The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

One of the most notable traits of Asia’s growing risk management industry is the eclectic nature of its protagonists. It is rare that anyone responsible for a company’s risk management does not have other responsibilities thrust on their shoulders. In the case of Parikshit Sen Gupta, vice-president, finance for the Shangri-La Group, his work for the Hong Kong-based hotel group…

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

The Hong Kong Financial Services Development Council (FSDC) has revealed plans to fight back against progress made by Singapore in recent times, and to use tax breaks to attract reinsurance, marine and captive insurance business back to the domicile. Risk managers in China, the wider Asia-Pacific region and worldwide will be interested to see that the FSDC, formed by the Hong…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Violations of workers’ human rights are endemic across most Asian countries and initiatives to tackle the issue at source, and within supply chains, are not fit for purpose, warns UK-based consultant Verisk Maplecroft. In its Human Rights Outlook 2017, the firm stresses that risks are particularly acute down the Asian supply chain, where modern slavery is rife and migrant workers…

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

The Guernsey Financial Services Commission (GFSC) has signed a Memorandum of Understanding (MoU) with the China Insurance Regulatory Commission (CIRC) of the People’s Republic of China. Guernsey hopes that this latest agreement, coupled with its decision to recently set up a promotional agency in Hong Kong and the launch of a Mandarin website, will help attract Chinese insurers, captives and…

Chinese company faces record fine from US for breaking Iran sanctions

Chinese company faces record fine from US for breaking Iran sanctions

Chinese company faces record fine from US for breaking Iran sanctions

A Chinese telco provider is facing a $1.9bn fine for violating US economic sanctions in a case that should act as a warning to international firms of the business risks associated with US sanctions and export rules. Zhongxing Telecommunications Equipment Corporation (ZTE) fell foul of the US Export Administration Regulations (EAR) and Iranian Transactions and Sanctions Regulations (ITSR) and received…

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

The China Insurance Regulatory Commission (CIRC) has laid out its big plans for the year and says it will focus on finance and taxation, internet finance, medical sports, agriculture and water conservation among other matters. The supervisor plans to accelerate its strategy of promoting the growth of private medical insurance to support the state system. CIRC says that it will…

China tightens rules on offshore reinsurance

China tightens rules on offshore reinsurance

China tightens rules on offshore reinsurance

The China Insurance Regulatory Commission (CIRC) has introduced new rules on collateral requirements for Chinese insurers when they buy reinsurance from offshore reinsurers. The move forms part of a recent tightening up of supervision of the Chinese insurance and reinsurance market that includes tougher new rules on investments. According to a CIRC notice published on 13 March, the collateral requirement…

RMS launches agriculture risk models for India and China

RMS launches agriculture risk models for India and China

RMS launches agriculture risk models for India and China

Risk modelling firm RMS has added agricultural risk models for India and China to its suite of emerging risks models. The London-based firm said that it also plans to expand coverage across Asia-Pacific and the Americas. RMS said that the addition of the models is part of the company’s “strategic focus” to help its clients close the coverage gap. “RMS…

China accounts for half of 2016 global premium growth, Allianz research finds

China accounts for half of 2016 global premium growth, Allianz research finds

China accounts for half of 2016 global premium growth, Allianz research finds

Total global premium income rose by 4.4% to a new record high in 2016 of €3,650bn, but almost half of this growth is attributable to the Chinese market and notably the life market, according to initial projections by Allianz Research. On the property and casualty insurance side, global gross written premiums are likely to have increased by 4.0%. This would…

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