As a result of increased rates of cyber attacks, company directors and officers are now facing greater regulatory oversight to disclose cyber security issues, says Mr Henry Clark - head of Professional & Executive Risks at the Australian international brokerage Honan Insurance Group.
Insurance pricing in the first quarter of 2022 in Asia increased by 3%, down from 4% in the prior quarter, as price increases continued to moderate, according to Marsh, the world's leading insurance broker and risk advisor.
Insurance pricing in the Pacific region, dominated by the Australian market, increased by 10% in the first quarter of this year, down from 13% in the prior quarter. This is the fifth consecutive quarterly reduction in the rate of increase for the region, according to Marsh's "Global Insurance Market Index Q1 2022" report.
DUAL Group yesterday announced the sale of its Asia Financial Lines and Cyber portfolio to Chubb Asia Pacific that take effect on 18 June 2022.
The Indonesian General Insurance Association (AAUI) and credit insurers have held meetings to discuss improvements in the management of risk in credit insurance business, according to Ms Trinita Situmeang, AAUI's deputy head of Statistics, Research & Analysis.
The Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory Authority (Namfisa) have announced the scrapping of a requirement for single credit insurance policy to be assigned to one loan or credit facility.
Insurance brokers in the Egyptian market are betting on three main insurance branches in 2022 as the most profitable classes of business. These are credit insurance, supplementary motor insurance and life insurance.
Given the growing demand in recent years for D&O liability insurance in China, premium rates in this financial line have been rising since 2017.
Insurance companies are increasingly concerned about the impact of the global stagflation crisis on credit insurance activity, which may cause them to bear large claims in the event of loan defaults.
Insurance pricing in Asia in the fourth quarter of 2021 increased by 4% year-over-year, continuing a slowing of increases that began in the third quarter of 2020, says leading global insurance broker Marsh in its "Global Insurance Market Index Q4 2021" report.