November 2022

Marsh India News and Views

Marsh India Newsletter– News & Views. The latest edition provides an insight into the latest developments during the quarter as well as a succinct review of the key facets surrounding the key risks, preparedness, and risk management solutions in India.

Cyber security data protection business technology privacy concept.

We are pleased to share the latest quarter issue of our Newsletter – News & Views, which provides an insight into the latest developments during the quarter as well as a succinct review of the key facets surrounding the key risks, preparedness, and risk management solutions in India. 

In this edition of the Newsletter, we have tried to analyze the latest trends in the cyber insurance space and the latest commercial insurance price trend in Asia. 

According our latest report, State of Cyber Resilience although 70% of the companies are confident of their cyber resilience, but, nearly half (48%) admit that there is still room for improvement when it comes to cyber hygiene measures essential to managing cyber risks. The findings of the report suggest that Asian companies are not as well-prepared as they might think they are, with data showing the lack of cybersecurity risk controls in place – a requirement for insurance programs. 

This edition also shares insights from the latest issue of the People Risk report indicates that cybersecurity and data privacy is now ranked as the top people-related risk by companies in India, followed by the risk of administration and fiduciary risks, and changing nature of work. 

The current edition also includes the latest price trends of the commercial insurance market. According to Marsh's quarterlGlobal Insurance Market Index (GIMI) Asia’s commercial insurance pricing rose by 3% year-on-year in the second quarter of 2022, as rate rise continue to moderate. 

As the COVID-19 situation eased across the country, Marsh India re-started the in-person events after more than two years with the OPD report launch in September. This edition also captures some moments from the recently concluded events. 

We aim to make this newsletter a forum for discussion on issues relevant to the insurance industry and hope you find it informative and insightful. We welcome your feedback and encourage you to share it with us at contact.india@marsh.com

 

Warm regards,

SANJAY KEDIA
Country Head and CEO
Marsh India

Disclaimer: Marsh India Insurance Brokers Pvt Ltd is a subsidiary of Marsh McLennan.

Marsh India Insurance Brokers Pvt. Ltd. having corporate and the registered office at 1201-02, Tower 2, One World Center, Plot-841, Jupiter Textile Compound Mills, Senapati Bapat Marg, Elphinstone Road (W), Mumbai 400 013 is registered as a composite broker with Insurance and Regulatory Development Authority of India (IRDAI). Its license no. is 120 and is valid from 03/03/2021 to 02/03/2024. CIN: U66010MH2002PTC138276.