Weekly News Update – 19th April

A new survey from Aviva has flagged that almost 75% of brokers are worried about clients being underinsured and examines what can be done to address this. As well as the threat of political violence during the elections, which we reported last week, a cyber risk analytics provider warns that “government and election infrastructure pose an under-secured and attractive target for cyber attackers”. The UAE’s recent floods, although extensive, should be manageable for insurers according to AM Best.

Aviva survey highlights major challenge for brokers (Source: Insurance Business Magazine)
Around three quarters of brokers are worried about clients being underinsured in Aviva’s recent Broker Barometer survey.

Strengthen pre-election cyber defences, report warns (Source: Continuity, Insurance & Risk Magazine)
CyberCube implores “government agencies and officials to increase their cyber security measures, to enhance election integrity safeguards”.

Low penetration, extensive reinsurance suggests UAE flooding will be manageable for insurers: AM Best (Source: Reinsurance News)
Despite the heaviest rainfall in more than 75 years, AM Best says that low insurance penetration and extensive reinsurance cover shouldn’t make costs to UAE primary insurers prohibitive. However the ratings agency noted “increasing losses…in the region….may make reinsurers rethink their strategy in these markets”.

James River completes sale of casualty reinsurance business to Fleming (Source: Coverager)
After a brief legal battle and a turbulent couple of weeks, Fleming honours its agreement to buy JRG Reinsurance Company from James River.

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