About Integer
Vietnamese name: Công ty cổ phần môi giới bảo hiểm Integer English name: Ingeter Insurance Broker Joint Stock Company
About Integer
Vietnamese name: Công ty cổ phần môi giới bảo hiểm Integer English name: Ingeter Insurance Broker Joint Stock Company
Asia’s aging population spurs insurance rethink
According to Swiss Re, Asia’s demographic landscape is shifting as the population ages at an accelerated pace. This transformation is reshaping insurance needs across health, long-term care, retirement, and legacy planning.
Global reinsurance in 2026
Global reinsurers are expected to see a decline in underwriting results heading into 2026, according to a new report from Fitch Ratings. While pricing across the sector is likely to remain sufficient to support positive returns, profitability is projected to come under pressure.
California certifies wildfire catastrophe model tool
The California Department of Insurance (CDI) has officially completed its review of the Verisk Wildfire Model for the United States. This is the first time a catastrophe model has been approved for insurance rate-setting under the state’s new regulations.
Somerset Re earns rating upgrade from AM Best
AM Best has upgraded the financial strength ratings of Somerset Reinsurance and Somerset Reinsurance Company (SRC) to A (Excellent) from A- (Excellent) and raised their Long-term issuer credit ratings to “a” (Excellent) from “a-” (Excellent).
Wildfire season now a year-round risk for insurers
The traditional concept of wildfire season is becoming obsolete as major fire events now occur throughout the year, according to Gallagher Re’s latest report, World on Fire 2025.
Key strategies for managing us casualty exposures
Built on findings from a recent whitepaper and come as global trade continues to intersect with the evolving liability environment in the US, Wolfram-Ferdinand Schultz, head of casualty treaty for Continental Europe at Howden Re, has outlined key legal, strategic, and structural considerations facing international firms with exposure to US casualty risks.
Air India crash may cost insurers $200m
The recent crash of an Air India aircraft shortly after takeoff is expected to result in insurance claims reaching up to $200 million, according to industry sources.
Asian Re’s ratings raised amid return to profitability
AM Best has raised the financial strength rating of Asian Reinsurance Corporation (Asian Re) from B+ (Good) to B++ (Good), and the long-term issuer credit rating from “bbb-” (Good) to “bbb” (Good). The outlook on both ratings has been revised to stable from positive.
Swiss Re posts higher net income in Q1
Swiss Re reported a net income of US$1.3 billion for the first quarter of 2025, up from US$1.1 billion in the same period last year. The group posted a return on equity (ROE) of 22.4%, compared with 20.7% in Q1 2024. The company attributed the result to consistent underwriting performance across its businesses, supported by investment income and a 14% tax rate.
Guy Carpenter forecasts 2025 hurricane season
Guy Carpenter has released its 2025 North Atlantic hurricane season outlook, forecasting an active season with named storm totals expected to exceed long-term averages. The projection anticipates storm counts significantly above the 1950–2023 average and higher than those recorded during the active period from 1995–2023.
France’s reinsurance plan for wine and spirits exports
The European Commission has authorized a temporary measure allowing France to extend state-backed reinsurance for wine and spirits exports to the United States.
SCOR posts strong Q1 results
SCOR has reported net income of €200 million for the first quarter of 2025 (€195 million adjusted), with results supported by performance across its property and casualty (P&C), life and health (L&H), and investment operations.
Greenlight Re grows premiums in Q1, 2025
Greenlight Capital Re has released its financial results for the first quarter ending March 31, 2025, reporting year-over-year increases in gross premiums written and investment income, while also posting a net underwriting loss impacted by catastrophe exposure.
Peak Re gets second-highest net profit in firm’s history
Peak Reinsurance Company has announced its financial results for the full year ending Dec. 31, 2024, recording a net profit after tax of US$187 million. The result marks the second-highest annual profit in the company’s 12-year history.
Understanding the cyber risk gap in reinsurance
Shawn Ram, head of insurance for Coalition, the active insurance provider, says “We believe cyber is the most pervasive risk in society today.” The task of understanding systemic cyber risk exposures was never going to be a simple one – not least given the rapidly evolving nature of cyber risk.
Ryan Specialty reports record revenue growth in 2024
Ryan Specialty Holdings has announced record financial results for the fourth quarter and full year ended Dec. 31. Its total revenue grew 24.5% while organic revenue increased 11.0%.
Global climate disasters hit record $320bn
The year 2024 has proven to be one of the most devastating years for natural disasters. An analysis from insurance company Munich Re shows that total losses reached $320 billion worldwide, marking it as the fifth costliest year since 1980.
Boardroom risks revealed in latest Beazley report
Corporate governance in 2024 faces evolving challenges as risks tied to cybersecurity, environmental issues, and board-level decision-making come into sharper focus, according to Beazley’s latest report, “Spotlight on Boardroom Risk 2024”.
Hiscox posts solid delivery for H1 2024
Hiscox Ltd reported its interim results for the six months ending 30 June 2024, showing growth in insurance contract written premium (ICWP) and an increase in profit before tax.
Swiss Re reveals massive nat cat insured losses for H1 2024
A high frequency of small to medium events resulted in global insured losses from natural catastrophes totaling $60 billion in the first half of 2024, according to preliminary estimates by the Swiss Re Institute.
Palomar reports strong Q2 results
According to a report from The Royal Gazette, Palomar Holdings Inc., the parent company of Palomar Specialty Reinsurance Company Bermuda Ltd, has announced robust financial results for the second quarter of 2024. The company reported net income of $25.7 million, marking a significant 46% increase from the $17.6 million reported in the same period last year.
White Mountains shares results for Q2 2024
White Mountains Insurance Group, Ltd. has shared its financial results for the second quarter of 2024. The firm’s book value per share was $1,722, while its adjusted book value per share (ABVPS) was $1,777.
Liberty Mutual recovers in Q2 earnings
Liberty Mutual Insurance (formally Liberty Mutual Holding Company and its subsidiaries, or LMHC collectively) continues to recover from its 2023 losses, announcing another quarter of a major turnaround.
QBE doubles net profit in first half
QBE Insurance Group has published its interim financial results, showing a doubling of net profit after income tax in the first six months of 2024.
Beazley makes profit record in H1
Beazley Plc has published its interim earnings, announcing a “record” profit in the first half of 2024.
Howden Re releases report on cyber reinsurance market
Howden Re, Howden Group’s reinsurance and risk advisory arm, has released a ‘Re-framing cyber risk: navigating threats and embracing opportunities’ report on the landscape of cyber reinsurance.
US P&C insurers cut expenses ratio
A new special report titled “P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results” by AM Best has revealed property & casualty (P&C) insurers in the US have managed to bolster bottom-line financial results despite catastrophe-related and secondary peril losses.
RPS launches new products for transportation risks
E&S wholesale broker and managing general agency Risk Placement Services (RPS) has announced the launch of three new transportation products for risks with one to 10 power units.
Aerospace insurance to reach new heights in next few years
A new report from Technavio revealed that the aerospace insurance market is poised for growth, with an expected increase of US$763.67 million from 2023 to 2027. During this forecast period, the market is projected to advance at a compound annual growth rate (CAGR) of 4.36%.
Risk of losing 100% GDP due to insurable disasters
A study from the University of Cambridge Institute for Sustainability Leadership (CISL), supported by risk analysis from the global insurance group Howden, indicates that the smallest and most vulnerable nations could lose more than their entire GDP due to extreme climate events in the coming year.
The FED holds interest rates steady for second time
The Federal Reserve held interest rates at a 22-year high for a second consecutive meeting, amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target.
J.D. Power reports auto insurance claims satisfaction
The J.D. Power 2023 US Auto Claims Satisfaction Study found that customer satisfaction with the auto insurance claims process has not waned despite longer repair times.
Personal and commercial lines rates moderate in Q3
A new report from MarketScout revealed that the composite rate for personal lines across the United States stood at 4% for the third quarter of 2023. In the same quarter, commercial insurance rates saw an increase of 3.72%, compared to 5% in the second quarter.
Peak Re publishes first-half results
Hong Kong-based global reinsurer Peak Re has released its financial results for the first half of 2023, covering the six months ending on June 30.
Interest in cartel insurance on the rise
Chaucer, a global specialty (re)insurance group, has released a report into cartel insurance, revealing a rise in the demand for coverage across Latin America following a rise in the number of high-profile incidents in the region.
Lloyd’s reveals results for half-year 2023
Lloyd’s – the world’s leading marketplace for insurance and reinsurance which was recently recognised among the top 40 global reinsurers – today posted its results for H1 2023, which was described by CEO John Neal as a “very strong” six months.
Global reinsurers reducing catastrophe coverage
Global reinsurers are reducing their coverage for medium-sized natural catastrophe risks, according to a report by Fitch Ratings.
Aon reports 7% revenue rise in Q2 2023
Aon has reported its financials for the second quarter ended June 30, 2023. The global broking giant saw a total revenue increase of 7% to $3.2 billion, including organic revenue growth of 6%.
Global risk analytics market to exceed $72bn by 2030
The global risk analytics market was valued at $35.65 billion in 2021 and is expected to grow at a compound annual growth rate of 7.54% between 2023 and 2030, reaching $72.98 billion by the end of the forecast period, according to Verified Market Research, a global research and consulting firm.
