With recent announcement of president Xi Jinping to liberate the China market, Yi Gang, governor of the People’s Bank of China, the country’s central bank, announced raising the joint venture in life insurance companies to 51% by June end for foreign investors.
The Asian market is seeing a huge surge in insurance sales as purchasing power of the middle class has gone up in Asian countries. The year on year growth is projected to grow double digit over next five years reports Watson, leading global advisory, broking and solutions company. The disruptive growth in the sector is seeing existing players switch gears, new entrants and whole new way of operations. Traditional purchasing of insurance to the online purchase has seen far less takers. Insurance Authority have also allowed online-only licensing proposal owning to the growing demand of insurance buying.
Insurance sector is seeing new form of roles like InsurTech service providers that enable consumers to facilitate insurance service by using technology thanks to the digitization of services.
New type of innovative insurance plans and policies are devised to meet the demand of different sectors. With businesses becoming technology reliant, cyber-attack are inevitable and cyber risk insurance is seeing a demand from businesses involving cyber risk. It offers major boost to the insurance sector, insurers consider the cyber risk analysis and protection placed by businesses themselves while calculating premiums. Cyber insurance is a way to cut down on financial losses arising from cyber-attacks. Data and intellectual property is new kind asset that need to be protected. As businesses are levied with fines and penalties by regulators for data breach.
Become resilient from cyber-attacks
Cyber insurance is now a tool along with penetration testing, risk mapping, business contingency plans, employee awareness are steps to make organisations resilient from cyber-attacks.
How businesses identify and respond to security breaches will become critical to the future and growth in digital age.
IT Governance with its expert team of advisors and implementers can provide bespoke solutions to identify risk and implement solution recommended as per the ISO 27001 standards which details the implementation of an information security management system (ISMS); and ISO 22301 which details the implementation of a business continuity management system (BCMS).