Composite insurance rates in the Pacific region, comprising mainly the Australian market, declined by 5% in the second quarter of 2024, after falling by 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Composite insurance rates in Asia declined 3% in the second quarter of 2024, following a dip of 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Gross direct premiums written (GDPW) for cyber insurance is estimated globally at just over $15.7bn in 2023 rising to more than $16bn if captive insurers are also included, says Insuramore, a provider of marketing services and related consultancy with a focus solely on the insurance sector.
The failed CrowdStrike update that caused mayhem for the computer systems of many corporates in Asia Pacific could see insurers in the region faced with hefty claims that no one saw coming.
The 19 July cyber security software incident at CrowdStrike is unlikely to have a material impact on global (re)insurer financial results, Fitch Ratings says.
The Financial Regulatory Authority (FRA) has ordered non-banking financial institutions (NBFIs) to acquire cyber insurance policies among several moves to adopt measures to enhance their cybersecurity system and protect sensitive IT systems and data.
A majority (76%) of IT and cyber security leaders have invested in cyber defences to qualify for cyber insurance according to a new global survey by Sophos, the cyber security solutions company.
Steadfast Group (Steadfast) has appointed Mr Nick Cook as executive general manager - Australasian networks, broker and insurer services; Mr Mark Senkevics as executive general manager - underwriting agencies, alternative risk transfer (ART), reinsurance and life, effective 1 July 2024 and Ms Meagan Jeffery as executive general manager - technology & information, effective 8 July 2024.
Korea's insurance market has seen a lot of growth and innovation over the past few years, but there is still work to be done to improve the underlying health of the industry. Munich Re's Messrs Roland Eckl and Michael Hauer elaborate.
Global Insurance Law Connect's Risk Radar 2024 identified cyber security and Nat CAT linked to climate change and cyber security as challenges facing insurers in India this year.