Willis Towers Watson launches intangible asset coverage
Global broker WTW has announced the launch of a financial product targeting clients looking to protect their intangible assets.
FED pauses rate hikes after 10 straight increases
The Federal Reserve on Wednesday decided against what would have been an 11th consecutive interest rate increase as it measures what the impacts have been from the previous 10. But this decision came with a projection that another two quarter percentage point moves are on the way before the end of the year.
Generali announces Q1 2023 results
International insurance giant Generali has today announced its Q1 2023 trading results, revealing a 1.3% bump in its gross written premiums (GWP) to €22.2 billion (approx. £19.28 billion). In a results release, Generali credited this increase to robust growth in its P&C segment (up 10.1%).
Global Q1 cat losses hit dozen-year high
Global economic losses for natural disasters hit an estimated US$77 billion (about £61.9 billion) in the first quarter – the highest Q1 total in a dozen years, according to a new report from Gallagher Re.
P&C losses to improve in 2023
New analysis from Fitch Ratings has predicted improved underwriting results for the US property & casualty industry in 2023.
Marsh McLennan reports Q1 2023 results
Marsh McLennan has unveiled financial results for the first quarter of 2023, reporting $5.9 billion in revenue, a 7% increase compared to the same period last year. Revenue increased 9% on an underlying basis.
US inflation reaches lowest point in almost two years
Inflation in the U.S. cooled to the lowest point in almost two years in March as year-over-year price increases reached 5 percent. The last time a reading this low happened was May 2021.
Logistics insurance market to exceed $70bn by 2030
The global logistics insurance market is predicted to hit US$70.46 billion by 2030, expanding at a compound annual growth rate of 2.8% between 2023 and 2030, according to a report by Grand View Research.
73% of organisations hit by ransomware in 2022
Seventy-three percent of organizations polled by a new study reported being hit with at least one successful ransomware attack in 2022 – and 38% said they were hit with two or more.
P&C insurers hit by record losses, shrinking net income
Property & casualty insurers in the US had a particularly challenging year in 2022, according to a report from Verisk and the American Property Casualty Insurance Association (APCIA), as the industry saw a net underwriting loss of $26.9 billion. This marks the largest underwriting loss experienced by the industry since 2011 and is six times higher than the $3.8 billion loss reported in 2021.
IMF raises growth forecasts for 2023
The International Monetary Fund (IMF) has made a slight increase to its global growth outlook for 2023, due to “surprisingly resilient” demand in the United States and Europe, easing energy costs and the reopening of China’s economy after Beijing abandoned its strict COVID-19 restrictions.
Outlook for commercial lines sector
AM Best has announced that it has maintained its stable outlook for the US commercial lines segment. The rating agency noted the sector’s strong underwriting performance during the COVID-19 pandemic and amid the current economic volatility.
Commercial insurance prices rise in Q3, 2022
US commercial insurance prices rose again during the third quarter, according to new data from global broker WTW.
Global (re)insurers’ performance for 9M 2022
Despite increased loss activity in the third quarter, global (re)insurers’ combined ratios remained strong in the first nine months of 2022, according to a new report from Gallagher Re.
US P&C industry posts $24.3 billion loss for 9M 2022
A new special report from AM Best has found that the US P&C industry recorded a $24.3 billion net underwriting loss in the first nine months of 2022.
RPS, The Hartford partner on all-risk cargo coverage
Risk Placement Services (RPS) has announced the launch of a new all-risk cargo product with carrier partner The Hartford. The global cargo policy is available to quote-bind-issue in only two minutes through the RPS Small Business Platform.
Marsh McLennan shares latest financial results
Marsh McLennan has reported an 8% increase in revenue, on an underlying basis, sitting at US$4.77 billion in the third quarter of 2022. Growth was driven across all geographies, with operations outside of the US and Canada producing underlying revenue growth of 11%.
Munich Re provides insight on Q3 results
Munich Re, which is releasing its finalized third quarter results on November 8, has provided a peek into the reinsurer’s quarterly performance.
The effect of water moisture damage on containerised cargo
We have all heard stories of import cargo arriving with water or moisture damage and the Insured/Consignee complaining bitterly when their claim is denied, believing that they have paid a lot of money for insurance that is worthless.
Travelers Q3 profit drops due to hurricane claims
Property and casualty (P&C) insurer Travelers Companies Inc. has reported a 20% drop in quarterly profit due to hurricane-related claims and lower returns on its investments.
UPC insurance expects $1bn hurricane Ian loss
UPC Insurance is expecting 27,000 to 30,000 claims from hurricane Ian, driving an estimated gross loss of $1 billion.
Rich Chinese show increased demand for life insurance
High-net-worth Chinese people are showing increasing interest in and stronger demand for life insurance amid unsteady times, industry insiders said.
Asian reinsurers face COVID-19, inflation and climate risk
COVID-19 pandemic-related claims are likely to linger for the remainder of this year, says Fitch Ratings. However, the global credit rating agency expects claim severity to subside as the world continues to adapt.
Asian Development Bank works with 5 global insurers in risk transfer programme
The Asian Development Bank (ADB) has signed an agreement with five leading global insurers which will mobilize up to $1bn of financing capacity to support lending to financial institutions in Asia and the Pacific.
Diversification enhances Asia Pacific reinsurers’ returns stability, cost of capital & pricing competitiveness
Major Asia-Pacific reinsurers sustained the ability to deliver stable operating and return on equity ratios in 2021, with average annual net premium growth of nearly 10% in the most recent five-year period, according to a new AM Best report.
ASIC unveils corporate plan for 2022-26
The Australian Securities and Investments Commission (ASIC) has listed its strategic priorities for the years ahead until 2026.
WTW reports on developments in cyber insurance market
WTW has released the latest cyber insurance market update, providing an overview of key developments in the cyber insurance market and analyzing the conditions for domestic and international companies using the London insurance market to transfer risk.
QBE announces half-year financial results
It’s QBE Insurance Group’s turn to reveal how it’s performing so far this year – and for group chief executive Andrew Horton, the global insurer’s financial results for the first half of 2022 are a demonstration of resilience despite a decrease in earnings.
Allianz reveals latest earnings results
Insurance giant Allianz has published its latest set of earnings results – and, while some key numbers are lower compared to 2021, group boss Oliver Bäte sees the profitable second quarter as a sign of “robust” financial performance.
Aon reveals Q2 financial results
Aon plc (Aon) has maintained strong growth momentum in 2022, as it reported an increase in profits in the second quarter. The global brokerage and risk management firm posted earnings of $501 million, a 32% spike from $379 million in the same period last year.
Beazley launches D&O product for crypto space
Specialist insurer Beazley has announced the launch of CryptoGuard, a new directors and officers liability product specifically designed for crypto markets. The product is the first of its kind in the London and US markets, Beazley said.
US reinsurance – What’s happened so far in 2022?
A group of US property and casualty reinsurers under the Reinsurance Association of America (RAA) had a total of $22.7 billion in net written premium in Q1 2022 – up 26.8% from this time last year.
How has COVID impacted the cyber sector?
The cyber insurance landscape has always had to evolve at the rapid pace of technological advancements – but the COVID-19 pandemic has created even more challenges for cyber insurers. Nadia Hoyte, national practice advisor for executive and professional risk solutions at USI Insurance, recently chatted with IB TV about the effect of the pandemic on the cyber insurance space.
Transactional risk insurance market surges
Private equity firms, corporations and strategic investors increasingly sought out transactional risk insurance last year to reduce deal risk, according to a new report by Marsh.
Pathpoint launches restaurant coverage
Full-service E&S technology platform Pathpoint has announced the release of a new restaurant offering that allows agents to access comprehensive non-admitted coverage for restaurant owners.
Asia faces challenges as a result of Russia-Ukraine war
While Asian companies have less exposure to Russia and Ukraine than their European peers do, rising oil prices will impact both businesses and consumers as a consequence of the invasion, reported Nikkei Asia.
China warns against using metaverse for financial fraud
The China Banking and Insurance Regulatory Commission (CBIRC) has warned the public and the financial sector to avoid using the metaverse as an avenue for fraud, illegal fundraising and other illicit activities.
Insurers with high credit have better cyber security
There is a positive correlation between insurance companies’ credit ratings and their cybersecurity, according to a new report from Fitch Ratings.
Innovation seen as key to reinsurers weathering risks
Global reinsurers have weathered pandemic impacts well, but amid other growing challenges brought on by climate risk, social inflation and other types of perils, companies need to maintain an innovative mindset, according to a new AM Best report capturing the views of panelists from a recent reinsurance industry briefing.
RCEP agreement enters into force
The Regional Comprehensive Economic Partnership (RCEP) Agreement enters into force today for Australia, Brunei Darussalam, Cambodia, China, Japan, Lao PDR, New Zealand, Singapore, Thailand and Viet Nam, paving the way for the creation of the world’s largest free trade area.
Tokio Marine Highland launches fine art insurance
Property-casualty underwriting agency Tokio Marine Highland has announced that it has expanded its suite of specialty risk management products with the launch of fine art insurance for personal and commercial risks.
Things to consider when buying travel insurance
The ongoing pandemic has resulted in many restrictions on travel. With the vaccination drive and Covid-19 precautionary measures being implemented, travel is making a comeback and hence, the important question: “Do I need travel insurance?”
