2018 will be pivotal year for insurtech in Asia: Clyde

2018 will be pivotal year for insurtech in Asia: Clyde

2018 will be pivotal year for insurtech in Asia: Clyde

The next year will see technology transform Asia’s insurance industry as insurtech comes to the fore in many of the region’s major markets. This is the prediction of international law firm Clyde & Co, which has made a number of forecasts concerning the international insurance industry in 2018. Primary among these predictions is the pivotal role that insurtech will play…

UK’s Institute of Risk Management makes maiden voyage to China

UK’s Institute of Risk Management makes maiden voyage to China

UK’s Institute of Risk Management makes maiden voyage to China

A delegation from the UK’s professional body for enterprise risk managers, the Institute of Risk Management (IRM), has made its first ever trip to mainland China in a bid to promote its qualifications and certification programme among Chinese risk managers. The visit was instigated by an invitation from Professor Martin (Ming-Che) Sung, director of the Research Centre for Risk Management…

Global rates fall again but rises on the way for cat risk: Marsh

Global rates fall again but rises on the way for cat risk: Marsh

Global rates fall again but rises on the way for cat risk: Marsh

Global commercial insurance rates fell for the 18th consecutive quarter in Q3 2017 according to data from Marsh. However, the figures do not account for the effects of recent heavy nat cat losses, with early indications that pricing is on the rise for US catastrophe-exposed property risks, the broker stressed. Marsh’s latest Global Insurance Market Index shows that global average…

Big data and analytics are risk managers’ top tech concerns: Parima/MMC report

Big data and analytics are risk managers’ top tech concerns: Parima/MMC report

Big data and analytics are risk managers’ top tech concerns: Parima/MMC report

A report into emerging technology has revealed that risk managers expect data analytics and process automation to transform their industry. The Targeting a Technology Dividend in Risk Management report, published by the Pan-Asian Risk and Insurance Association (Parima) and Marsh & McLennan Companies’ (MMC) Asia-Pacific Risk Center, looks at how new technology would likely be deployed in the Asia-Pacific corporate…

Swiss Re Corporate Solutions hires new Southeast Asia head

Swiss Re Corporate Solutions hires new Southeast Asia head

Swiss Re Corporate Solutions hires new Southeast Asia head

Swiss Re Corporate Solutions (SRCS) has appointed Didier Bélot as head, Southeast Asia, replacing Jonathan Rake who was promoted to Asia-Pacific CEO in July this year. Mr Bélot, who will take up his role on 1 December, previously headed up Swiss Re’s Innovative Risk Solutions team in Asia-Pacific between 2013 and 2017, having joined Swiss Re in 2008. In his…

New marine insurance syndicate launches to protect Asian shipowners from war

New marine insurance syndicate launches to protect Asian shipowners from war

New marine insurance syndicate launches to protect Asian shipowners from war

A new marine insurance facility designed to protect Asian shipowners from war-related risks has been launched in Hong Kong. The Hong Kong China War Risk Syndicate (HKCWRS) is backed by Asia Insurance, part of Hong Kong-based Asia Financial Holdings, along with a number of other insurers including China Taiping Insurance (Hong Kong) Ltd that are backing the syndicate in a…

AGCS expands Asia presence with China and Indonesia offices

AGCS expands Asia presence with China and Indonesia offices

AGCS expands Asia presence with China and Indonesia offices

Corporate insurer Allianz Global Corporate & Specialty (AGCS) has commenced new operations in Indonesia and China, thereby making Asia the fastest-growing region in the AGCS network. AGCS has bolstered its presence with a new division in Allianz China’s new office in Beijing, adding to AGCS’s existing operations in Guangdong and Shanghai. The expansion is a response to the needs of…

China’s captive market gathers steam with Yudean approval

China’s captive market gathers steam with Yudean approval

China’s captive market gathers steam with Yudean approval

The long-awaited emergence of a healthy captive insurance market in China and the wider Asian region could finally be picking up a head of steam. There are options for Chinese companies to base their captives ‘onshore’ following recent rule changes in China. But Hong Kong is keen to make sure that it is the domicile of first choice for major…

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch Ratings has maintained its 2018 rating and sector outlooks for China’s non-life insurers at stable, because it believes the sector is likely to sustain “healthy” capital adequacy. The ratings agency said it expects further liberalisation of motor insurance pricing to undermine the insurers’ ability to boost their underwriting margins. But it also said the expansion in non-motor policies is…

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

A broadening of coverage in business interruption (BI) insurance due to price pressure and competition is leading to concerns about claims certainty, according to Swiss Re Corporate Risk Solutions (SRCS). The BI proportion of Property Damage claims continues to grow and in some cases eclipses physical loss to assets by more than double. It is not uncommon for BI losses to…

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