UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

The risk of natural catastrophe in Asia-Pacific is outpacing resilience and could push those in the most disaster-prone areas into poverty unless action is taken, according to a recent report from a United Nations regional commission. The report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) urges countries to explore ways to close the…

Zurich hires new commercial underwriting chief for Singapore

Zurich hires new commercial underwriting chief for Singapore

Zurich hires new commercial underwriting chief for Singapore

Global insurer Zurich has appointed Anish Jadav as its new chief underwriting officer for its commercial insurance business in Singapore. Mr Jadav will head up several specialty lines in the region including accident and health, financial, marine and surety. He will also work closely with Zurich’s head of the Asia-Pacific commercial insurance team, Chris Waterman, as the insurer looks to…

Ex-CIRC head to face criminal charges over corruption

Ex-CIRC head to face criminal charges over corruption

Ex-CIRC head to face criminal charges over corruption

The former head of China’s insurance regulator is to face criminal charges over alleged corruption. Xiang Junbo was head of the China Insurance Regulatory Commission (CIRC) until his dismissal in April, following an investigation for “serious disciplinary violations”. A statement issued this week by the Central Commission for Discipline Inspection (CCDI) said that Mr Junbo had been expelled from the…

Economic risks top WEF global risk survey

Economic risks top WEF global risk survey

Economic risks top WEF global risk survey

Global business leaders have named economic risks – specifically unemployment in first place, followed by fiscal crises – as the top threats facing their organisation for the next ten years, according to a new survey by the World Economic Forum (WEF). Publishing its Global Risks Report in partnership with Zurich Insurance and Marsh & McLennan, the WEF said societal risks…

WTW appoints new HK head for Insurance Consulting and Technology division

WTW appoints new HK head for Insurance Consulting and Technology division

WTW appoints new HK head for Insurance Consulting and Technology division

Willis Towers Watson has appointed Albert Li, head of Hong Kong and Taiwan for its Insurance Consulting and Technology business. In his new role, Mr Li will be based in Hong Kong and responsible for managing the Hong Kong business as well as developing opportunities and supporting clients in both Hong Kong and Taiwan. Mr Li will report to Richard…

Insurance industry leads the way in AI spending

Insurance industry leads the way in AI spending

Insurance industry leads the way in AI spending

The insurance sector is the leading industry in artificial intelligence (AI) expenditure, according to a study by Tata Consultancy Services (TCS). The research, which covered 13 industries across Europe, North America, Latin America and Asia-Pacific, found that insurers accounted for $124m of spending, almost twice the average level of expenditure of $70m. In addition, the survey also found that 80%…

Multinationals consider implications of UN sanctions on N Korea

Multinationals consider implications of UN sanctions on N Korea

Multinationals consider implications of UN sanctions on N Korea

The ongoing escalations between North Korea and the rest of the world took another step when the United Nations (UN) voted to impose further sanctions on the rogue nation after its sixth and largest nuclear test. The measures were voted for unanimously by the 15 states that sit on the UN Security Council (including Russia and China). As a result,…

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Hong Kong has become the first jurisdiction in Asia to enact apology legislation. The Hong Kong Legislative Council (LegCo) passed the Apology Bill on 13 July – a development with potentially far-reaching consequences for anyone involved in the management of risk or insurance, as well as those who may find themselves in litigation or resolving disputes in Hong Kong. The…

QBE chief executive steps down

QBE chief executive steps down

QBE chief executive steps down

Australia-based insurer QBE has announced the departure of its chief executive John Neal after five “challenging” years in the role. Mr Neal will be replaced by Pat Regan, former chief financial officer and currently chief executive of QBE’s New Zealand and Australia operations. According to the Sydney Morning Herald, Mr Regan’s appointment is likely to be welcomed by investors in…

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Consultant Deloitte has officially unveiled its Asia-Pacific blockchain lab and chosen Hong Kong as its home. The lab is designed to implement and deploy distributed ledger technology (DLT) or blockchain-related projects for corporate clients, many of which are from the insurance sector. The opening of the lab follows Deloitte’s recent collaboration with the island’s financial watchdog, the Hong Kong Monetary…

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