AXA Partners & Ancileo renew travel industry deal
AXA Partners and insurance software provider Ancileo have renewed their partnership, in a bid to harness the various opportunities in the post-COVID travel industry.
How the pandemic has changed travel?
There’s no question the pandemic has shaken up the travel industry, but how much? Below, find out just how different vacations are looking these days and how some changes may persist in the future.
Best travel insurance companies of 2021
The best travel insurance provides an important safety net that can protect your trip plans from the unexpected, such as emergency medical expenses, non-refundable cancellations and lost baggage or personal items.
Henan floods cause losses of CNY12.43bn
The heavy floods that struck Henan (China) in July has caused insurers to pay out CNY7.74bn ($1.2bn) in compensation and an estimated loss of CNY12.43bn up to the aforementioned date, according to data from the CBIRC.
Hannover Re sees Asia-Pacific reinsurance market in 2022
For the upcoming rounds of reinsurance renewals in the Asia-Pacific region on 1 January 2022 and 1 April 2022, Hannover Re anticipates stable reinsurance conditions and prices with more pronounced positive changes for treaties that were affected by the COVID-19 pandemic or other losses.
Inflation concerns weigh on (re)insurance sector
The negative impact of rising inflation on the insurance industry’s financial position is leveraged and multi-faceted affecting both profitability and capital position, says Willis Re in a note which is titled “Global (re)insurance: Underlying profitability improves at H1 but inflation and rate deceleration remain concerns”.
Climate change & COVID-19 drive reinsurers’ transformation
The increased frequency and severity of natural catastrophes due to climate change highlight the greater role of Asian reinsurers in bridging the region’s protection gap between the economic losses brought about by natural disasters and insured losses, Fitch Ratings says.
Samsung Life’s 1H2021 jumps more than 70%
South Korea’s top life insurer Samsung Life Insurance saw its net profit climb by 71.6% for the first half of the year to KRW1.23tn ($1.05bn), compared to the corresponding half last year.
Amazon & Marsh reveals massive insurance partnership
Marsh has entered into a new partnership with Amazon to help small business sellers get affordable product liability coverage on its new digital insurance network, Amazon Insurance Accelerator.
First 100% foreign-owned insurance asset management company in China
Allianz Insurance Asset Management (Allianz China IAMC) has received license from the CBIRC to be established as the first wholly foreign-owned insurance asset management company in China.
China improves access for financial foreign investors
China will continue to open up its financial sector and improve rules for foreign banks and insurers entering the market.
China issues first “digital yuan insurance policy”
The Shenzhen subsidiary of Ping An Property Insurance and the Bank of China branch in Shenzhen have issued the country’s first “digital yuan insurance policy”.
Asia Pacific consumers feel under-insured
Acccording to the latest sigma report titled “World insurance: the recovery gains pace” by Swiss Re, many respondents to a consumer survey feel under-insured and aim to buy more protection, despite most owning medical and life insurance.
Fitch’s review of Asia Pacific composite insurers
Fitch Ratings has conducted a peer review of six composite insurers in the Asia Pacific region and assessed their profitability to be ‘Very Strong’ to ‘Good’.
Winners of 6th Asia Trusted Life Agents & Advisers Awards
Sixteen winners from six markets were honoured at the 6th Asia Trusted Life Agents & Advisers Awards (the Awards) ceremony. The deserving winners edged out over 280 nominations from 17 markets. Winners emerged from Hong Kong, Vietnam, Singapore, Thailand and Taiwan, and came from leading insurance companies including AIA, Cathay Life, Manulife, Nan Shan Life, and Prudential.
Global reinsurance market is approaching equilibrium
The global reinsurance market is approaching equilibrium, or so says a new report from Willis Re, the reinsurance division of Willis Towers Watson.
World insurance broking market in 2020
According to rankings and analyses released yesterday by Insuramore, a provider of services and consultancy with a primary focus on the insurance sector, the world’s top 20 insurance broking groups as measured by total insurance broking revenues in 2020 (combined of fees and commissions earned) accounted for just over a half (52,3%) of global insurance broking revenues in 2020.
Reinsurance premium growth in Q1
Positive pricing momentum has driven premium growth in the global reinsurance sector in the first quarter of 2021, according to a new report from Willis Re.
China government widens farm insurance
A State Council executive meeting presided over by Premier Li Keqiang has decided to provide wider farm insurance for 13 major grain production provinces, in order to help farmers fend off risks and stabilise income from planting rice and wheat.
Hub unveils new drive excess liability product
Global insurance brokerage Hub International Limited has launched a new liability/umbrella insurance product designed for transportation clients, to broaden coverage and protect them from potential major losses from nuclear verdicts.
Kakao approved to offer non-life insurance products
The Financial Services Commission (FSC) has given preliminary approval for a non-life insurance licence for Kakao. This is the first time a non-insurance company has been approved to offer digital insurance services.
Above normal cyclone landfalls predicted for Asia
The number of tropical cyclones forecast to form between 1 April and 30 September this year is above normal, according to Guy Carpenter, the reinsurance broking arm of Marsh McLennan.
Hong Kong general underwriting gains surge 56%
Overall general insurance business in Hong Kong has seen a 55.6% jump in underwriting profit to HK$512m ($66m) for the first three months of this year compared to HK$329m for the corresponding period last year, according to data from the Hong Kong Insurance Authority.
WTW launches new sports & entertainment group
Global insurer Willis Towers Watson (WTW) has launched a new sports & entertainment (S&E) industry group that will support its global network with S&E organizations to identify, mitigate, and transfer risks associated with the sector.
China regulator to amend reinsurance rules
The CBIRC has issued “Regulations on the Management of Reinsurance Business (Draft for Comment)”, containing proposed revisions to reinsurance regulations that were last updated in 2015.
2020 is called a “rollercoaster year” for auto insurance
While there is no question that the COVID-19 pandemic had an impact on the auto insurance market, a new report from LexisNexis Risk Solutions found that last year was a “rollercoaster year” for business trends.
Neptune launches online flood insurance platform
Flood insurance company Neptune Flood has announced the launch of a new website to streamline the process for small business administration (SBA) borrowers to secure commercial flood insurance.
How has COVID-19 impacted M&A insurance?
Independent specialist insurance and reinsurance broker BMS has launched its inaugural private equity, M&A and tax report, ‘Redefining M&A Insurance for the 2020s’. The report, which provides a holistic view of how M&A insurance interacts with the wider M&A sphere globally, also gives a first look at behaviors and trends following the onset of the COVID-19 pandemic.
First Indemnity launches new liability insurance
First Indemnity Insurance Group, a specialty insurance agency dedicated to professional liability products for lawyers and law firms, has launched special insurance coverage designed to help law firms that may be carrying inadequate coverage or that are seeking higher limits.
Moderate insurance pricing increases in Asia
According to a report titled “Global Insurance Markets: Pricing Moderate in First Quarter” from Marsh, the world’s leading insurance broker and risk advisor, insurance pricing in the first quarter of 2021 in Asia increased by a moderate 8% year-over-year.
EU seeks global standards for AI
The European Union unveiled strict regulations on Wednesday to govern the use of artificial intelligence, a first-of-its-kind policy that outlines how companies and governments can use a technology seen as one of the most significant, but ethically fraught, scientific breakthroughs in recent memory.
World’s top insurance brands
Brand valuation consultancy firm Brand Finance has revealed the world’s top insurance brands. China’s Ping An retained its spot as the world’s most valuable insurance brand, while China Life knocked Germany’s Allianz out of the number-two spot.
Top risks for directors and officers
Cyberattacks and data loss are the top risks facing directors and officers, according to a new survey by Willis Towers Watson and global law firm Clyde & Co. The forced change in working practices brought on by the COVID-19 pandemic has heightened those concerns, the report found.
China financial entities to be required greening
China will require financial institutions to transition towards green finance as early as possible, to help achieve the country’s carbon neutrality goals.
Mental health pandemic could be the next contagion
Mental health problems caused by the COVID-19 infections will be the next pandemic according to a new study published by the Barcelona Institute for Global Health (ISGlobal) in March 2021.
IMF aims to distribute $650 billion SDR reserves
The staff of the International Monetary Fund has recommended an expansion of the Fund’s emergency reserves by $650 billion, given higher financing needs of its members in the wake of the global pandemic
AXA & Microsoft collaborate on global health platform
AXA has announced it will be working with Microsoft to build a digital healthcare platform that seeks to widen the reach of healthcare globally.
Global reinsurance capital shows signs of growth
Total global reinsurance capital stood at US$658 billion at year-end 2020, reflecting 7% year-on-year growth, according to a report by Willis Re.
Climate change driving energy’s risk transformation
Climate change and the resulting energy transition are the major drivers of transformation in the energy industry risk landscape, according to a report by Willis Towers Watson.
China online property insurance premiums to fall
China’s online property insurance industry saw a decline in earnings last year, industry data showed.
Hong Kong adjusts premium levy rate to 0.1%
The Hong Kong Insurance Authority (IA) has increased the premium levy rate on insurance policies to 0.1% per year, effective April 01, 2021. This is in accordance with the schedule set out in the Insurance (Levy) Order under the Insurance Ordinance (Cap. 41), the regulator said in its announcement.
