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 Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and chairman of the Monetary Authority of Singapore (MAS).
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.
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.