Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

The clean-up from Typhoon Mangkhut has begun as the devastated areas of the Philippines, China and Hong Kong assess the loss of life and long-lasting damage that resulted from the most severe storm of the year so far. The super typhoon is also likely to raise the issue of the insurance gap in the region, given that insured losses in…

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…

WTW appoints head of corporate risk for Asia

WTW appoints head of corporate risk for Asia

WTW appoints head of corporate risk for Asia

Global broker Willis Towers Watson (WTW) has promoted Scott James Burnett to head of its corporate risk and broking (CRB) division in Asia. Mr Burnett is already WTW’s head of Asia but will now add the CRB unit to his responsibilities with immediate effect. He will also continue to be based in Singapore. According to WTW, the appointment of Mr…

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

The estimated insured property losses from Typhoon Jebi, which hit Japan on 4 September, could reach somewhere between $2.3bn and $4.5bn according to catastrophe risk modelling firm AIR Worldwide. The typhoon, which was the strongest to hit Japan in 25 years, made landfall in Japan at midday on the island of Shikoku with sustained wind speeds of 180km/h. It then…

Risk managers have key role in rise of the robots

Risk managers have key role in rise of the robots

Risk managers have key role in rise of the robots

Very few professions have been left unchallenged by the rise of new technology, in particular the prevalence of automation and artificial intelligence. However the rise of the so-called economy 4.0 could generate new opportunities for corporate risk managers, especially in Asia where the use of robotics and automation is outstripping other regions. For decades we have seen automation and robotics…

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Former Anbang boss jailed for 18 years

Former Anbang boss jailed for 18 years

Former Anbang boss jailed for 18 years

A Shanghai court has sentenced the former chief executive of Anbang Insurance company to 18 years in jail. The sentence completes a spectacular fall from grace for Wu Xiaohui, a once-prominent figure in China’s insurance sector, who was accused of orchestrating a $10bn (CNY65.2bn) fraud earlier this year by the Chinese authorities. In addition to the custodial sentence, he will…

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

The Japanese government is set to fund the launch of a parametric disaster insurance pool designed to provide Asean nations with easily distributable recovery funds following natural catastrophes. According to a report in the Nikkei Asian Review, the Southeast Asia Disaster Risk Insurance Facility (Seadrif) will be formally announced later in May at the annual meeting of the Asian Development…

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