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AGCS Japan: Japan Tackles Rise in Cyber Risks

During a recent client workshop in Japan, clients and brokers were given an insight into parallels between Japan and Germany, where the IT landscape and dependency is equally developed but concepts for protecting government institutions and corporations against cyber attacks are in need of further enhancements.

AGCS Japan’s Clemens Philippi, Head of Market Management, shared lively examples including the recent spying activities on German politicians and Chinese cyber attacks on Japan and stressed how AGCS as an insurance company and partner, will support the development of risk awareness and risk mitigation concepts for Japanese corporations.

Some 60 clients and brokers attended the workshop with the JLT Communications, Technology and Media Team about cyber risks and developments in the insurance world. Representatives from JLT London and Crawford London explained developments in Europe and Asia in relations to cyber threats and how JLT has come up with bespoke wording to address the needs of CTM clients. The cover would be promoted in Japan with AGCS Japan as a preferred global partner of the CTM practice. Crawford described their expertise in the handling of cyber claims and illustrated in their speech some concrete recent claims examples.

Natsuki Motoyama, Senior Underwriter at AGCS Japan commented: “Japan’s broker market is underdeveloped which is a hurdle for our business model. Hence we welcome the initiative of the JLT CTM team to undertake knowledge transfer and investment in resource to develop the Japan market. We are ready to support JLT CTM’s efforts. Concretely we will focus on building a pipeline and expect to convert business from summer 2014.”