New global sales chief at Marsh
International insurance firm Marsh has appointed Don Bailey as head of global sales. Based in New York, Mr. Bailey will be a member of the Marsh Executive Committee and report directly to Peter Zaffino, president and CEO of Marsh. He is tasked with driving the insurer’s global profitable growth and will work with business leaders across the firm’s footprint. Bailey has more than 25 years of insurance industry experience. He joined Marsh in 2013 as head of sales for Marsh’s US / Canada division, where he also led US industry practices. Mr. Bailey holds a BS in economics from Allegheny College and an MBA from Eastern College in Philadelphia.
Held to ransom - Canadian firm in data disaster
Canadian dating website Ashley Madison is in the midst of a growing form of cyber breach. The site, which has the tagline “life is short, have an affair” faces the prospect of millions of its customers being exposed as cheats unless it complies with blackmailers’ demands to shut down the site. A group known as The Impact Team accessed the site’s data Sunday and CNBC reports that some of that personal information has already been published online. In total Ashley Madison has 37 million customers worldwide who are now faced with the consequences of their adulterous intentions being exposed. In addition to the blackmail of the site owners security experts say there is the secondary risk of the hackers, or others, using the published data to blackmail those named.
Indian insurance sector grows, private firms lag
The potential for growth in insurance coverage in India has been increasingly eyed by international insurers as the country slowly opens up the levels of foreign direct investment it allows in the industry. New figures provide both good news and bad for the sector. In June general insurance premium income increased by 12.6 per cent according to the General Insurance Council. However the data also shows that the state-owned insurers are continuing to dominate the market with private companies lagging. Gross direct premium income for the public sector grew in the month by 13.8 per cent while the private firms take increased by 10.5 per cent.
TV show deemed unfair to insurance firms
A TV show in New Zealand has been found in breach of broadcasting regulations following a report on the country’s Canterbury earthquakes four years ago. The current affairs show Campbell Live broadcast a live report with an audience of residents who had yet to receive settlements following the quake. The NZ Herald reports that the Insurance Council complained that the show breached regulations on balance and accuracy as it did not include the insurance industry’s views and was misleading about the industry and Council’s willingness to appear on the program.
