Daily Willis Review | 28th March 2018

TMK launches new cyber attack policy
Tokio Marine Kiln has launched a new insurance and services policy to protect clients against the impact of cyber attacks, in partnership with ex-government intelligence firm XCyber.

The new policy, Cyber Ctrl, has been developed to address the increasing demand for more comprehensive coverage and prevention services, the company said.

It gives businesses practical and financial support to combat the evolving cyber threat and customers are provided with an intelligence-based critical alert service revealing their cyber vulnerabilities.

As part of the service, policyholders also have access to consultancy about the European Union’s GDPR regulations, in collaboration with data protection firm Sytorus
Laila Khudairi, Head of Enterprise Risk, said: “Malicious cyber-attacks are becoming increasingly sophisticated and common and no business is immune.

“Pre-empting the damage that can be caused by hackers and ensuring clients have the financial and practical support needed to deal with an attack or a breach is critical.”

Climate change is an opportunity for re/insurers: Moody’s
Ratings agency Moody’s believes that climate change can offer many growth opportunities for insurers and reinsurer, Reinsurance News has reported.

Moody’s anticipates that insurance will likely become a more widespread part of comprehensive risk adaptation strategies.

This will allow insurance and reinsurance companies to expand their operations by introducing new products, expanding existing ones, and by closing the protection gap.

Initially, this growth is likely to be mitigated by an accompanying decline in insurance demand from carbon-intensive industries, the report said.

However, Moody’s anticipates the aggregate demand for risk management products to increase alongside climate change.

Many of these new opportunities will be affected by the uncertainties associated with underwriting new technologies or products without significant loss histories.

Moody’s believes, however, that the advantages for insurers and reinsurers will be outweighed by the risks attached to climate change.

PERILS issues final loss estimate of $1,334 million for Tropical Cyclone Debbie
PERILS has released a final insured loss estimate of AUD 1,740 million ($1,334 million) for Tropical Cyclone Debbie, which struck Queensland and New South Wales, Australia.

This compares to a third loss estimate of AUD 1,658 million ($1,271 million) for the storm, which occurred from 28 March 2017 into early April.

PERILS, the Zurich-based provider of industry-wide catastrophe insurance data, said Debbie was the first Australian catastrophe event for which there was a market loss footprint.

The data collected from insurance companies was available at a postcode level and by property line of business.

The data was also divided between losses classified as cyclone, and those which were from flood.

Ocean International Re opens office in Mexico
Barbados-headquartered Ocean International Reinsurance has opened a representative office in Mexico, Insurance Journal has reported.

The office is headed by Rebecca Peña, and it follows regulatory approval from Mexico’s National Insurance and Bonding Commission.

Ms. Peña has 18 years’ experience, and she joined Ocean Re from Lockton Mexico, where she was Reinsurance Senior Vice-President.

Ocean Re Executive Director Carlos G. Chamorro said Mexico “represents another stage in our solid development in the insurance and reinsurance industry, and commits us to continue promoting and innovating, for the benefit of our customers and friends”.

The report said Ocean Re, which opened in 2006, also has a representative office in Panama, and is planning to open one on Colombia.