edition
• New report spotlights Australia’s lack of insurance coverage for physical damage caused by cyber terrorism.
• Clause excludes ‘computer crime’ from coverage of terrorism reinsurance pool, leaving businesses vulnerable to financial losses.
• Clause limits liabilities for insurers, however ARPC points out a lack of (re)insurance cover is likely to cause adverse community and media backlash following an event.
• International comparisons show Australia lags peers in including physical damage in terrorism reinsurance programs.
• Lawrence Wong said government will not mandate the establishment of third-party panels to oversee appeals on discriminatory practices in insurance provision for disabled and neurodivergent individuals.
• The MAS will soon issue revised guidelines to reinforce insurers' adherence to fair and responsible underwriting practices based on reliable risk data.
• Wong said MAS has not found unfair underwriting practices in cases brought to its attention, but in some instances insurers need to better explain their decisions.
• SCOR is looking to expand in China, expecting the country to become the world’s second-largest reinsurance market within a decade.
• CEO Thierry Leger told the China Daily he expects SCOR’s premiums from the country to double or triple in the next decade and for the market to account for 10-15% of SCOR’s business.
• SCOR plans to enhance its cyberspace risk modelling and underwriting capabilities and increase its investments in China’s capital market.
• Korea’s second-largest life insurer has agreed to buy a 40% stake in Indonesia’s Nobu Bank from Lippo Group, pending regulatory approval.
• The deal represents the first foray of a Korean insurer into the overseas banking sector.
• The move is part of Hanwha Life’s strategy to address domestic market challenges and expand globally.
• BYD Property Insurance receives approval to offer statutory auto liability insurance in Anhui, Jiangxi, Shandong (excluding Qingdao), Henan, Hunan, Guangdong, and Shaanxi provinces, as well as in Shenzhen.
• Moves follow BYD’s May 2023 acquisition and sub subsequent rebrand of insolvent Yi’an Property Insurance, becoming the first Chinese car manufacturer to own an insurer.
• Insurance experts view EV manufacturers more as a potential opportunity for cross-industry collaboration rather than a direct threat.
• Shinichiro Funabiki, soon-to-be CEO of MS&AD Insurance Group Holdings, told Nikkei that Mitsui Sumitomo will aim to sell all cross-shareholdings within two years.
• The move is in response to regulatory pressures and a bid to improve business practices following a price-fixing scandal involving major Japanese insurers.
Faulkner brings over two decades of Australian insurance industry experience to his new role.
Lau brings a decade of digital marketing and e-commerce experience to her new role.
