Chinese regulator calls for greater self-discipline from insurers

Chinese regulator calls for greater self-discipline from insurers

Chinese regulator calls for greater self-discipline from insurers

The Chinese insurance sector has been urged to show greater self-discipline by the country’s insurance regulator. According to a report from China Global Television Network (CGTN), the vice-chairman of the China Insurance Regulatory Commission (CIRC), Liang Tao, said in a speech that the insurance industry should “return to its origins” and work to “reduce tremors” in the economy and society.…

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…

Half of Asian businesses have no liability insurance: QBE

Half of Asian businesses have no liability insurance: QBE

Half of Asian businesses have no liability insurance: QBE

Asia’s corporate market is significantly underprotected against liability risks, according to a recent study by QBE Insurance that revealed roughly half of Asian companies have no business liability insurance at all. The report, Risk in Regret, shows that the vast majority of Asian businesses have some form of insurance, most notably property and casualty, but less than half have invested…

XL Catlin launches cyber insurance in Asia-Pacific

XL Catlin launches cyber insurance in Asia-Pacific

XL Catlin launches cyber insurance in Asia-Pacific

Bermuda-based insurer XL Catlin has unveiled a cyber and data protection insurance policy for Asia-Pacific. The policy covers business interruption and associated extortion demands arising from a network compromise, as well as both the first-party incident response costs and third-party liability. The first-party costs include notification, forensic investigation and public relations support, while the potential liability covered under the policy…

Global broking sector to see continued growth but at lower rate

Global broking sector to see continued growth but at lower rate

Global broking sector to see continued growth but at lower rate

The global insurance brokers sector will experience a decelerating growth trend in the next three or four years, but will still produce impressive growth, according to a report from research company MarketLine. The report finds that the sector registered a compound annual growth rate (CAGR) of 7% between 2012 and 2016, to reach a value of $42.8bn. Sector values have…

China promises more regulatory oversight following party conference

China promises more regulatory oversight following party conference

China promises more regulatory oversight following party conference

China is promising an era of greater regulatory supervision and macroprudential risk management following the National Financial Work Conference, a large event held every five years that concluded on Monday. The conference comes shortly before the 19th Party Congress, another event held every five years that is used by the ruling Communist Party as an opportunity to flex its political…

Chinese city pilots first ‘unhackable’ communication network

Chinese city pilots first ‘unhackable’ communication network

Chinese city pilots first ‘unhackable’ communication network

The city of Jinan in eastern China has successfully piloted an “unhackable” communications network using quantum communications technology, marking a possible milestone in the battle to protect critical infrastructure from the threat of cyber attacks. According to the Financial Times, the local government in Jinan will roll out the new network in August, possibly paving the way for widespread and…

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

Risk modelling and analytics firm RMS has expanded its portfolio of risk models with the addition of tropical cyclone and earthquake models covering Asia-Pacific. More specifically, the new models include typhoon models for South Korea and Taiwan, adding to existing ones for Japan and China, as well as earthquake models for Vietnam, Singapore, Malaysia and Thailand, which will not sit…

China’s compulsory pollution liability cover will provide growth opportunities, says Moody’s

China’s compulsory pollution liability cover will provide growth opportunities, says Moody’s

China’s compulsory pollution liability cover will provide growth opportunities, says Moody’s

The proposed compulsory pollution liability insurance cover in China will provide growth opportunities in non-motor insurance business and promote development of liability insurance within the property and casualty (P&C) sector, according to Moody’s Investors Service. In June, China’s Ministry of Environmental Protection and the China Insurance Regulatory Commission jointly published a consultation paper on new regulations regarding insurance on environmental…

China expected to appoint hardliner to lead insurance watchdog

China expected to appoint hardliner to lead insurance watchdog

China expected to appoint hardliner to lead insurance watchdog

A senior Communist Party official with a reputation as a ‘graft-buster’ is slated to take over the supervision of China’s insurance sector, according to a Reuters report which cites “people familiar with the matter”. Yang Xiaochao is currently secretary general of the Central Commission for Discipline Inspection (CCDI), the country’s main anti-graft body, and a member of the Politburo Standing…

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