edition
• Ransomware has been the main vector of cyber attacks on businesses between 2020 and 2023.
• Munich Re said that ransomware as a service (RaaS) offerings on the dark web are becoming increasingly sophisticated.
• Manufacturing is the industrial sector which is most exposed to ransomware attacks over the period surveyed by Munich Re.
• Munich Re called for state-led initiatives to help deal with systemic cyber risks such as war or loss of critical infrastructure.
• Qubit Underwriting, an MGA specialising in digital asset insurance, completed its Pre-Series A funding round.
• Funds will support Qubit's global expansion and research and development in AI for underwriting.
• Qubit received its HKIA licence in January and aims to meet the growing need for digital asset insurance amid Asia's regulatory changes and cautious approach from traditional insurers.
• ICA activated 'Significant Event' protocol for severe storms which hit New South Wales from 3 April to 8 April.
• The storms brought heavy rainfall, damaging winds, and flash flooding, notably in the Hawkesbury-Nepean and Illawarra areas.
• Insurers have received 11,527 claims, mainly for building and content damage due to wind and rain.
• The total cost of the insurance damage bill is yet to be determined.
• The 'Significant Event' declaration triggers the ICA's enhanced response protocols for affected customers.
• AM Best expects losses from Taiwan earthquake to be less than the US$500m from 2016 Meinong earthquake.
• Rating agency also expects BI claims to be less severe than Meinong earthquake, due to location of 2024 quake.
• Non-life sector has faced significant challenges in 2022, due to pandemic-related claims — leading to operating losses and depleted capital reserves.
• While profits and capitalisation improved in 2023, industry equity remains 21% below 2021 levels.
• Insurers have changed their reinsurance strategy to manage solvency, but this may increase net profit volatility.
• ICA reports updated insurance losses and claim numbers from Australia's extreme summer weather hit.
• Cyclone Jasper has registered AU$296m in losses from nearly 10,000 claims.
• Valentine's Day storms see AU$162m in losses from nearly 25,000 claims.
• Christmas Storms have led to AU$1.1bn in losses from close to 95,000 claims.
• IA collaborates with three financial regulators to launch Anti-Scam Consumer Protection Charter 2.0.
• A total of 230 institutions support the Charter, with 73 authorised insurers and licensed insurance brokers.
• Key measures include a ban on sending electronic messages with hyperlinks for personal information collection.
• Institutions will also work to increase public awareness about digital fraud and scams.
• AM Best affirms Momentum Life's IFS at 'B++' (Good) and ICR at 'bbb' (Good), both with a stable outlook.
• The company was established as a capitalised insurer in New Zealand in 2018.
• FY 2023 and the 1H FY 2024 saw operating losses due to elevated lapse rates and higher expenses from relocating operations from Australia to New Zealand.
• AM Best expects positive earnings for Momentum Life as it implements its strategic business plan.
Hideo Nakano, who has served for 30 years with Sompo, takes on new role as Head of Japanese Interest Accounts for Asia Pacific.
