying but there is a talent void in the cybersecurity industry in Singapore. Mr Cheong Wai Hon of Tokio Marine Life addresses this pertinent challenge.

Source : AIR | 01 Jun 2017
From the Blog: WannaCry Alert!!!
The attack surface for cyber risk has been increasing for some time. This is especially in the area of expanding Internet of Things (IOT) device networks and also ransomware which has been tripling every month for some time, mainly in the USA but now global.

Source : AIR | 01 Jun 2017
Cyber! Cyber! Everywhere! Where's the Market?
Though the threat of cyber attacks is everywhere and the fear of cyber is growing rapidly, Asia’s cyber market is still immature, say industry experts.

Source : AIR | 01 Jul 2017
Change management and cyber risk are insurers' top risks
The global insurance industry’s ability to confront structural and technological changes is now the greatest risk it faces, according to a new survey of insurers and close industry observers.

Source : AIR | 01 Jul 2017
Global cyber incident reporting portal created for shipping industry
A global cyber crime reporting portal for the shipping industry has been created through a collaboration of several maritime entities. This was announced by Mr Mark Sutcliffe, founder of CSO Alliance, an online community of maritime company security officers driving best practices to combat maritime crime.

Source : AIR | 01 Jul 2017
Singapore: RIMAS highlights importance of global communication in cyber attack defence

Source : AIR | 01 Jul 2017
Counting the costs of a cyber breach
Cyber risks, and their accompanying costs, are something that many organisations still struggle to fully come to terms with. Mr Kegan Chan of Marsh warns that software and hardware replacement costs are merely the tip of the proverbial iceberg.

Source : AIR | 01 Jul 2017
Asia: SMEs are prime targets for cyber crime
SMEs remain an easy target for cyber criminals to get to bigger companies in the supply chain, experts have warned.

Source : AIR | 01 Jul 2017
Shipping losses decline but cyber security looms - Allianz
There were 85 large ships lost worldwide in 2016, a decline of 50% over the past decade, said the Allianz Safety & Shipping Review 2017, a report published by Allianz Global Corporate & Specialty SE (AGCS). The review also noted the South China and Southeast Asian waters as top loss location, with East Mediterranean replacing the British Isles as the top incident hotspot.

Source : AIR | 01 Jul 2017
Blurred lines: Cyber insurance and the risks that come with it
Cyber risks are everywhere as the world becomes more digitalised. Ms Cecilia Chang of GC&C Asia says while traditional policies may cover some cyber risks, there are serious gaps in that cover. A comprehensive cyber insurance solution is needed in such cases.

Source : AIR | 01 Jul 2017
The case for insurance tech interconnectivity
Insurers are currently facing a series of challenges on the tech front and Equinix global head of insurance James Maudslay says the conflation of these issues will impact the industry significantly.

Source : AIR | 01 Jul 2018
Global: Cyber can be as destructive as hurricanes in terms of losses
E conomic losses from cyber events have the potential to be as large as those caused by major hurricanes, yet less than 20% of losses are covered by insurance, according to Lloyd’s in a report co-written with risk modelling firm Cyence.

Source : AIR | 01 Aug 2017
Businesses need to prepare for full costs of cyber attacks: Lloyd's
Businesses could face a much higher bill than they expect or are prepared for after falling victim to a cyber-attack, according to new research from Lloyd’s.

Source : AIR | 01 Aug 2017
Risk management across supply chain vital to cyber defence
The interconnected and unbounded nature of the cyber means that each company is vulnerable to risks from each partner in the ecosystem. Cyber security requires a collaborative effort supported by information sharing, said speakers at the 2nd Asia Cyber Risk Summit.

Source : AIR | 01 Aug 2017
Changing the cyber game in Singapore
The recent launch of Delta Insurance Singapore, a sister company to Delta Insurance New Zealand, introduced the first cyber, technology and financial lines Lloyd’s Coverholder in the country. We sit down with Mr Eugene Cheong, its Managing Director, to find out more about its tech focus and unique approach to cyber insurance.

Source : AIR | 01 Aug 2017
South Korea: Insurers wary of providing coverage for crypto exchanges
Insurers in South Korea are not very forthcoming in providing insurance for crypto exchanges in the country, despite the country being the nation with the most prolific cryptocurrency users, exchanges and thriving digital assets business. The spate of crypto crimes in exchanges appears to have pushed insurance companies onto the back foot, according to a report on ZyCrypto, a cryptocurrency website.

Source : AIR | 01 Aug 2018
Insurance industry's first standard for global cyber data breach released
ACORD, the global standards-setting body for the insurance industry, has announced what is said to be an industry-first standard for cyber data breach. The new ACORD cyber data breach standard was developed in collaboration with Aon and specialist insurer Beazley.

Source : AIR | 01 Aug 2018
US cyber insurance premiums see 37% increase to $1.84bn - Aon
Aon launched the third edition of its US Cyber Market Update report, which revealed that in an ‘unprecedented year’ for ransomware attacks, the US cyber insurance market continued to grow, with a total of 170 US insurers reporting writing cyber insurance – compared to 140 in 2016, and 119 in 2015.

Source : AIR | 01 Aug 2018
Re-imagining risk
Emerging threats such as cyber, climate change, health and urbanisation, are challenging businesses and insurers. Mr Peter Cheesman of Aon Benfield Australia discusses the changing risk landscape from an insurance perspective.

Source : AIR | 01 Sep 2017
Are you ready for the insurance world of 2025?
More insurers are recognising the importance of cognitive technology. But what are the five basic questions to be asked before starting this journey? Mr Kenny Hay of IBM ASEAN offers the answers.

Source : AIR | 01 Sep 2017
General insurance: In for DyNAmic changes
Malaysia’s general insurance sector reported sluggish growth for a second year running, stalled largely by economic headwinds. But insurers are unfazed as they set their sights on embracing market liberalisation and disruption, while noting the market needs to dig deep and transform from within.

Source : AIR | 01 Sep 2017
Mark Mitchell: Navigating risk with tailored solutions
We live in a world today that is more connected than ever before. Similarly, the interdependency of global businesses today brings about unique challenges for insurers. It is no longer enough to develop generic solutions. Instead, we must be able to offer our clients tailored and relevant solutions that can adapt to global developments within a local context.

Source : AIR | 01 Sep 2017
Singapore: 11 critical sectors told to step up cyber security measures

Source : AIR | 01 Sep 2018
Four reasons insurers need AI to fight fraud proactively
The insurance industry has 7,000 companies that collect more than $1tn in premiums, providing criminals with opportunities to commit fraud.

Source : AIR | 01 Sep 2018
Cyber risks still confound - but opportunities abound
The recent Singapore Actuarial Society ERM-ESSEC CREAR Cyber Risk Conference 2018 provided some remarkable insights on this growing segment.

Source : AIR | 01 Sep 2018

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