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.
Amid the growth in demand for reinsurance, driven by four major transitions - climate, energy, digital, and demographic - Singapore will reinforce its status as Asia's leading reinsurance hub through several approaches, according to Singapore deputy prime minister, minister for trade and industry and chairman of the Monetary Authority of Singapore (MAS) Gan Kim Yong.
Asia Pacific's insurance industry shows robust growth potential, particularly in accident and health, cyber insurance, and electric vehicle (EV) coverage, despite challenges, says global reinsurance broker, Gallagher Re.
The Insurance Authority (IA) is enhancing its Guideline on Cyber Security by developing a Cyber Resilience Assessment Framework specifically for the insurance sector.
Insurance rates in the Pacific region, dominated by the Australian market, dropped by 6% in the third quarter of 2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Composite insurance rates in Asia declined by 4% in the third quarter of 2024, following a dip of 3% in 2Q and 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Coalition has appointed to its Australian cyber security team Mr Alec Snazelle as managed detection and response analyst in Canberra, Mr George Oosthuizen as security support analyst in Melbourne and Mr Glen Scott as senior security analyst in Perth.
The IRDAI has issued an advisory to all insurers to check their IT systems for vulnerabilities and take necessary steps to protect the policyholders' data.
As the largest economy in the Asia Pacific region, China's cyber insurance market is poised for significant growth, says global reinsurance broker Gallagher Re.