Global broking and advisory firm Willis Towers Watson (WTW) has launched a new cyber insurance facility, CyCore Asia, targeting businesses in Singapore and Hong Kong. To be underwritten by QBE Insurance Group and AXA XL, it aims to address the cyber security concerns with a primary insurance capacity of up to $15m.
Thailand's National Cyber Security Agency (NCSA) is actively working to establish a cyber fraud insurance framework to face the growing threats from burgeoning cyber risks and data breaches. This initiative is expected to aid organisations in the country in managing their cyber risks as detailed in the country's Cybersecurity Act and Personal Data Protection Act.
The period of benign weather this year has meant insurer profits have increased substantially, especially when compared to the lower-than-average returns in 2023 that were due to the impacts of the Auckland floods and Cyclone Gabrielle, says Taylor Fry, an analytics and actuarial consulting firm.
Beazley has appointed Mr Alessandro Lezzi as group head of cyber risks. He will report to Mr Paul Bantick, group CUO.
MSIG Asia has appointed Mr Alexander Liu as vice president. He also serves as cyber underwriter. In his new role, he will lead MSIG's efforts in advancing cyber and financial lines offerings and supporting sustainable growth across the region.
Aon has appointed Mr Robert O'Connell as global cyber strategy and growth leader and executive managing director of Reinsurance Solutions.
The UAE has seen a sharp rise in cyber threats in 2024, particularly ransomware attacks, with 34 reported incidents between January and November, up from 27 in all of 2023, according to Acronis Threat Research Unit data.
Tokio Marine Kiln (TMK) has appointed Ms Georgina Furness-Smith as cyber underwriter, effective 2 January 2025. In her new role, she will focus on further expanding TMK's presence in markets across the region, as well as maintaining and accelerating the cyber team's growth.
The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission have signed a Memorandum of Understanding (MoU) aimed at strengthening data protection in the insurance sector.
The composite insurance rate in the third quarter of 2024 decreased by 2% in the IMEA region, where rates for large and complex organisations are often driven or influenced by the reinsurance market, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.