Pandemic triggers higher insurance premiums in Singapore
Singaporean businesses are now paying higher insurance premiums, with the increase attributed to the effects of the COVID-19 pandemic.
AXA Malaysia launches benefit for total vehicle loss
AXA Affin General Insurance has launched Guaranteed Asset Protection – Return to Insured Value (GAP-RTIV), a plan that protects the full value of a vehicle in the event of a total loss incident.
April 01 renewals “more of the same”
The April 01 international reinsurance renewal followed trends set earlier in the season, with market pricing remaining firm in almost all classes and territories, according to the latest 1st View report by Willis Re.
Swiss Re highlights total global insured loss in 2020
Global insured losses in 2020 were US$89 billion, making last year the fifth-costliest year on sigma records since 1970, according to a new sigma report from the Swiss Re Institute.
Cigna extends COVID-19 support in Hong Kong
Cigna Hong Kong has announced additional benefits and an extension of special coverage measures for its customers in the special administrative region in response to the ongoing COVID-19 outbreak.
Chubb & DBS provide free cover for COVID-19 vaccination
DBS and Chubb Insurance Singapore have partnered to provide DBS and POSB customers with complimentary insurance cover for complications caused by vaccinations against COVID-19.
China sees increase in online insurance premiums
Buying personal insurance online is becoming more popular in China, with premiums increasing by 13.6% year on year, according to data from the Insurance Association of China.
WTW introduces cyber cover for power & utilities firms
Willis Towers Watson has introduced CyNat, a cyber insurance product designed specifically for companies in the power and utilities industries.
China revises rules on foreign holdings in insurers
China’s top insurance regulator, the CBIRC, announced last Friday that new national security reviews have been added to rules on foreign ownership in an insurance business even as it removes the 51% cap on foreign ownership.
Climate change stress tests on the horizon
Banks and insurers around the world are likely to face climate-related stress tests in the next two to three years as supervisors become increasingly aware of the urgency in gauging the risks from climate change, Fitch Ratings says in a new report.
Is insurance sector able to cope with new tech risks?
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Brokers adapted well to forced digital transformation
Speaking at the Asia Brokers Summit 2021, Brokerslink chairman Jose Manuel Fonseca he pointed out that brokers in general did a great job in the transition to working from home and dealing with people digitally.
China focus on balance between growth, risks & stability
The Chinese government’s modest growth target of above 6% for 2021 and greater focus on longer-term issues are positive for the sovereign’s credit quality, according to a new report from Moody’s Investors Service.
COVID-19 pushed down 2020 net income of top 4 reinsurers
The world’s four largest reinsurers recorded a 69% fall in net income in 2020. In 2019 the net income of these four insurers (Munich Re, Swiss Re, Hannover Re and SCOR) was EUR5.07bn ($6.04bn) and it fell to EUR1.56bn ($1.86bn) in 2020.
Beazley announces suite of coverages for media producers
Specialist insurer Beazley has launched a suite of contingency policies to provide media producers and production companies coverage against a range of risks that can cause productions to be delayed or called off.
China insurance industry rebounds on life business growth
In January, the insurance industry achieved gross premium income of CNY1.01tn ($155bn), a year-on-year increase of 11.16%, according to data released by the CBIRC.
The impacts of COVID-19 on Singapore’s insurance market
As Singapore aims to recover from the COVID-19 crisis, a report by Aon has noted an increase in shorter-term and micro-insurance products in the market, as a response to the current risk-averse environment.
How insurers keep up with rising cyberattacks
Cyberattacks are on the rise, and so are the financial losses that can follow in their wake, according to a new S&P Global Ratings report on the cyber insurance market.
Run-off market ready to thrive in 2021
Insurance and legal professionals expect to see an increasing number of run-off deals this year, according to a new report by Global Insurance Law Connect (GILC). The report looked into the drivers of legacy business in both mature and emerging markets, collecting data from member firms in 20 countries.
Commercial insurance prices continue to rise in Q4 of 2020
Another quarter brings another round of price increases for global commercial insurance. This time, prices jumped by 22% in Q4 of 2020, according to Marsh’s “Global Insurance Market Index.” The latest increase is the largest since the index was launched in 2012, and it comes on the back of year-on-year average increases of 20% in the third quarter and 19% in the second quarter of 2020.
Business confidence of Singapore SMEs in 2021
Singapore’s small and medium enterprises (SMEs) are expecting to lean heavily on government support in 2021 to weather the economic downturn caused by the COVID-19 pandemic, according to a survey by QBE Insurance.
Europe must alter capital rules for climate
European regulators need to overhaul their capital rules to free up insurers to invest more in climate-friendly infrastructure projects, the chief executive of German insurer Allianz said at a virtual meeting of the World Economic Forum discussing how to finance the low-carbon transition.
The impact of China’s solvency management changes
The CBIRC’s changes to the solvency management of China’s insurance sector are a positive step, particularly in the reinforcement of balance sheet strength and the development of enterprise risk management, says AM Best. The changes will go into effect 1 March.
Allianz to form wholly-owned China subsidiary
Allianz (China) Insurance Holdings has received approval from the country’s banking and insurance regulator to establish a wholly-owned insurance asset management company.
Asia-Pacific liability insurance market to grow annually
Research conducted by GlobalData shows that the liability insurance industry in Asia-Pacific is expected to grow at a compound annual growth rate (CAGR) of 3.8%, from US$28.8 billion in 2019 to US$33.4 billion in 2023, in terms of written premiums.
Asia piracy incidents highest in five years
Total piracy incidents in Asia have risen by 17% for 2020, marking the highest level in five years, according to an international watchdog. The number of actual incidents also rose by 32%.
Climate change impacting renewable energy risk landscape
Global insurance brokerage, risk advisory and solutions company, Willis Towers Watson (WTW), has urged risk managers to respond to an evolving risk landscape prompted by climate change.
Shipping insurers to raise rates after Red Sea attacks
Insurers may raise rates to cover merchant ships passing through the Red Sea after a series of attacks on vessels around Saudi Arabian waters.
Sedgwick reveals major industry trends
Sedgwick has released its Drive to Thrive in 2021 report highlighting this year’s major insurance industry trends and issues that employers, brokers, carriers, risk management, and human resources professionals should focus on to remain steady amid the unstable environment.
Aon introduces fuel price insurance
Aon has announced the launch of a new fuel insurance product designed to help shipping and aviation companies protect against rising fuel costs.
The importance of technology for healthcare in Asia
A study conducted by Prudential Corporation Asia and the Economist Intelligence Unit (EIU) has found that digital health technologies offer an unprecedented opportunity to improve access to healthcare in Asia.
Willis Towers Watson unveils new version of modeller
Willis Towers Watson (WTW) has announced the launch of a new version of RiskAgility Financial Modeller, its financial modelling and reporting software for life insurers. RiskAgility FM 3.0 provides life and health insurers with a new calculation approach to actuarial modelling, with run times typically 10 times faster than current software.
Insolvency claims against directors, officers to increase
While many have celebrated the start of the New Year filled with hope, one expert believes that 2021 will be difficult for directors, officers, and their advisers due to a projected increase in insolvency claims against them.
Top 10 world’s largest insurance companies in 2020
AM Best has ranked the US’s UnitedHealth Group and Germany’s Allianz as the world’s largest insurers.
Aviva to cover side effects of COVID-19 vaccinations
Aviva Singapore has announced that its health insurance products will automatically cover side effects arising from the COVID-19 vaccination, at no additional premium.
The biggest challenge for marine insurance claims managers
Speed of process is the biggest challenge facing marine insurance claims managers, according to new research from Marine Judge, an AI-driven marine insurance platform.
Global insurance protection gap rises to $5.78tn
The global insurance protection gap (IPG) for the total market (life and non-life) has risen to $5.78tn- 70.8% in the life segment and 29.2% for the non-life segment – according to the updated edition of MAPFRE Global Insurance Potential Index (MAPFRE GIP) 2020.
Insurance industry gets positive outlook after tough year
HX, the data and analytics division of Howden Group Holdings, has announced the release of its Q3 2020 insurance sector earnings update, focusing on COVID-19, capital, catastrophes, and pricing.
Willis Towers Watson launches new automaker insurance
Willis Towers Watson has enhanced its casualty offering for automotive manufacturers in Asia. Dubbed as a five-in-one insurance solution, it covers general liability, product liability to product guarantee, product recall from first- and third-party, and financial loss relating to product recalls.
Reputation is one of the most valuable intangible assets
Reputation is one of the most valuable intangible assets to global businesses, according to a report by Lloyd’s and KPMG. The reputational risk landscape has changed significantly over the last decade, as businesses’ risk profiles evolved rapidly across all industries.
Brokerslink works with Swiss Re on new platform
Global broking business Brokerslink has announced the launch of a dedicated international insurance program management platform to drive the growth and digitalisation of its international portfolio.
China’s insurance sector records growth in assets
China’s insurance sector has seen steady growth in its total assets for the first nine months of the year, according to the China Insurance and Banking Regulatory Commission (CBIRC).
Internal failures most frequent cause of cyber claims
While companies should fear cyberattacks from external bad actors, a new analysis by Allianz Global Corporate & Specialty (AGCS) has revealed that it’s employee mistakes and technical issues that are to blame for the majority of cyber claims.
