Page 15 - Insurance Times August 2019

International

News

Munich Re aims to sustain Swiss Re boosts P&C capabilities in Asia
10% share of cyber market With the appointment of Hans-Joachim Zimmermann as head of client mar-
kets, P&C (conventional) in Malaysia, and Xinmei
Munich Re has recently revealed its Zheng as head of client markets, Hong Kong and Tai-
plan of focusing on the growing wan, Swiss Re Asia has added two new leaders to
cyber re/insurance market, with an its property and casualty team.
aim of retaining its current 10%
share. In 2018, the re/insurer earned Zimmerman will be responsible for marketing, origi-
premium volume of almost US $500 nation and client relationship management activities of P&C conventional busi-
million from cyber coverage. ness in the Malaysia and Indo-China markets. He has over two decades of ex-
perience in the insurance industry and has overseen several underwriting and
Munich Re stated that it continues business development functions in Singapore, Malaysia and Germany, where
to view itself as the most “active” re- he covered some of the world’s major insurance markets including the US and
insurer in the space and plans to the UK. He began his insurance career with Allianz in Germany before joining
hold on to its 10% share in the high AXA in 1999, where he held numerous senior roles. Most recently, he was chief
growth line. The combined ratio for
underwriting officer at AXA Affin General Insurance Bhd in Malaysia, a posi-
Munich Re’s cyber operations is tion he had held since 2015.
therefore estimated to be around
80-85%, although the data for such Meanwhile, Zheng will be in charge of marketing, origination and client relation-
ship management activities of P&C business in the Hong Kong/Macau and Tai-
an estimate remains incomplete
wan markets. Zheng joined Swiss Re in 2008 and has been involved in customising
Analysts have noted that Munich non-life solutions for clients across Asia. Most recently, she was client manager
Re’s position is in stark contrast to its & market underwriter for P&C reinsurance, a role she has held since 2014.
competitor Swiss Re, which they as
extremely cautious concerning cyber
business. Swiss Re considers accu- GEICO, Jewelers Mutual launch jewellery insurance
mulation risk to be the biggest risk, policy
analysts suggested, and will not fully In collaboration with Jewelers Mutual Insurance Group, GEICO (Government
enter the market until a large event Employees Insurance Company), the second-largest auto insurer in the US, has
allows for higher prices. launched a standalone jewellery insurance policy for cus-
Munich Re’s cyber coverages cur- tomers. The plan offers coverage for the entire value of a
rently include: privacy breach liabil- piece of jewellery or entire collection in the case of loss,
ity; confidentiality breach liability; damage or theft. The coverage is likely to be cost approxi-
privacy breach protection; loss or mately 1% to 2% of the item’s total value every year.
theft of data; cyber extortion; net-
GEICO intends to meet more specialised coverage need of jewellery owners as
work security liability; reputational
traditional homeowners or renters policies cover jewellery damage or loss only
risks; payment card industry data
up to a certain limit. The offering will also give customers the option to choose
security standard (PCI-DSS); and their own trusted jeweller for repairs, file fast and easy claims in case some-
business interruption.
thing happens.
The Insurance Times, August 2019 15