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.
The Asia-Pacific region has experienced rapid digital transformation in recent years, particularly since the COVID-19 pandemic. This has driven a corresponding increase in cyber risks, which require robust insurance solutions, says global reinsurance broker Gallagher Re.
Many businesses "perceive an increasing sense of cyber vulnerability", as technology innovations continue to drive digitalisation, according to the white paper published by Zurich and Marsh McLennan, Closing the cyber risk protection gap.
WTW, a leading global advisory, broking, and solutions company, has formed a dedicated technology industry practice within its Corporate Risk & Broking (CRB) business in Australia and New Zealand.
WTW has appointed Mr Ben Di Marco as leader of its new dedicated technology industry practice. He is a cyber and technology risk specialist.
Beazley's recent survey of 3,500 global business leaders has revealed that despite the growing risk landscape, only 24% of executives based in Singapore ranked cyber as their top risk this year.
Allianz Commercial has appointed Ms Jenny Wilhelm as head of distribution for Asia. In her new role, she will work closely with the Asia leadership team to drive the distribution and go-to-market strategies to deliver on overall smart growth ambitions across the Allianz Commercial businesses in Asia.
An estimated 2m to 3m customer records were leaked in a data breach involving Japan's four leading property and casualty insurers, Kyodo News Agency reported, citing sources close to the matter.
The 2024 Singapore Actuarial Conference, themed 'Creating Resilient Actuaries for Tomorrow' explored the challenges and opportunities for actuaries in the insurance industry. This includes developing products and services to meet the needs of individuals, businesses and governments, discussions around sustainability in medical insurance, the use of AI in healthcare and health insurance and the ever-evolving cyber threat landscape.
Australia has dealt with cyber breaches of some major companies including financial and insurance companies, says QBE Insurance.