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 Global Corporate & Commercial and Descartes Underwriting have announced a strategic partnership to offer parametric insurance products.
Prudential plc has revealed that its first quarter sales in Asia decreased by 24% to US$986 million amid the COVID-19 pandemic.
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.
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.
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 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.
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 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.
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.