Singapore provide COVID-19 insurance for travellers
Visitors to Singapore will now be able to purchase inbound travel insurance for COVID-19 related costs incurred while in the country.
Aon launches capital advisory unit for re/insurers
Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched an Asia Pacific Capital Advisory unit within Reinsurance Solutions to deliver a holistic approach to capital optimisation for re/insurers.
Insurers’ recognition of and action against ESG risks
Many insurers and reinsurers recognise that proper understanding and integration of ESG factors is increasingly critical to the long-term viability of their businesses, says AM Best. However, overall, there is a marked lag between recognition of ESG risks and action being taken to mitigate those risks.
Japan life insurers commit ESG investment
Four major domestic life insurance companies have announced that they will strengthen their commitments to Environmental, Social and Governance (ESG) investment in the second half of the fiscal year ending 31 March 2021 (FY2020), focusing on how the companies in which they invest address the environment and other issues.
Most US young adults suffer mentally during pandemic
In the US, about 60% of young adults lost their jobs or lived with someone who did since the outbreak of the pandemic and nearly 40% expected to lose their job in the next month – shining the spotlight on health insurance policies for this group.
Cyber attacks on Singapore SMEs on the rise
Phishing attacks against small and medium sized businesses in Singapore have increased by more than 60% in the first 10 months of this year – a worrying sign at a time when SMEs are accelerating digitalisation efforts in the wake of COVID-19.
China to lead global insurance rebound
The recession caused by the COVID-19 pandemic is expected to cause global insurance premiums to contract by around 1.4% in 2020, according to a study by the Swiss Re Institute. In 2021, the global insurance market is expected to recover, with China leading the rebound.
Hong Kong creates insurance disciplinary panel pool
Hong Kong’s Insurance Authority (IA) has established the Disciplinary Panel Pool (DPP) as part of its new disciplinary mechanism for licensed insurance intermediaries and authorized insurers.
COVID-19 patients at risk of mental health problems
Many COVID-19 survivors are likely to be at greater risk of developing mental illness, psychiatrists said on Monday, after a large study found 20% of those infected with the coronavirus are diagnosed with a psychiatric disorder within 90 days.
Singapore to address foreign workers’ protection gap
Chubb Insurance Singapore is partnering with Singapore FinTech Pay2Home to offer free insurance cover for foreign workers. Foreign workers in Singapore can now receive free insurance cover of up to S$2,500 ($1,850) for accidental death and total permanent disability benefits, with a simple opt-in when sending money home.
HSBC targets insurers for fund administration
HSBC has launched an improved fund administration solution for Asia-based insurance companies, after onboarding HSBC Life, its Hong Kong insurance business.
US insurers turn a profit in first-half despite COVID-19
Property and casualty (P&C) insurers in the US remained profitable in the first half even as 26% was sliced from their net income.
Fast Cover wins insurance innovation award
Fast Cover Travel Insurance has won this year’s Finder Award for “Best Insurance Innovation”.
China launches insurance blockchain innovation centre
Late October saw the launch of China’s first ‘Insurance Blockchain Innovation Centre (IBIC)’ on the sidelines of the second Lujiazui International Reinsurance Conference. The centre was jointly established by the Shanghai Insurance Exchange (SIE).
Marine insurers take on uncharted Arctic risks
According to a Reuters report, the Arctic Ocean has been seeing a rise in commercial voyages recently as many cargo vessels venturing between Europe and Asia opt to ply this route because of the potentially huge savings they can make. The situation is posing a challenge to several marine insurance companies that are forced to navigate uncharted liability issues.
Insurers expect COVID crisis to change industry
More than 60% of senior insurance executives in Australia and the Asia Pacific believe business models will need to be reinvented post-COVID, according to a survey by global investment giant BlackRock.
North P&I looking to boost route risk advice
The international marine insurer North P&I Club is looking to provide with its new routing risk advice digital tool, in order to offer a clearer view of the hazards that seafarers may face before they set sail.
Australia updates unfair contract term protection
The Australian Securities and Investments Commission (ASIC) has updated its information sheets on unfair insurance contract terms protections for consumers and small businesses, following the government’s enactment of the Financial Sector Reform Act 2020.
The real value of insurance brokers
The National Insurance Brokers Association of Australia (NIBA) – engaged Deloitte Access Economics to produce a report on the economic value of the insurance broking industry. The report described and quantified the elements that comprise the industry’s value: To customers, insurers, the economy, governments and broader society.
APAC catastrophes highlight importance of reinsurance
Over the past two years, the Asia-Pacific insurance industry has seen a slew of extreme weather events, compounded with the unprecedented disruption caused by the COVID-19 pandemic. These, according to a report by S&P Global Ratings, have made reinsurance more important and, unfortunately, more costly.
Interbrand releases Best Global Brands 2020 report
It’s once again time to reveal the world’s top 100 brands, courtesy of the Interbrand Best Global Brands Ranking.
West of England P&I creates marine information platform
Marine insurer West of England P&I has introduced a new global information platform. Known as Neptune, the portal is designed to provide operational, security and bunker information across ports globally and deliver information to club members.
UK offers COVID-19 insurance for screen productions
A government-backed COVID-19 insurance scheme for the UK television and film sector was formally launched last Friday following state aid approval from the European Union.
Claims trends and risk exposures shift during COVID-19
According to a new report from Allianz Global Corporate & Specialty (AGCS) called ‘COVID-19 – Changing Claims Patterns’, claims trends and risk exposures in different lines of insurance are likely to evolve in both the mid- and long-term as a result of the COVID-19 pandemic.
Nearly 9 of 10 workers prefer keep home working option
Nearly nine out of 10 workers want to be able to choose whether to work from home or the office once COVID-19 workplace restrictions ease, and have greater autonomy over their hours, according to research from Cisco Systems.
COVID-19 creates opportunity to narrow protection gap
The insurance industry has not been spared the devastating impact COVID-19 has had on the global economy. There is, however, a consensus that the pandemic has brought the protection gap in Asia to front-of-mind and raised consumer awareness of the need to be financially protected enough that (re)insurers need to capitalise on this window of opportunity.
Top risks facing businesses in the Asia-Pacific region
The World Economic Forum (WEF) has today published its survey on ‘Regional Risks for Doing Business 2020’ which has identified that the top risk concern facing businesses in the Asia-Pacific region today is the spread of infectious diseases.
Global M&A market marks positive performance
Despite the impact of the COVID-19 pandemic on dealmaking, the global M&A market has recorded its first positive performance in three years for completed deals, according to a report by Willis Towers Watson.
Beazley offers cyber and breach response portal
Specialist insurer Beazley has launched a cyber and breach response portal containing an all-encompassing set of resources designed to help broker partners and coverholders stay informed and educated on the constantly evolving cyber risk landscape.
How insurance brokers are growing their value proposition
Capgemini recently released its World Insurtech Report for 2020, in which a major theme was that insurers must turn their focus to meeting the digital needs of customers as big technology firms and non-traditional players continue to enter the insurance space.
China insurance association issues social responsibility report
This is the first of its kind for the insurance sector, focusing on the five areas – nation, society, industry, environment, and individuals – outlining the main work completed by the insurance industry in meeting its social responsibility in 2019.
Cyber risk could eventually be too much for insurance industry
Senior insurance professionals worry that the world’s dependence on online technology has grown so great that it may surpass the industry’s capacity to fully protect it, according to the upshot of a series of interviews conducted by CyberCube CEO Pascal Millaire.
Pandemic overtakes climate change as top risk
The ranking of pandemics and infectious diseases shot up to the top spot for 2020, with 56% of the over 2,700 risk experts surveyed naming it as a major emerging risk. In 2019, it was in eighth place, mentioned by only 23% of experts.
COVID-19 forces re-evaluation of life insurance needs
Forty-one percent of American adults feel that the COVID-19 pandemic has changed how their family handles finances and nearly one in four (22%) will consider increasing their life insurance coverage this year, according to a recent survey by disability income provider group Unum.
Capital of top reinsurers rebounds to 2019 levels
The capital base of the world’s leading reinsurers has remained resilient, after a strong capital markets recovery in the second quarter of this year, says Aon’s Reinsurance Aggregate (ARA) report. The capital has rebounded to 2019 levels.
China to revamp basic medical insurance system
The restructuring initiative marks the first revision of the 22-year-old scheme covering urban employees— one of the key pillars of the country’s state-backed social safety net. Changes discussed for more than a decade will alter how billions of yuan of contributions will be managed and spent.
Life insurers grapple with COVID-19 challenges
Swiss Re recently listed four COVID-19 challenges impacting life insurers as in-person sales, complicated protection products, paramedical services and going paperless.
Charles Taylor launches work injury claims system
Charles Taylor Claims Services has launched a bespoke workers’ compensation claims solution, which comes ahead of Singapore’s revised Work Injury Compensation Act (WICA) coming into effect on January 01, 2021.
Lloyd’s leader on protecting businesses’ intangible assets
Recently, Lloyd’s of London published a report in collaboration with KPMG, titled ‘Protecting intangible assets: Preparing for a new reality,’ in which they urge businesses to pay attention to the new risk landscape that has evolved under COVID-19, and to factor intangible assets into their risk models.
