With cyberattacks on the rise, how can the insurance industry keep up?

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The median cost of a cyberattack increased nearly sixfold worldwide between 2019 and 2020. However, only 26% of the firms have a stand-alone cyber insurance policy as most firms rely on generic insurance policies or have no cyber insurance at all, according to the Hiscox Cyber Readiness Report 2020.

S&P Global Ratings’ latest cyber insurance report stated that cyber insurance is usually bundled into existing property or liability insurance policies. In some cases, the policies do not explicitly include or exclude cyber cover, giving rise to “silent cyber” losses – where insurers incur losses from cyber-related claims on policies that

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How has the COVID-19 crisis impacted Singapore’s insurance market?

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Aon expects a tight market to continue, at least in the first half of 2021. Coverage remains stable, but pandemic exclusions have become common. The disruption caused by the pandemic has also made credit insurance more difficult to obtain. The decreased appetite for risk has prompted insurers to introduce more short-term and micro-insurance products.

Following a decrease in driving and road accidents during the Circuit Breaker period in the first half of 2020, auto insurers have seen favourable claims performance. With an expected return to normal traffic patterns, Aon expects a modest increase in market pricing.

Pricing and deductibles in

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PLUS unveils new insurance professional designation programme

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As cybersecurity becomes a bigger concern for organisations that have transitioned to remote working in the wake of the pandemic, the Professional Liability Underwriting Society (PLUS) has unveiled a new designation programme for cyber liability professionals.

The new Cyber Professional Liability Practitioner (CPLP) designation builds on PLUS’s Registered Professional Liability Underwriter (RPLU) designation, but with a cyber liability slant. The CPLP designation is a specialised one, which allows cyber liability professionals to distinguish themselves in a highly competitive and evolving market.

To earn a CPLP designation, a professional must have experience in the cyber liability insurance industry. Candidates must compete

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Swiss Re launches flood monitoring partnership

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Swiss Re has announced that it has entered into a partnership with ICEYE, the largest commercial synthetic-aperture radar (SAR) satellite operator and flood monitoring provider. The partnership will advance flood risk management, assist disaster response and expedite claims payments globally, the reinsurer said.

The partnership will bolster Swiss Re’s natural catastrophe services through early-warning systems and near real-time flood monitoring built on ICEYE’s flood-monitoring capabilities and radar satellite imaging, which will allow Swiss Re to track and react faster to floods around the world.

While the partnership will initially focus on floods, it is intended to expand to other perils,

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