Cyber risk is a growing concern for businesses, with recent attacks
demonstrating that the costs of a cyber breach can escalate well beyond
managing the fallout of lost or corrupted data. Swiss Re's latest sigma
report "Cyber: getting to grips with a complex risk", says businesses
need to do much more to integrate cyber security into their risk
management programmes. Initiatives to boost cyber resilience are
Following the 2016 earthquake sequences, ANIA - the Italian insurers' association is working to a project on household insurance for catastrophic risks. According to ANIA's President, Marina Bianca FARINA, implementing a solution for a better management of the cat risks is a must for Italia and should provide for a public-private partnership.
The motor insurance market in Central and Eastern Europe (CEE) has been
extremely competitive in recent years, with players across the board
adjusting their business models to optimize costs. Less diversified
insurers that have failed to build scale are struggling with
profitability, reads a recent report by Standard & Poor's, "CEE Motor Third-Party Liability Insurance Profitability: The Good, The Bad, And The Ugly"
"Rapidly changing risks and increasing compliance requirements mean corporate leaders are under scrutiny over alleged wrongdoing as never before. There are a growing number of areas that can result in a company and its directors being sued," states the recently issued D&O Insurance Insights - Management liability today: What executives need to know report by ALLIANZ.
Despite the regulatory authority's efforts the Ukrainian insurance market continued to be confronted with a systemic crisis, which was noticed not only in insurance business. One after another, foreign insurance companies' which were active on the Ukrainian insurance market have decided to give up their business.
The global economy is expected to grow moderately over the next two years, supporting continued growth in insurance premium volumes, Swiss Re's publication Global insurance review and outlook for 2017/18 shows. Growth in global non-life premiums is forecast to fall slightly from 2.4% in 2016 in real terms to 2.2% in 2017, and accelerate to 3.0% in 2018. In the life sector, global premiums are expected to grow by 4.8% in 2017 and 4.2% in 2018. The emerging markets, in particular emerging Asia, will be the main driver of premium growth in both the non-life and life sectors.
Intense competition, difficulties in appropriate pricing because of lacking actuarial data, unresolved legal issues, unfinished privatization as well overall economic instability stalling development are some of the main findings of the latest report issued by S&P Global rating on the ex-Yugoslavian insurance markets (Insurance In Ex-Yugoslavia 25 Years After Dissolution: Is The Gap Closing?)
S&P assesses insurance industry and country risk for the Russian
property / casualty (P/C) insurance sector as high. Our assessment, which
covers both personal and commercial lines, reflects our view of the high
country risk and moderate industry risk that affects this sector.
In the first half of 2016 the Russian economy "shrank" and the fall affected all sectors of the economy. Moreover, the official forecasts about the end of the crisis were ambiguous. Despite this, experts forecast the recovery and growth of the economy in the current year. At the same time, the situation in the banking sector inspires "cautious optimism". So, at the end of the 2nd quarter of 2016 the banking sector has become profitable even without data from SBERBANK Russia (Figure 1).
Over the last few years, the Russian insurers have tended to characterize insurance fraud as one of the most actual threats to their business. It would not be appropriate to say that there were no measures taken in order to reduce this phenomenon. Once they've considered, for example, that introducing a distinct article in the Russian criminal code dedicated to fraud will substantially solve this issue. As a result, in 2012 a special article was introduced in the criminal code (No.159, paragraph 5) - insurance fraud. However, the situation has not improved - on the contrary, it got worse.