China’s banking and insurance regulator CBIRC revised its “Rules on Internet Insurance Business” to address issues in the marketplace amid a sharp surge in companies seeking to join the online insurance sector.
Heavy rainfall has caused floods that affected nearly 70 million Chinese citizens across 28 provinces this summer. While costs are likely to exceed $29 billion, according to estimates, only a fraction of the sum will be insured.
Construction projects rely deeply on the quality of the work delivered by contractors and subcontractors, whose insolvencies can severely impact a development and the insurance policies in place. Insurers are scrutinising construction projects more carefully also because the risk of insolvencies is on the rise.
When COVID-19 hit, both insurers and the insured had to grapple with policy claims and whether a product responded to the crisis. It’s been a steep learning curve and it’s time to look at how some typical construction insurance policies have responded and how the insurance market may evolve post pandemic. This assessment is based on Lockton Singapore's experience but reflects developments happening in the sector globally.
Analysing data collected from machinery in industrial processes offers significant opportunities to take control of risks, reduce the cost of breakdowns while increasing efficiency of production processes. Doing so is likely to be particularly rewarding in a hardening insurance market where firms in some sectors are already struggling to find appropriate insurance protection.
Despite significant corporate exposure, the purchasing of environmental risk insurance has been slow in Brazil in recent years. There are some reasons for this scenario but also opportunities to develop this type of cover further, making it more attractive for both insurers and insurance buyers.