European insurers expect changes resulting from pandemic
New survey results released by Information Services Group (ISG) revealed that most insurers in Europe expect demand for digital products and services to increase significantly in response to the COVID-19 pandemic.
Ecclesiastical launches online hub for education clients
Specialist insurer Ecclesiastical has launched an online hub to help its education clients manage strategic and operational risks.
Macroeconomic uncertainty poses risk to insurers
With corporate bonds constituting a majority of the insurance industry’s assets, the balance sheets of insurers are now at risk due to recent coronavirus-induced macroeconomic uncertainty. This finding was revealed in a new AM Best special report titled ‘Corporate bond holdings pose risk to insurers’ balance sheets’.
Green hybrids expose issuing insurers & banks to risks
S&P Global Ratings states that, issuing green or sustainability-linked hybrids helps banks and insurers spotlight their environmental, social, and governance (ESG) strategies, but investors are still exposed to the risks of the broader businesses.
Latest developments in China’s healthcare industry
South China Morning Post (SCMP) has released its China Healthcare Report 2020, which features the latest innovations and trends expected to impact the global market, as well as reforms that will reshape the country’s domestic healthcare market.
Global commercial insurance prices in largest increase
Global average commercial insurance prices rose by 19% in the second quarter of 2020, according to a new report by Marsh. The increase, the largest since Marsh’s Global Insurance Market Index was released in 2012, follows average year-over-year increases of 14% in Q1 and 11% in the fourth quarter of 2019.
Insurers must refine their focus for innovation strategies
The COVID-19 pandemic is a “defining moment” for the insurance industry in that it has illuminated insurers’ inefficiencies in both their inward and outward facing digital capabilities.
COVID-19 may accelerate interconnected geopolitical risks
The 2020 Risk Maps report published by Aon in partnership with the Risk Advisory Group and Continuum Economics has revealed that the COVID-19 pandemic will likely transform the geopolitical landscape and have profound socioeconomic implications.
Swiss Re & Ping An partner to deploy motor claims solution
Swiss Re and Ping An’s OneConnect Financial Technology Co. are collaborating on a digital end-to-end solution that seeks to make motor claims faster, easier, and more accurate.
China tightens rules on insurers’ solvency
China Banking and Insurance Regulatory Commission (CBIRC) and People’s Bank of China (PBOC) have proposed a draft of tighter solvency regulations for insurers.
Hong Kong passes tax cut for certain insurers
The Hong Kong Legislative Council has passed a measure that will reduce profits tax on several insurance businesses, a move that seeks to grow the insurance sector by stimulating investment.
Emirates to provide free COVID-19 insurance cover
Dubai-based airline company Emirates is now offering an insurance product that would cover for travellers should they ever be diagnosed with COVID-19 – the first insurance of its kind to be offered by an airline.
Insurers favor commercial warehouse investments
According to Goldman Sachs Asset Management (GSAM), global insurers are looking to increase investments in commercial warehouses over office space.
Advanced economies recover after lockdown easing
With many economies reopening, economic capacity utilisation has rebounded to above 90% of pre-crisis levels as per recent insights from Swiss Re Institute (SRI) economists.
New cover for Asia-based digital health services
With the impact of COVID-19 accelerating the uptake of digital health services, Beazley has introduced a modular insurance policy called ‘Virtual Care’ in Asia to provide coverage for risks associated with such services .
Chubb introduces work from home coverage
Chubb has announced the launch of a work from home (WFH) insurance policy which has been tailored to enable employers to continue to care for the health, safety and well-being of their employees whilst they work remotely. The policy is said to be the first of its kind in the Asia Pacific market.
Lloyd’s of London outlines ‘better fit’ strategy
Centuries-old exchange Lloyd’s of London announced it plans to stop accepting admitted market accounts in the U.S and focus on the U.S. reinsurance and excess and surplus (E&S) insurance market.
Insurance industry well-placed to overcome recession
The insurance industry is poised to overcome the COVID-19-induced global recession, according to a report by Swiss Re Institute.
Generali offers remote facility inspection for firms
Generali’s P&C unit Global Corporate & Commercial (GC&C) Iberia & LatAm has developed a new system for remote facility inspection to address the consequences of COVID-19 and to provide value-added solutions for its corporate clients.
Beazley introduces booking system for virtual meetings
Beazley has introduced an online booking system to enable brokers to arrange virtual appointments and share relevant documentation securely with underwriters during the coronavirus pandemic.
Employee benefits market poised for change after COVID-19
With remote working becoming the norm for many employees due to COVID-19, there has been considerable demand for a change to working practices that could shift the focus of the employee benefits market.
New covers for travel agents against cancellation
Considering impending announcements from the UK government on easing travel restrictions, ROCK Insurance Group has launched two new COVID-19 insurance policies to protect travel businesses and travel agents should customers need to cancel or postpone their trips due to coronavirus-related issues.
Japanese insurer launches remote loss prevention service
With the COVID-19 pandemic preventing professionals from travelling and performing on-site inspections at factories and warehouses, Tokio Marine & Nichido Fire Insurance has decided to offer an online-based remote loss prevention service for corporate clients as a complementary support measure.
Increase in employee-related risk due to COVID-19
A global survey carried out by ORX, an operational risk association for the financial services industry, over 160 senior risk professionals from banks and insurers has revealed that the risk landscape look nothing like what they had expected it to be in 2020 due to the coronavirus.
Great Eastern to offer cover for gig economy workers
Great Eastern, in partnership with telehealth provider Doctor Anywhere, has launched an insurance product targeted at self-employed, freelance, and gig economy workers in Singapore, in light of COVID-19.
COVID-19 highlights where automation is necessary
The insurance sector has a long history of relying on paperwork, and the balance between automation and human contact has been grappled with for several years – however, according to FinTechNZ members, the ongoing pandemic has highlighted the areas which would most benefit from change.
Sompo Japan to launch cyber cover for IoT firms
Sompo Japan Insurance is reportedly planning to launch a new cyber product by next year, designed for companies with factories exposed to the internet of things (IoT).
Cyber coverage leap in wake of COVID-19
The rise in remote working due to the COVID-19 pandemic will increase the risk of cyberattacks, giving insurers an opportunity to improve their cyber insurance penetration rate, according to analytics firm GlobalData.
Insurers need flexibility amid increasing unemployment
The COVID-19 pandemic has led to high unemployment levels globally and this means that insurance providers will struggle to convince policyholders to keep policies, said data and analytics firm GlobalData in a recent commentary.
Beazley delivers coverage for virtual events
Specialist insurer Beazley has launched a contingency policy designed to cover event organizers if a transmission failure disrupts or cancels a live virtual event.
Western Union partners with AXA to offer insurance
Two giants of their respective industries have announced a new partnership – with AXA to team up with Western Union. The move will see AXA provide insurance products to the money movement firm’s customers via its online service.
GDR listing of China Pacific Insurance raises US$1.8bn
China Pacific Insurance Group (CPIC) has been successfully listed and commenced trading on the Shanghai segment of the main market of the London Stock Exchange.
Role of infrastructure investment in emerging markets
Emerging markets will invest $2.2tn in infrastructure annually over the next 20 years, equal to 3.9% of GDP, according to estimates in the latest sigma report released by Swiss Re Institute.
Chubb and GoBear launch work from home care
As more people than ever work from home due to COVID-19, Chubb and financial services platform GoBear have launched a product that caters to the needs of telecommuting employees in Singapore.
Manulife launches virtual face-to-face sales platform
Manulife Hong Kong has launched virtual face-to-face agency sales platform, allows customers to discuss and purchase insurance products with its agents through a secure video chat sales platform.
Aon bolsters tool to combat cybersecurity threats
With COVID-19 restrictions triggering a rise in businesses implementing work-from-home arrangements, Aon plc has decided to expand the scope of its cyber risk assessment platform, CyQu Enterprise, to address increased cyber vulnerabilities brought about by remote work.
Ransomware incidents spike 25% in Q1
There was a 25% spike in ransomware attacks in the first quarter of 2020 over Q4 2019, according to specialist insurer Beazley. The figure is based on incidents reported to Beazley’s in-house breach response team, Beazley Breach Response (BBR) Services.
Lloyd’s market launches e-placing API
Lloyd’s announced the launch of an application program interface (API), which is designed to help London market brokers and underwriters place business electronically.
Longer-term impacts of COVID-19
As COVID-19 wreaks havoc worldwide, businesses focus on the short-term impacts of the pandemic, with their top concerns being whether they’ll be able to meet payroll and pay next month’s rent. Other medium- and longer-term impacts of the coronavirus pandemic are very much “tomorrow’s problem”.
UK forms reinsurance scheme for trade credit insurers
The UK government has created a £10 billion (US$12.5 billion) reinsurance scheme to help business-to-business transactions maintain credit insurance protection against customer defaults or payment delays during the COVID-19 pandemic.
Employers responsible for remote work injury
Employees injured while working from home must be compensated by employers, Singapore Minister of State for Manpower Zaqy Mohamad said in Parliament on June 04.
China Pacific Insurance gets green light for London listing
China Pacific Insurance is reportedly pushing through with its planned London listing via a Sino-British stock link scheme, despite the volatility in financial markets caused by the COVID-19 pandemic.
