edition
• Report reveals a gap between the perception and reality of cyber threats, suggesting untapped potential for (re)insurers.
• Historical data shows cyber premiums often exceed losses, unlike nat-cat premiums, demonstrating a need for recalibration of risk appetite.
• Chance of cyber events being catastrophic is less likely than nat cats due to logistical challenges, rapid cybersecurity advancements, and exclusions in policies, report says.
• Insurers should adopt advanced risk models, portfolio monitoring tools, and cyber-specific expertise to manage risk.
• Strategic use of reinsurance, clear risk appetite, portfolio diversification, and investment in cybersecurity infrastructure are key to capitalising on cyber opportunities.
• Approximately 900 properties in Kensington Banks, Melbourne, were newly designated flood-prone.
• Melbourne Water said new flood maps include climate change, urban development, and new technology.
• Designation has led to a significant increase in insurance premiums, with one resident claiming his premiums had risen from AU$180 to AU$5000 per year.
• Experts and residents urge the Victorian government to consider a home buyback scheme.
• PCRIC and WTW develop a parametric insurance policy for PNG DataCo. to cover earthquake damage to submarine fibre optic cables.
• The policy provides rapid payouts to manage financial impacts and ensure minimal service disruption.
• PNG will join Pacific Catastrophe Risk Insurance Foundation, allowing input into PCRIC’s strategic direction and product development.
• Zurich Takaful Malaysia Berhad and Zurich General Takaful Malaysia Berhad partnered with AEON Bank to offer Syariah-compliant insurance through Zurich Edge.
• Insurer’s Zurich Edge platform integrate with AEON Bank’s apps to provide embedded solutions directly to the bank’s customers.
Wong joins to drive growth in Lockton's employee benefits business.
