Page 8 - WTW Asia Insurance Market Report
P. 8

Trends We’re                                    Vietnam :                                       Thailand :
                                        Tien Phong Bank foiled an                       Coordinated malware attack
Cyber                                   attempt to steal more than                      used to extract money from
                                        USD 1 million                                   Government Savings Bank
In 2015, companies in Asia lost USD                                                     ATMs across the country,
81 billion in revenues to cyber-crime–          Singapore :                             resulting in a loss of USD
more than in the United States or                                                       350,000
Europe. A dangerous combination of      A private company which offers
lack of awareness and investment has    karaoke entertainment suffered                          Taiwan :
resulted in companies being poorly      a serious data security breach, in
protected. According to the Financial   which the personal data of over                 Malware attack netted thieves
Times, up to 90% of Asia-Pacific        300,000 customers was leaked                    USD 2.5 million from 40 cash
banks and companies reported some                                                       machines
form of cyber-attack in 2016.                   Japan :
                                                                                                Singapore :
5da2y0s                                 In a synchronized attack in
                                        May, hundreds of thieves with                   A student accessed forms
                                        fake credit cards withdrew                      showing personal data from
                                        USD 18 million from 1700                        customers, prompting a
                                        Seven Bank cash machines                        telecom service provider to shut
                                                                                        down its web page for 12 hours

  the average time that                         Singapore :                             The increasing vulnerability of
  Asian companies allow                                                                 business operations to a failure
  malware to sit on their               A telecom provider suffered                     in technology or a data breach
  systems – three times                 intentional and malicious                       has pushed a number of clients to
  the global median.                    distributed denial-of-service                   purchase cyber coverage.
                                        (DDoS) attacks on its Domain
Rising                                  Name Servers (DNS)
Occurrence and
Underinsurance                          Typhoon Meranti                                 The huge global gap between
of Natural                                                                              disaster-related insured and
Catastrophes                            Economic Loss = USD 3 billion                   economic losses presents a growth
                                        Insured Loss = USD 650million to USD 1 billion  opportunity for insurers. Swiss Re
Natural disasters are unpreventable                                                     estimates that uninsured losses
occurrences that take place, ranging    Japanese Kumamoto Earthquakes                   from natural disasters are USD
from mild to absolutely destructive.                                                    153 billion annually, with the US,
The number of natural and               Economic Loss = USD 30-42 billion               Japan and China accounting for
geophysical disasters taking place      Insured Loss = USD 5 billion                    most of the global gap (USD 81
each year is noticeably skyrocketing.                                                   billion). Furthermore, 5 of the top ten
A number of disasters have struck       Flooding of Yangtze Basin                       countries with the largest uninsured
Asia in 2016:                                                                           losses are in Asia. Closing the
                                        Economic Loss = USD 43 billion                  underinsurance gap requires specific
8                Insured loss = USD 1 billion                    measures by the insurance industry
                                                                                        towards creating incentives for risk
                                        Taiwan Meinong Earthquake                       mitigation through risk-based pricing
                                                                                        of its products.
                                        Economic Loss = USD 780 million
                                        Insured Loss = USD 8 million
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