Chinese stocks finally gain entry to MSCI index

Chinese stocks finally gain entry to MSCI index

Chinese stocks finally gain entry to MSCI index

China has taken a big step towards the economic mainstream after its stocks were accepted into the MSCI global benchmark equity index. China has been trying for more than three years to be admitted into the index and the decision by MSCI will be seen as an endorsement of China’s efforts to liberalise its capital markets. For international investors and…

One Belt One Road key to raising risk management standards in Asia: Parima

One Belt One Road key to raising risk management standards in Asia: Parima

One Belt One Road key to raising risk management standards in Asia: Parima

The One Belt One Road (OBOR) initiative, China’s ambitious development project designed to coordinate large infrastructure projects in China and place itself at the centre of global trade and construction, could also play a critical role in raising risk management standards across Asia. This was one of the central points made at the Pan-Asian Risk and Insurance Management Association (Parima)…

Healthy start to a long process for risk management in China: Baron

Healthy start to a long process for risk management in China: Baron

Healthy start to a long process for risk management in China: Baron

The Pan-Asia Risk & Insurance Management Association (Parima) is enjoying healthy growth within China, has around 100 members already, this week holds its first Chinese event in Shanghai and has a good number of registrations, according to the association’s founding president Franck Baron. But the Chinese risk and insurance management community is at the beginning of a long journey. Awareness…

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

The World Bank has revealed a new project in Myanmar that aims to strengthen the country’s capacity to respond to disaster risks, and provides $116m in risk financing. Disasters cost Myanmar more than $184m annually and disproportionally hurt the poor, according to the bank. The Myanmar Southeast Asia Disaster Risk Management Project, approved last week by the World Bank’s board…

Mapfre acquires majority share in Indonesian insurer

Mapfre acquires majority share in Indonesian insurer

Mapfre acquires majority share in Indonesian insurer

European insurer Mapfre has acquired a 51% share in Indonesia-based insurer PT Asuransi Bina Dana Arta Tbk (ABDA), thereby triggering a likely takeover as it expands in Southeast Asia. Madrid-based Mapfre was granted regulatory approval to purchase an extra 31% share, at a price of €90m, on top of its existing 20% stake in ABDA acquired back in 2013, thereby…

Takata prepares for bankruptcy after product recall woes

Takata prepares for bankruptcy after product recall woes

Takata prepares for bankruptcy after product recall woes

Japanese airbag manufacturer Takata is expected to file for bankruptcy later this month after suffering one of the biggest product recalls in recent memory. According to Bloomberg, Takata will seek bankruptcy protection in Japan before filing for Chapter 11 bankruptcy in the US. Further evidence of the likely bankruptcy was provided by the fact that Takata’s shares were suspended on…

Parametric insurance: closing the protection gap in Asia

Parametric insurance: closing the protection gap in Asia

Parametric insurance: closing the protection gap in Asia

As a region, Asia is particularly prone to natural disasters and extreme weather events such as earthquakes, floods, droughts, heatwaves and tropical cyclones. According to a report published by the Swiss Re Institute in February 2017, economic losses from natural catastrophes and man-made disasters in Asia amounted to $83bn in 2016, representing almost half of the world’s total. While the…

Peak Re gets approval for Labuan branch

Peak Re gets approval for Labuan branch

Peak Re gets approval for Labuan branch

Hong Kong-based reinsurer Peak Re has been granted approval-in-principle by the Labuan Financial Services Authority to conduct general reinsurance business in the Malaysian island territory. Labuan has become a popular offshore financial hub in Asia Pacific and a leading domicile for insurance captives. With the regulator’s approval, Peak Re expects to benefit from better access to the Malaysian reinsurance market…

Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Embattled Chinese insurer Anbang Insurance Group has been forced to deny the disappearance of its chairman, amid reports that he has been detained by Chinese authorities as part of its continuing anti-corruption drive. A statement from the Beijing-based insurer said Wu Xiaohui “was unable to perform his duties for personal reasons”, adding that “operations were normal” and that he had personally…

Cyclone Debbie insured losses expected to peak at $900m

Cyclone Debbie insured losses expected to peak at $900m

Cyclone Debbie insured losses expected to peak at $900m

The total insured losses from Cyclone Debbie have reached $897m, with just a minimal amount of claims expected to trickle in. According to the Insurance Council of Australia (ICA), insurers have received 56,135 claims related to the Category 4 storm that struck Airlie Beach on the Queensland coast on 28 March and caused widespread damage to Queensland, New South Wales…

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