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Supertankers cross Hormuz shipping strait after avoiding it in past 24 hours
Greece’s shipping ministry warned on Sunday that the country’s...
Trump tariffs stoke supply chain worries for US businesses, survey shows
“Our survey showed supply chain disruptions were a concern to...
Marine, aviation and transit insurance in Asia-Pacific to reach US$14.5bn by 2025, forecasts GlobalData
Japan and China, which are among the top five global markets, collectively accounted for 60% of Asia-Pacific’s premiums in 2020. China’s intricate presence in global supply chain and its growing airline and marine fleet are strong growth drivers for insurers.
Asia-Pacific has also seen several insurers withdrawing from MAT industry due to years of unsustainable losses resulting from both man-made and natural hazards and bottomed out premium prices which resulted in reduced market capacity.
Covid-19 Risks: Cyber-attacks and Data loss top concerns facing Directors & Officers: Report
Jennifer Tiang, Regional Cyber Leader for Asia at Willis Towers Watson, said: “The survey results reflect the growing realisation that cyber risk is not simply an issue to be handled by an organisation’s IT team. It is a much broader issue cutting across all spheres of business and necessarily draws together stakeholders from risk, legal and IT teams, as well as requiring awareness of all employees from the ground up and board oversight from the top down. From cyber-attack to data loss, the financial impacts of a cyber event can be catastrophic.”
Miller &Guy Carpenter announce new appointments
Seema brings over 16 years of industry experience to Miller, joining from Mar Risk Services where she most recently led its marine team and held a position on the Board.
Guy Carpenter, LLC, a leading global risk and reinsurance specialist and a business of Marsh McLennan, announced the appointments of Matt Petka as Managing Director and Riley Underwood as Senior Vice President within its GC Access business unit, with immediate effect.
Covid-19: IRDAI penalises Salasar Services Insurance Brokers Rs 8 lakh for misleading its customers on BI claims
The information brochure by Salasar Services Insurance Brokers clearly advised its clients, to lodge the business interruption claim and also stated that insurer prima facie may deny the claim which can be contested later.
This statement may give a hope to the clients that the denial of claim can be successfully contested at a later date. This is a wrong and misleading advice and the broker, being a professional should not issue such a misleading advice to their clients, said the IRDAI..
Cyber reinsurance jump 40 % in July renewals -Willis Re
The average ransom payment made by a business to restore data after a cyber attack was $220,000 in the first quarter, up 43% from the last quarter of 2020, according to cyber security firm Coveware.
In addition to the ransom payments, cyber insurance and reinsurance policies can cover the cost of restoring the network, business interruption losses and even the hiring of a PR agency to address reputational damage.
Howden Australia appoints Matt Bacon as CEO
Matt, Stuart and Nick join a strong cohort of industry leaders at the firm, driving forward the ambitious growth objectives of Howden Australia, which only launched on 1st March 2021. It is focused on specialist industry and product segments such as Financial Lines, Corporate Risks, Commercial and Affinity, Workers Compensation, Group Risk and Alternative Risk Transfer Solutions.
US Justice Department sues to block Aon’s acquisition of Willis Towers Watson
“Today’s action demonstrates the Justice Department’s commitment to stopping harmful consolidation and preserving competition that directly and indirectly benefits Americans across the country,” said Attorney General Merrick B. Garland.
Narayan Murthy’s Anviti Insurance Brokers rebranded as Aon India
.“So going forward, after the full intergration of Wills Tower Watson into Aon globally, there will be further changes on how Aon will operate in the Indian market, if it decides to operate through partnership,” said sources.
Pandemic boost for aging-linked stocks, pent-up medical demand and online insurance buying
The number of people aged 65 and over is projected to double to more 1.5 billion by 2050, greatly increasing their economic impact. The total spending power of the older population globally was about $8.4 trillion in 2020, according to World Data Lab. That’s expected to grow to $14 trillion over the next decade.
Policybazaar gets insurance broking licence from IRDAI
With this development, the company will surrender its web-aggregator licence to Insurance Regulatory and Development Authority of India (IRDAI) and undertake business including insurance aggregation under the broking umbrella.
The broking licence will allow the company to venture into segments which it could not do in the past like claims assistance, offline services, and establish Points of Presence network.