World prepares for earthquake drills
On October 16th towns and cities around the world will unite with one aim; to ensure that their citizens are better prepared to tackle the risk of earthquake. From California to New Zealand, from British Columbia to Japan, over 18 million people will take part in the Great Shake Out. The drills will be taking place in those areas that are prone to frequent quakes but also those where they are rare. At the heart of the drills is the simple action of ‘Drop, Cover, Hold On’ – simple and easily remembered steps to help protect you during a quake – drop to the ground, take cover (under a sturdy desk or table if possible), and hold on until the quake stops. This three-step drill could save your life. Find out if your area is taking part.
Insurance giant expands credit & political risk group
As political unrest concerns grow, as highlighted by the current tension in Hong Kong and the ongoing issues in Russia-Ukraine and Iraq-Syria, global insurance giant Zurich has announced expansion in its Credit & Political Risk group. The company has opened new offices in Toronto and Houston bringing its total number of Credit & Political Risk offices around the world to 14; and has made key appointments to leadership roles in Singapore, the United Kingdom and the Americas. The new office in Houston adds to Zurich’s large global network of credit & political risk underwriting expertise. Texas is home to large global companies, as well as countless energy businesses that are operating in challenging political risk environments and taking on diverse credit risks. A native Texan, Matt Albrecht is heading up the office. The firm has also launched its first credit & political risk underwriting presence in the Canadian market providing local service to Zurich’s customers and brokers in the Toronto area. Among the other changes, Tim Warren is the new Regional Manager of the Asia-Pacific team. Tim has been in Singapore since 2009, having relocated there from the London office, and has been the deputy regional manager of the Asia-Pacific team for the last two years.
Russian hackers reported to be behind JP Morgan data breach
Russian hackers, possibly with links to the country’s government, are reported to have been behind a massive cyber-attack on US bank JP Morgan Chase. With over 80 million individuals and businesses affected by the data breach, with contact information but not account details stolen, this is one of the most serious cyber attacks ever. Fortunately the bank’s security team were able to stop the attack before financial data was accessed but a number of other banks were attacked during the same period, in July this year, and not all have declared to what extent they were affected. Read the full story.
Allianz announces new CEO
The global board of Allianz will have a new chief executive from next May. Oliver Bate will take up his new role from 7th May when current CEO Michael Diekmann retires. Diekmann and supervisory board chair Clement Booth requested that their board appointments should not extend beyond the age of 60.
