Tokio Marine Kiln (TMK) has bolstered its Asia-Pacific (APAC) operations with the appointment of Georgina Furness-Smith as cyber underwriter, effective Jan. 2.
TMK’s cyber unit in the region, established in August 2023, has recorded steady growth, and this appointment is seen as a strategic step toward sustaining that momentum.
Furness-Smith (pictured) brings more than five years of experience in cyber insurance, having most recently served as senior cyber underwriter at AXIS Capital. During her tenure, she played a central role in developing a cyber property damage portfolio.
Based in Singapore, Furness-Smith will focus on driving TMK’s expansion in key APAC markets while contributing to the team’s continued growth.
TMK has been increasing its capabilities in Singapore through a series of key hires. Recent additions include Alex Ampatzis as head of marine, APAC, in October, and Stephanie Hong as marine underwriter in September.
Pavlos Spyropoulos, TMK’s regional managing director for Asia Pacific, said the appointment aligns with the company’s efforts to strengthen its market presence.
“Since TMK began underwriting cyber from Singapore, the team has gone from strength to strength, and Georgina’s expertise will further enhance TMK’s market leading position in the region,” he said.
Commenting on her new role, Furness-Smith said: “TMK’s team in APAC has a strong reputation for growth and innovation. There is significant scope to expand the cyber proposition and portfolio to unlock new growth opportunities, and I am looking forward to joining the team at a key point in its journey.”
The global cyber insurance sector is expected to grow from approximately US$14 billion in premiums in 2023 to US$23 billion by 2026, with annual growth rates projected at 15% to 20%, according to S&P Global Ratings.
Asia Pacific and Latin America are identified as high-growth regions due to their relatively nascent markets compared to North America and Europe.
However, S&P also noted the challenges associated with the fast-evolving cyber threat landscape. Rising claims, driven by factors such as stricter data regulations and increasingly sophisticated cyberattacks, are putting pressure on insurers.
Maintaining profitability will require companies to implement rigorous underwriting practices, refine policy language, and adjust pricing and retention strategies to match emerging risks.
