Cyclone Warning Issued for Northern Territory
A cyclone warning has been announced for Australia's Northern Territory, including Darwin, the capital and largest city. Tropical Cyclone Fina is expected to reintensify and strengthen in the area.
Industry Updates
- HDI Global, Willis, China Re, Axa XL, Hannover Re, and Global Asia Insurance Partnership have recently made personnel changes.
- Tokio Marine completed its second US acquisition this month by acquiring Commodity & Ingredient Hedging (CIH).
- Australian underwriting network Rhodian Group launched its sixth specialty managing general agency (MGA).
Insurance Market Trends
The upcoming rate increase will affect Protection & Indemnity (P&I) as well as freight, demurrage, and defence (FD&D) policies. Cybersecurity has evolved beyond an IT issue and now requires governance-level attention within boards.
"Cybersecurity is no longer just an IT concern, but a governance issue that belongs on the boardroom agenda."
The insurance sector must adapt by investing in innovation and improving systems, talent, and data management practices to remain resilient.
Author's summary: Tropical Cyclone Fina is strengthening near Darwin amid significant insurance sector shifts, highlighting the evolving challenges of risk management and governance in the industry.
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