Asia-Pacific liability insurance market to grow 3.8% annually

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The liability insurance market in Asia-Pacific is projected to grow from US$28.8 billion in 2019 to US$33.4 billion in 2023, in terms of written premiums.

Research conducted by GlobalData shows that the liability insurance industry in Asia-Pacific is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2019 to 2023. This is due to growing demand for insurance covering the commercial sector, such as workers’ compensation, professional/management liability (directors’ and officers’ – D&O) insurance and cyber-breaches.

“The demand for D&O policies is driven by increasing risks from environmental, product recall and libellous claims. Increasing number of

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Sompo International inks deal with insurtech on drone insurance

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Sompo International Holdings has entered into a long-term partnership with Flock, a UK-based insurtech that offers insurance solutions to commercial drone operators.

The partnership looks to increase the availability of critical insurance for emerging use-cases in the commercial drone industry. These up-and-coming use-cases include drone cargo deliveries, flying taxi passenger flights, and drone swarm shows.

Through the partnership, Sompo’s aviation and aerospace insurance underwriting experience will be combined with Flock’s real-time risk algorithms.

Flock’s drone insurance products are used to cover for thousands of pilots in the UK and Europe, and the company is also exploring how its proprietary technology

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CyberCube update to assist Lloyd’s syndicates in quantifying cyber losses

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CyberCube has updated its analytic software to enable insurers to quantify losses to scenarios that Lloyd’s of London has issued to syndicates for the upcoming March data collection deadline. These scenarios are used to report to Lloyd’s on how syndicates’ portfolios would be affected by major cyber events.

CyberCube has introduced three scenarios for realistic cyber disasters as part of its Portfolio Manager product, the company said. The scenarios, designed in conjunction with Lloyd’s underwriting team, Lloyd’s market practitioners and Guy Carpenter, are:

  • A cloud outage
  • A power or infrastructure outage
  • A major malware attack

The Lloyd’s

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Arch Capital Group shares expected Q4 catastrophe losses

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It’s the turn of Arch Capital Group to issue its catastrophe loss estimate for the fourth quarter of 2020.

In a release, the Bermuda-headquartered insurance group acknowledged that its financial results for the period will be “negatively impacted” by events in the fourth quarter, including Hurricanes Delta and Zeta. Updated loss estimates for Q3 catastrophes, meanwhile, have also been factored in.

Based on Arch’s approximation, the company will incur pre-tax catastrophe losses somewhere between US$155 million and US$165 million for the fourth quarter. Net of reinsurance recoveries and reinstatement premiums, the anticipated sum spans the group’s property casualty insurance and

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