COVID-19 to have significant impact on power sector
The pressures exerted by the COVID-19 pandemic on workforce availability and maintaining supply chains are proving challenging to the power sector, according to a report by Willis Towers Watson.
COVID-19 has major implications for maritime industry
COVID-19-related restrictions on supply chains and international travel have serious implications for the maritime industry, according to a new report by Allianz Global Corporate & Specialty (AGCS).
Google-branded cyberattacks to target remote workers
Remote workers have been targeted by up to 65,00 Google-branded impersonation attacks, according to a new study from cybersecurity specialist Barracuda Networks. This type of scam, called “spear phishing,” uses branded sites to trick victims into sharing their login credentials.
COVID-19 to boost W&I insurance in M&A deals
There are not many green shoots of hope for the insurance industry amid the coronavirus pandemic. Perhaps it’s some small consolation for the industry that at least one product appears to have received a boost from the pandemic – warranty & indemnity (W&I) insurance in M&A.
Some premiums could double as hard market moves in
After witnessing several years of decreases, commercial insurance buyers are facing rate increases not seen in almost two decades. Industry experts expect price hikes to double for some premiums as insurers try to mitigate the impact the coronavirus on their revenue.
EU advocates insurance catastrophe backstop
With business interruption (BI) insurance claims across Europe being rejected amidst coronavirus lockdowns, the Federation of European Risk Management (FERMA) has called upon the European Commission to create an EU resilience framework for catastrophic risks such as the current pandemic.
China pushes online P&C insurance business
The CBIRC has drawn up a plan to promote the development of online property and casualty insurance business over the next two years, Shanghai Securities News has reported.
Brokers are crucial for cyber insurance growth
Insurance brokers play a vital role in addressing adequate coverage and several other factors constraining growth in the cyber insurance market, suggests a new report by CyberCube.
Aviva declares first quarter financial results
It has been a strong start to 2020 for insurance giant Aviva – albeit with more than a cautionary word or two about what may be around the corner amid the COVID-19 pandemic.
Generali digitizes art insurance
ARTE Generali, Generali Group’s business unit that provides art insurance to collectors, has unveiled a new app, which offers remote evaluation of artworks.
Hard road ahead for global reinsurers
As the reinsurance sector continues to take a hit from the COVID-19 crisis and other factors, S&P Global’s latest report has revised its sector outlook from stable to negative.
The rise in approach to cyber insurance
The president of the European Central Bank (ECB), Christine Lagarde, warned earlier this year that a coordinated cyberattack on a major financial institution could cause a “liquidity crisis”. With that in mind, it’s no surprise that financial institutions have been the earliest and most willing adopters of cyber insurance.
Generali & Descartes partner on parametric insurance
Generali Global Corporate & Commercial and Descartes Underwriting have announced a strategic partnership to offer parametric insurance products.
Prudential’s Asian sales fall due to COVID-19 pandemic
Prudential plc has revealed that its first quarter sales in Asia decreased by 24% to US$986 million amid the COVID-19 pandemic.
UK create reinsurance scheme for trade credit insurance
The UK Treasury announced it is creating a government-backed temporary reinsurance scheme so businesses can continue to access trade credit insurance during the COVID-19 crisis.
Pandemic shows need to update insurance products
General insurers need to reinvent their products in order to increase the sector’s economic relevance amid a new risk landscape. For instance, while fire traditionally has been the biggest risk to property, the COVID-19 pandemic has shown that non-physical risks present an immediate threat to properties as well.
The ‘work from home’ and cyber security
With COVID-19 pandemic sweeping virtually every nation across the globe, most organisations are adjusting to employees working from home. However, the majority of the employees use their own internet connections which increases their vulnerability to cyber attacks.
Tokio Marine to employ AI analysis for auto damage
Tokio Marine will harness artificial intelligence (AI) to assess and process auto damage claims across its insurance operations in Japan, in a move that is believed to accelerate claims processing for the company.
China insurers be allowed to banks’ debt to equity offerings
The CBIRC, in a policy document issued this week, outlines a set of new rules aimed at bolstering a programme designed to reduce leverage in the economy. Insurance funds, pension funds and qualified retail investors will be allowed to invest in banks’ investment plans that have debt-to-equity swaps as underlying assets.
Peak Re completes lutece acquisition & rebranding
Peak Reinsurance Company Ltd (Peak Re) has completed the acquisition of Lutece Holdings Ltd and subsidiary Lutece Investment Management Ltd. The two acquired entities will be rebranded as Peak Capital Holdings Ltd and Peak Capital Ltd, respectively.
Singapore insurers expand support for COVID-19 patients
The Life Insurance Association, Singapore (LIA Singapore) and General Insurance Association of Singapore (GIA Singapore) have expanded coverage for COVID-19 patients, as more Singaporeans continue to recover from the disease.
Zoom video login details have been hacked
Hackers put more than half a million login details for the teleconferencing app Zoom on the dark web, sale at 1 pence (1.25 cents) each, the Sunday Times newspaper reported.
COVID-19 heightens demand for insurance
Over a quarter of respondents in four Asia-Pacific markets have expressed worries about their financial situation during and after the COVID-19 pandemic, while many have identified insurance as a ‘must have’, according to a survey by Swiss Re.
Willis debuts marine-focused cyber product
Willis Towers Watson has released a new cyber insurance product in Asia, designed specifically for shipowners, as the maritime industry in the region moves to keep up with incoming regulatory changes.
AXIS Capital estimates Coronavirus-related claims in Q1
AXIS Capital Holdings Ltd. announced an estimated net claims provision of $300 million, pre-tax, for the first quarter related to catastrophe and other weather-related events. This amount includes estimated pre-tax claims of $235 million for the COVID-19 pandemic.
Ping An group joins Principles for Sustainable Insurance
Ping An Insurance Group is the first company in mainland China has become a signatory to the Principles for Sustainable Insurance (PSI), a global sustainability framework of United Nations Environment Programme Finance Initiative.
Beazley reveals impact of COVID-19 on its Q1 results
Accompanying the release of global insurer Beazley Plc’s trading statement for the three months ended March 31, 2020, a statement from CEO, Andrew Horton, highlighted the unprecedented nature of the events seen in the first quarter and noted that the impact of this pandemic is still being assessed.
Risks from Chinese new business interruption insurance
At the direction of the Chinese government, domestic insurers started selling business interruption insurance to cover Chinese enterprises against disruptions from the coronavirus outbreak. Fitch Ratings cautions that the move could pose risks to the underwriting stability of property and casualty insurers.
AXA boosts telehealth services in Asia
As part of its efforts to support people dealing with social distancing, lockdowns, and isolation during the spread of COVID-19, AXA has expanded its telehealth and online service offerings.
Swiss Re opens access to Life Guide
In response to the COVID-19 outbreak, Swiss Re is opening access to its proprietary Life Guide underwriting manual – what it deems the industry’s number one global underwriting manual – to all life and health insurers for 90 days from April 27 to July 31.
Arch’s estimated COVID-19 losses could hit $145 million
Arch Capital Group Ltd. said its estimated pre-tax losses for claims incurred due to the COVID-19 pandemic could reach $145 million.
Swiss Re confirms to support COVID-19 relief efforts
Reinsurance giant Swiss Re Group has committed CHF5m (US$5.2 million) to support global COVID-19 relief efforts, particularly in developing countries.
App helps customers choose right insurance product
For the long-term protection of self and family from any financial strain due to health emergencies and untimely death, especially in pandemic times, people look at procuring an appropriate insurance cover. To work out the appropriate insurance cover, is however, easier said than done.
Wimbledon shows why pandemic insurance is vtital
The Wimbledon tennis tournament had the foresight to buy around £1.5 million (US$1.9 million) per year in pandemic insurance following the SARS outbreak in 2003, said GlobalData in a recent bulletin.
Blockchain & cryptoasset progress being held back
The lack of a robust insurance market is hampering the adoption of cryptoassets and blockchain infrastructures, according to Evertas, the world’s first cryptoasset insurance company.
China to ease requirements for foreign insurers
According to a report by Reuters, China is reportedly aiming to make it easier for foreign life insurers to acquire controlling stakes and make major investments in domestic firms. The move is part of Beijing’s plans to open up the financial sector to international investment.
UK insurers axe dividends amid COVID-19 concerns
British insurers canceled more than 1 billion pounds ($1.2 billion) of dividends on Wednesday, in moves welcomed by the Bank of England which had cautioned the sector about the risk of heavy costs from the spread of the coronavirus.
Chubb piles 10 million USD into COVID-19 relief efforts
Playing its part in the fight against the global pandemic, Chubb has announced that it is committing US$10 million to COVID-19 relief efforts around the world. The funding will be made by the Chubb Charitable Foundation.
Insurers warn on forced coronavirus payouts
In Britain, lawmakers have pushed insurers to show flexibility in paying out on losses suffered due to the coronavirus that were not covered by policies. World insurers told that would make them risked destabilising the insurance industry.
High number of grounded planes due to outbreak
The COVID-19 pandemic has caused more than US$160 billion in insured value of aircraft to be grounded, leading to huge risks for insurers, according to a report by global brokerage Gallagher.
