Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Turbulence in political risk – particularly Brexit negotiations, trade protectionism and the North Korea missile crisis – will continue into 2018 and feature high on the agenda of multinationals, Marsh said on publishing its Political Risk Map 2018 with BMI Research. In Europe, the political risk landscape continues to be dominated by the UK’s exit from the European Union and…

XL Catlin appoints country head for China

XL Catlin appoints country head for China

XL Catlin appoints country head for China

Phil Xue has been announced as the new chief executive officer and general manager of XL Insurance (China) Co Ltd, pending regulatory approval. Mr Xue will be responsible for coordinating all activity in China. He comes from a ten-year stint at Guy Carpenter, where he was most recently head of south China market and head of the broker’s Shanghai operation,…

Tighter regulation of Chinese insurers’ overseas financing activities

Tighter regulation of Chinese insurers’ overseas financing activities

Tighter regulation of Chinese insurers’ overseas financing activities

China has tightened its regulation of the country’s insurers’ overseas financing activities, according to China Daily. The aim is to reduce insurers’ capital leverage and prevent the illegal transfer of onshore assets to overseas markets. The publication said China’s insurance and foreign exchange regulators recently issued a notice requiring that the value of insurers’ overseas financing guaranteed by their onshore…

Demand rises for political risk cover as threat level remains high

Demand rises for political risk cover as threat level remains high

Demand rises for political risk cover as threat level remains high

Despite an improving global economic outlook, political risk remains heightened, driving demand for political risk insurance. The world economy grew faster than expected in 2017, while the IMF recently revised its growth forecasts upwards for 2018 and 2019. The uptick in growth is broad-based, particularly in Europe and Asia. The improved outlook reflects growing momentum in global growth and US…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

Global economy buoyant in 2018 but risks remain: Coface

Global economy buoyant in 2018 but risks remain: Coface

Global economy buoyant in 2018 but risks remain: Coface

Global economic growth is forecast to continue apace in 2018 after political risk failed to cause the damage predicted in 2017, although the year ahead brings its share of risk, according to credit insurer Coface. Coface said despite concerns that 2017 would be mired by protectionism and political tension, the year “held some pleasant economic surprises”. Just 13 countries ended…

China to lead Asia captive growth despite sluggish 2017

China to lead Asia captive growth despite sluggish 2017

China to lead Asia captive growth despite sluggish 2017

China will lead strong growth in captive formation in Asia during the next ten years, despite another sluggish year in 2017 that saw the creation of only eight new captives across the entire region, according to Malcolm Cutts-Watson, industry veteran and a member of Labuan Financial Service Authority’s International Advisory Panel. Mr Cutts-Watson published his views on how the market…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

The Sanchi, the stricken Iranian tanker that collided with a US freighter off the eastern coast of China in one of the worst oil ship disasters in decades has sunk, taking with it all remaining survivors on board, according to Iranian officials. According to an Iranian navy commander speaking on Saturday 13 January, a massive explosion occurred on the ship,…

Insurers face large claim after Sanchi tanker collision

Insurers face large claim after Sanchi tanker collision

Insurers face large claim after Sanchi tanker collision

The stricken oil tanker Sanchi continues to burn in the East China Sea, leaving insurers with a potentially large bill. On Saturday, the Iranian-owned Sanchi collided with cargo vessel CF Crystal 260km off the coast of China near Shanghai. More than 30 of the tanker’s crew are still missing, although the 21 Chinese crew onboard the cargo ship CF Crystal…

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