Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch Ratings has maintained its 2018 rating and sector outlooks for China’s non-life insurers at stable, because it believes the sector is likely to sustain “healthy” capital adequacy. The ratings agency said it expects further liberalisation of motor insurance pricing to undermine the insurers’ ability to boost their underwriting margins. But it also said the expansion in non-motor policies is…

Parima targets career progression for risk managers in 2018

Parima targets career progression for risk managers in 2018

Parima targets career progression for risk managers in 2018

The Pan-Asia Risk and Insurance Management Association (Parima) is prioritising the career progression of its members in 2018, according to executive director Stacey Huang. “We have four areas we want to concentrate on in 2018 – a career portal, a mentoring programme, a certification supplement programme, and our conferences for next year,” Ms Huang told Commercial Risk Asia. Parima has…

Hong Kong supervisor faces problems over new broker licensing rules

Hong Kong supervisor faces problems over new broker licensing rules

Hong Kong supervisor faces problems over new broker licensing rules

John Leung, CEO of Hong Kong’s recently created Insurance Authority (IA), has admitted that the new regulatory body has encountered some “teething” issues since it replaced the Commissioner of Inland Revenue back in June. He also conceded that the IA faces a “very tight” timeframe to introduce the new licensing regime for brokers in time for 2019. Mr Leung told…

Axa names new Asia CEO in global management reshuffle

Axa names new Asia CEO in global management reshuffle

Axa names new Asia CEO in global management reshuffle

French multinational insurer Axa has unveiled a new management structure for its international operations, which includes the appointment of Gordon Watson as chief executive for Asia, including Japan, effective from 1 January. The role has been vacant since the resignation of Jean-Louis Laurent Josi at the end of June. Axa had hoped to name his successor before the end of…

China-Africa: will the marriage of convenience last?

China-Africa: will the marriage of convenience last?

China-Africa: will the marriage of convenience last?

Africa’s dependency on China has increased significantly in the past ten years, but credit insurer Coface has been asking if the relationship can last. “Action movie Wolf Warrior 2, released in July 2017, became the first non-Hollywood movie to break into the top 100 highest-grossing films, portraying China as Africa’s protector,” it said. And just four days after the movie’s…

China-Africa trade remains unbalanced

China-Africa trade remains unbalanced

China-Africa trade remains unbalanced

Almost 20 years after the launch of the first Forum on China-Africa Cooperation, China-Africa relations remain unbalanced, according to credit insurer Coface. It said bilateral trade has lept in the past ten years to a total of $123bn in 2016, driven – up to 2014 – by exports, which have fallen by 51% since the peak. The region now has…

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Evariste Yeung has been appointed to lead Willis Towers Watson’s (WTW) property and casualty (P&C) division in north Asia. Mr Yeung will be based in Shanghai and will report to Richard Collis, managing director for WTW’s insurance consulting and technology business in Asia-Pacific. In what is a newly created role, he will be responsible for developing the broker’s north Asia…

Singapore and Hong Kong team up in fintech alliance

Singapore and Hong Kong team up in fintech alliance

Singapore and Hong Kong team up in fintech alliance

The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have signed an agreement to strengthen co-operation on fintech between the two cities and foster wider fintech development within the region. The agreement was finalised at the FinTech Day organised by the HKMA in late October. Under the agreement, MAS and HKMA have committed to work on…

China and Asia poised to take the lead on insurtech: WTW report

China and Asia poised to take the lead on insurtech: WTW report

China and Asia poised to take the lead on insurtech: WTW report

Insurance penetration in Asia-Pacific may be as little as a third of the global average but it could lead the world when it comes to the development of the insurtech market. This is the finding from a report issued by global broker Willis Towers Watson (WTW), its Third Quarter Insurtech Briefing. Much has been made of the disruptive potential of…

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Specialty insurer Ironshore has expanded its political risk business lines in Asia-Pacific, by increasing capacity for its Singapore-based political risk and trade credit unit from $15m to $50m and hiring a new underwriter. Sam Lim joins from AIG and will report to Boo Hui Yun, managing director of Ironshore Asia-Pacific. The extra capacity is a result of greater concern about…

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