The CBIRC has released and implemented a new regulation covering responsibilities for safeguarding the reputational risk of insurance companies and banks.
As society becomes increasingly digital savvy, more and more people are turning to online reviews on rating sites, social media and online forums. This has led to a swell of reputational risk for businesses and organisations as many of these ratings and sites can be easily manipulated.
Lloyd's has announced the results of its 2020 annual culture survey, which is designed to track the market's collective progress towards a more inclusive environment and identify areas that need specific attention and action to drive culture change.
Willis Towers Watson and Liberty Specialty Markets have together launched Reputational Crisis Insurance - a new solution that enables organisations to transfer the financial risk associated with certain types of reputational crises in addition to providing access to a range of non-insurance capabilities.
Risk management is a significant area of growth for Australia's actuaries as the private and government sectors and the economy and jobs market recover from the impact of COVID-19 according to Actuaries Institute of Australia's incoming president Jefferson Gibbs.
Indian general insurer ICICI Lombard has launched a 'corporate India risk index' to help companies understand the level of risk that their business is facing. The index will also assist the companies in developing a successful risk-aversion plan.
One of the challenges faced during 2020 in underwriting non-payment insurance was convincing Structured Credit and Political Risk (SCPR) insurers to accept new clients, says Mr Matthew Solley, managing director, Structured Credit and Political Risk, at Gallagher.
One of the largest insurers in the UAE, Oman Insurance Company, has announced that it has attained its highest customer satisfaction score to date, with 87% of its customers being satisfied or very satisfied with its services.
Sino-French Life Insurance is expected to continue to be under pressure in the first quarter of this year even though its liquidity crisis has been resolved with the injection of CNY2.8bn of fresh funds by new shareholders.
India witnesses close to 500,000 road accidents every year resulting in over 150,000 deaths, serious injuries and damage to vehicles and insured losses running into millions of dollars. Despite many efforts by the government and various organisations the situation on the ground has not improved much with an average of 53 road accidents happening every hour across the country. A recent World Bank report states that India, with one per cent of the world's vehicles, accounts for 10% of all road crash victims. Building safe infrastructure is one of the major aspects of addressing this issue, the report said.