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Aon launches a new climate innovation hub in Singapore
(Lto R) Greg Case, CEO, Aon and Png Cheong Boon, Chairman,...
US cyber insurance sees sharp prm spike,Profit improvement to moderate: Fitch
Moderating claims frequency drove underwriting performance...
UK to double health surcharge for foreign visitors, students
According to the department’s estimates, the NHS spends 470 pounds on average per person per year on treating surcharge payers. Its projections suggest that the increased charges may provide around an extra 220 million pounds every year, which will be pumped back into NHS services.
Singapore prepares for terrorist attack
In early 2017, Aon lifted Singapore in the terrorism and political violence category of its annual risk map from negligible to low risk.
Swiss Re further strengthens its position in Asia
“Asia has experienced strong economic growth and development in recent years. This naturally comes with additional risk for businesses, governments and societies. As the world becomes more interconnected, the nature of risks develops: geopolitical uncertainty, growing environmental concerns, ageing populations and new health challenges become significant issues to be addressed in this region”
Failure of a top cloud service provider could cost US economy $15 billion
It was found that companies outside of the Fortune 1000 – who are more likely to use cloud provider services – would carry a larger share of the economic and insurance losses than Fortune 1000 companies. However, the biggest 1000 companies in the US would still carry 38% of economic losses.
$344 bn global economic losses in 2017, a record nat cat year: Aon report
Insured losses to the private sector and government-sponsored programs were among the costliest ever incurred, reachingUSD134 billion in 2017 – just behind the record USD137 billion in 2011. This is 139 percent higher than last year’s USD56 billion, primarily due to high insurance penetration in the US
Jan 1 rate firming remains moderate :Guy Carpenter
Reinsurance capital at he end of 2017 is approximately USD 427 billion, up 2 percent from year-end 2016. While traditional capital is flat, convergence capital grew 9 percent to USD 82 billion including replacement of lost or trapped capital
World to be riskier place in 2018: WEF Survey
The biggest risks in terms of impact would be weapons of mass destruction, extreme weather events, natural disasters, climate change, water crises, cyber attacks, food crises, biodiversity loss and ecosystem collapse, involuntary migration and spread of infectious diseases.
Ajit Jain’s promotion provides clarity on Buffett succession plans
Jain, 66, Berkshire’s top insurance executive, was named vice chairman for insurance operations while Abel, 55, the chief executive of Berkshire Hathaway Energy, was named Berkshire’s vice chairman for non-insurance business operations.
Hackers already targeting Pyeongchang Olympics — researchers
McAfee said in a report that several organizations associated with the Olympics had received the malicious email with the primary target being groups affiliated with ice hockey.“The majority of these organizations (targeted) had some association with the Olympics, either in providing infrastructure or in a supporting role,” the McAfee report said.
Govt may set up a unified financial regulator at GIFT IFSC
“Yes, the government is looking at having a single regulator for all the entities belonging to banking, capital markets and insurance industry located in the IFSC at GIFT City. At present, they are being regulated by regulators like SEBI, RBI and IRDAI. We are awaiting a nod from the government after individual regulators indicated that they are okay with the idea, Gujarat International Finance Tec-City (GIFT) MD Ajay Pandey said in Mumbai.