Munich Re reveals COVID-19 hit
The impact of the coronavirus on the insurance industry keeps on coming. Governments across the globe have been banning these public gatherings in the fight to slow the spread of COVID-19. The latest victim has been Munich Re, which withdrew its profit guidance for the year as a result of significant insurance claims triggered by the cancellation of large events.
Singapore insurers introduce new support measures
Two major insurance industry bodies in Singapore have introduced additional measures to support customers reeling from the health and economic crises caused by the COVID-19 pandemic.
Hackers exploit COVID-19 crisis
According to Check Point Software, there have been over 4,000 coronavirus-related domains registered globally since January 2020.
Lloyd’s faces claims from multiple insurance lines
Lloyd’s insurers face COVID-19 related claims from approximately 14 categories of insurance, said Chief Executive Officer John Neal during a media call to discuss the market’s 2019 results.
COVID-19 to test insurers’ resilience
The economic impact of COVID-19 has worsened sharply, posing a challenge to insurers’ financial resiliency. This could lead to targeted downgrades or outlook changes for Asia-Pacific insurers over the coming weeks, according to S&P.
Olympics postponement cost less than cancellation
Delaying the Olympics is likely to cost insurers much less than canceling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say.
Hong Kong Insurance Authority welcomes new bills
Hong Kong’s Insurance Authority (IA) has welcomed two important bills that introduce various amendments to the city’s insurance markets.
COVID-19 exposes flaws in design of pandemic bonds
To offset the crushing costs of trying to stem a global epidemic, the World Bank and partners announced the creation of “pandemic bonds”, with the idea was to leverage private capital from Wall Street firms that would help stricken poor countries. But since the bonds were launched in 2014, investors have reaped more profits than countries battling epidemics.
Tips to analyse Coronavirus-related claims
Claims presented for the coronavirus will be complex in terms of loss measurement but early engagement with the insured to understand the potential impacts is crucial to managing the loss, said Crawford Forensic Accounting Services (CFAS) in a whitepaper on the insurance impacts of the novel coronavirus.
Lloyd’s of London closes underwriting room
After conducting a successful stress-test last week of its electronic trading system, Lloyd’s has made the decision to close its underwriting room in response to the coronavirus outbreak.
AIA launches app-based COVID-19 alert service
AIA Hong Kong has launched a COVID-19 alert service through its AIA Connect mobile app. This allows registered users (both customers and non-customers of the insurer) to receive alerts regarding COVID-19 cases in different districts throughout Hong Kong.
Most British firms not insured for Coronavirus closures
Most companies in Britain don’t have insurance cover for closures caused by the coronavirus outbreak, the Association of British Insurers said on Tuesday.
What’s in the U.S Coronavirus aid bill?
The U.S. House of Representatives passed a multi-billion dollar aid package early on Saturday that aims to limit the economic damage from the coronavirus pandemic. The Republican-controlled Senate is expected to take it up this week.
Biden & Sanders fault U.S outbreak response in debate
Democratic presidential contenders Joe Biden and Bernie Sanders faced off on Sunday in their first one-on-one debate, a key moment before votes in four states on Tuesday. The former vice president and the U.S. senator from Vermont initially focused their discussion on the coronavirus pandemic.
Lloyd’s to shut London building for stress-test
Lloyd’s is shutting its London underwriting room at 1 Lime Street for one day for a contingency planning exercise in response to the coronavirus outbreak.
UOB lauches insurance-bundled product for women
In celebration of International Women’s Day last weekend, United Overseas Bank (UOB) and Prudential Singapore launched a savings product for women in Singapore that combines a savings account with complimentary medical insurance for six female-related cancers.
Clinical trials insurance crucial for seeking COVID-19 cure
Medical experts have been hard at work to find a cure for COVID-19, with dozens of studies underway in several countries. In some cases, clinical trials have been performed to test possible solutions on patients in China and the US.
Aon to buy Willis Towers Watson
Global insurance brokers Aon and Willis Towers Watson announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion.
Towards a win-win bancassurance partnership
Bancassurance, or selling of insurance through bank partners, is one of the most popular distribution channels in Asia today, as shown by insurers signing blockbuster long-term deals across the region. For many insurers and banks, this channel is a major revenue stream, but, of course, it is not flawless.
Keep calm and work from home during Coronavirus
Global banks and small investment firms in Europe are urging staff to work from home and curb travel as the financial industry braces for disruption from the rapidly spreading coronavirus outbreak.
Impact of outbreak on home loans and mortgage rates
The Federal Reserve cut short-term interest rates by half a percentage point on Tuesday in an effort to protect the economy from more damage from the virus outbreak. What does all this mean for home buyers? Or those looking to lock in a mortgage rate? For owners considering a refinance? And for those holding an adjustable-rate mortgage?
Targeted insurance offers hotels some relief in virus fight
Organizers of events called off because of the coronavirus are likely to miss out on insurance payouts because typical policies do not cover epidemic outbreaks. Hotels hit by cancellations may fare better.
Re/Insurers feel virus impact from financial market volatility
Global insurers and reinsurers are exposed to the coronavirus outbreak directly through a potential spike in claims, and indirectly through the impact on economic growth and the resultant financial market volatility, according to a report from Moody’s Investors Service.
Insurers could lose billions if Olympics 2020 canceled
Global insurers face a hefty bill if the coronavirus forces the cancellation of the Summer Olympics in Tokyo, with estimates of the cost of insuring the sporting showpiece running into billions of dollars.
Marine insurers brace for fallout from COVID-19 crisis
The COVID-19 outbreak is expected to have a ‘significant impact’ on the marine insurance market as the volume of cargo shipments within Asia and across the globe reduces drastically, IUMI’s chairman of the ocean hull committee Rama Chandran told Asia Insurance Review.
Business preparation amid virus outbreak
The World Health Organisation has declared the novel coronavirus a public health emergency of international concern, businesses need to be prepared for the outbreak’s possible effects. Insurance broker and risk advisor Marsh has released a plan to help businesses deal with the global coronavirus outbreak.
Unique approach to selling insurance online
High premiums, a lack of understanding of insurance and distrust are major barriers hindering the sale of insurance products in China despite the rapid growth of its online insurance sector.
The dilemma of genetic testing in insurance
Genetic testing can be a powerful tool for insurers – potentially allowing them to price risk better. But it also carries with it some potential risks, if applied indiscriminately.
World Bank pandemic bond losing value
A World Bank bond designed to deliver funding to help the world’s poorest countries to tackle fast-spreading diseases has lost half its value as the coronavirus outbreak in China has fanned fears that investors could face hefty losses
Cyber risks can impact firms from unexpected angles
A new report from Aon warns organisations that cyber risks can come from any digital channel – even those channels considered “less appreciated.”
China gives firms concessions to deal with outbreak
China has reduced several pension and insurance fees in order to help businesses cope with the coronavirus (COVID-19) outbreak.
Estimated event cancellation losses from Coronavirus
Losses to event cancellation insurers are already likely to be more than $100m, although not all event organisers buy epidemic cover, reported Reuters, citing Mr Tim Thornhill, director, sales in entertainment and sport at Lloyd’s of London broker Tysers.
Coronavirus could infect two-thirds of world population
As the number of coronavirus cases jumps dramatically in China, a top infectious-disease scientist warns that things could get far worse: Two-thirds of the world’s population could catch it.
Life insurers should stress test risk of pandemics
The 2019 Novel Coronavirus is a timely reminder for life insurers to stress test their balance sheets in in the event of a pandemic outbreak.
Insurance rallies to prepare for Coronavirus escalation
Outside of mainland China and the ill-fated cruise ship, Singapore and Hong Kong have the highest incidence of coronavirus infections. Singapore had 50 confirmed cases and Hong Kong 50 confirmed cases and one death at time of writing.
Insurers & brokers need more than traditional underwriting
When dealing with new and less-understood risks such as cyber, many brokers and risk managers have their work cut out for them. When up against a risk that often involves sophisticated technology, expanding beyond traditional methods is a must.
Boom of online insurance and healthcare services
Amidst all the mass hysteria surrounding the coronavirus outbreak, people in affected Asian countries seem to be avoiding face-to-face interactions and staying indoors as much as possible. This has led to many venturing online to seek services from digital insurers and telehealth service providers.
China lowers life premiums amid virus outbreak
The China Banking and Insurance Regulatory Commission (CBIRC) has issued new rules that seek to lower life insurance premiums, as the coronavirus infection continues to spread across the country and its neighbours.
Virus outbreak puts insurers under the microscope
As multiple countries grapple with the novel coronavirus infection, individuals and organisations are scrutinising their insurance policies to see if they are covering the losses caused by the epidemic. On the ground, several insurers have also launched efforts to support the fight against the infection.
Reinsurers at higher levels of risk in Coronavirus outbreak
Reinsurers may face higher levels of risk than life and health (L/H) insurers in the current coronavirus outbreak, as the risk profiles of the former entail higher exposures to mortality and morbidity risks, says AM Best.
IAIS adopts global frameworks for insurance supervision
The International Association of Insurance Supervisors (IAIS) adopted a comprehensive set of reforms that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.
Gallagher takes full ownership of London reinsurance broker
Arthur J. Gallagher & Co. has increased its stake in London-based Capsicum Reinsurance Brokers LLP to 100% from 33%, the U.S brokerage announced Monday.