Cat bonds issuance reaches record levels in Q2

Cat bonds issuance reaches record levels in Q2

Cat bonds issuance reaches record levels in Q2

The rise of insurance-linked securities continues to reach new levels after the issuance of catastrophe bonds exceeded previous records in the most recent quarter. A report issued by Aon Securities, the investment banking arm of broker Aon Benfield, recorded issuance of cat bonds at $6.38bn across 20 transactions, exceeding the previous record of $4.49bn set back in Q2 2014. The…

Hong Kong startup aims to bring commercial insurance into the digital age

Hong Kong startup aims to bring commercial insurance into the digital age

Hong Kong startup aims to bring commercial insurance into the digital age

An attempt to develop a digital insurance risk exchange is set to be launched later this month, which aims to bring some much-needed innovation to the corporate insurance market and promises to do for commercial risk managers what the Big Bang did for the London Stock Exchange. The Hong Kong-based initiative, known as irX, also hopes to drastically cut the…

China’s multinationals prepare for internet crackdown

China’s multinationals prepare for internet crackdown

China’s multinationals prepare for internet crackdown

The many multinational companies operating in China are bracing themselves for an uncertain future in terms of access to the global internet, in anticipation of an extended crackdown from Beijing on the flow of uncensored online content. China has operated a ‘Great Firewall’ for many years to control online traffic from overseas, although it has been easy enough to bypass…

Philippines pilots parametrics scheme for disaster-prone provinces

Philippines pilots parametrics scheme for disaster-prone provinces

Philippines pilots parametrics scheme for disaster-prone provinces

The Philippines government has announced the next step in its parametric insurance scheme designed to combat the losses from natural disasters, identifying the provinces eligible to tap into a $486m fund recently approved by President Rodrigo Duterte. The Department of Finance listed the 25 provinces and expanded on the scheme’s objectives, namely to exploit parametrics to facilitate faster payments and…

Singapore regulator calls for more use of parametric insurance

Singapore regulator calls for more use of parametric insurance

Singapore regulator calls for more use of parametric insurance

The managing director of Singapore’s financial regulator has called for greater use of parametric and index-based insurance to close the protection gap in natural catastrophe and disaster risk. Speaking at the Institute of Catastrophe Risk Management (ICRM) Symposium, Ravi Menon, managing director of the Monetary Authority of Singapore, said that more innovative use of these products is integral to solving…

Asia floods cause $10bn in uninsured losses in July

Asia floods cause $10bn in uninsured losses in July

Asia floods cause $10bn in uninsured losses in July

Severe seasonal floods have left a costly bill of more than $10bn of economic or insured losses across Asia in July, according to research from Aon Benfield. The report, from the broker’s catastrophe model development team Impact Forecasting, shows that the so-called protection gap remains as problematic and expensive as ever in the region. The majority of the economic losses…

Cyber insurance set to soar in Asia thanks to WannaCry

Cyber insurance set to soar in Asia thanks to WannaCry

Cyber insurance set to soar in Asia thanks to WannaCry

The adoption of cyber insurance is set to rise dramatically in Asia in the wake of the WannaCry virus that swept across the globe earlier this year, according to AIG. The global insurer told Reuters that it has seen an 87% increase in inquiries in China and Hong Kong between April and May, as a direct result of the ransomware attack…

QBE hires new CEO in Malaysia

QBE hires new CEO in Malaysia

QBE hires new CEO in Malaysia

Chris Kurinsky has been appointed as the chief executive of QBE Insurance (Malaysia) Berhad, making him responsible for the Australia-based insurer’s business across Malaysia. The role will also entail responsibility for increasing QBE’s share of the Malaysian commercial insurance market and pushing its speciality and personal lines through both strategic initiatives and partnerships, stated the insurer. Prior to taking on…

Hong Kong Exchange rejects insurance broker’s IPO

Hong Kong Exchange rejects insurance broker’s IPO

Hong Kong Exchange rejects insurance broker’s IPO

A Chinese state-owned insurance broker that describes itself as “the largest local corporate insurance brokerage and risk solutions firm in Hong Kong” has had its initial public offering (IPO) blocked by the Hong Kong stock exchange. The exchange cited a “substantially incomplete” prospectus as the main reason for rejecting the proposed IPO of AMTD Strategic Capital Group, which also acts…

Insurtech funding rises by 248% in Q2

Insurtech funding rises by 248% in Q2

Insurtech funding rises by 248% in Q2

Investment in insurtech rose to almost $1bn in the second quarter of 2017, an increase of 248% on the previous quarter, thanks to a record number of deals. In total there were 64 transactions, the most experienced in any quarter to date and almost double the 38 that took place in the previous quarter. The figures were produced by global…

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