Vitality now live in 16 countries

Vitality now live in 16 countries

Vitality now live in 16 countries

South African financial services group Discovery has been outlining the rapid growth of its Vitality network to 16 countries across North America, Europe, pan-Asia, South Africa and the UK, serving close to ten million clients through seven insurers. It claims the brand is attracting more than 150 000 new members a month. In the space of the last year, Vitality…

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains the leading global financial centre according to the latest Global Financial Centres Index (GFCI), published by Z/Yen in collaboration with the China Development Institute. The GFCI rates 92 financial centres and found that London and New York remain in first and second places. According to Z/Yen, despite the ongoing Brexit negotiations, London only fell two points, the smallest…

China’s listed P&C insurers see non-motor growth in first half of 2017

China’s listed P&C insurers see non-motor growth in first half of 2017

China’s listed P&C insurers see non-motor growth in first half of 2017

Chinese listed property and casualty insurers saw non-motor growth pick up in the first half of 2017 amid motor pricing deregulation, according to Moody’s Investors Service. It said the five listed Chinese property and casualty insurers showed success in finding new sources of growth as the motor business, on which they have relied heavily for revenue, is now undergoing deregulation.…

Multinationals consider implications of UN sanctions on N Korea

Multinationals consider implications of UN sanctions on N Korea

Multinationals consider implications of UN sanctions on N Korea

The ongoing escalations between North Korea and the rest of the world took another step when the United Nations (UN) voted to impose further sanctions on the rogue nation after its sixth and largest nuclear test. The measures were voted for unanimously by the 15 states that sit on the UN Security Council (including Russia and China). As a result,…

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Hong Kong has become the first jurisdiction in Asia to enact apology legislation. The Hong Kong Legislative Council (LegCo) passed the Apology Bill on 13 July – a development with potentially far-reaching consequences for anyone involved in the management of risk or insurance, as well as those who may find themselves in litigation or resolving disputes in Hong Kong. The…

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Consultant Deloitte has officially unveiled its Asia-Pacific blockchain lab and chosen Hong Kong as its home. The lab is designed to implement and deploy distributed ledger technology (DLT) or blockchain-related projects for corporate clients, many of which are from the insurance sector. The opening of the lab follows Deloitte’s recent collaboration with the island’s financial watchdog, the Hong Kong Monetary…

CIRC issues alcohol ban for all staff as crackdown continues

CIRC issues alcohol ban for all staff as crackdown continues

CIRC issues alcohol ban for all staff as crackdown continues

China’s insurance watchdog, the China Insurance Regulatory Commission (CIRC), has issued a ban on the consumption of alcohol across all of its offices, subsidiaries and departments. The move is seen as a way for the watchdog to support the nationwide anti-corruption drive that is currently underway, with China’s insurance industry at the heart of the crackdown. For example, the CIRC…

Chinese online insurer ZhongAn plans $1bn IPO in HK

Chinese online insurer ZhongAn plans $1bn IPO in HK

Chinese online insurer ZhongAn plans $1bn IPO in HK

China’s first online-only insurer, ZhongAn Online Property and Casualty, has been given the green light to launch an Initial public offering (IPO) in Hong Kong, which is expected to raise more than $1bn in finance. According to Reuters, the insurer was granted approval from the Hong Kong Stock Exchange for its listing and is currently assessing investor appetite for its…

Peking University and RIMS partner for risk management education plan

Peking University and RIMS partner for risk management education plan

Peking University and RIMS partner for risk management education plan

RIMS, the US-based risk and insurance management association, has teamed up with China’s Peking University in a bid to make risk management resources more accessible to university students. The university is one of a growing number of colleges to have a dedicated risk management curriculum, while RIMS has spent some effort in the past year to expand beyond its North…

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons Hato and Pakhar, which caused widespread damage in Hong Kong, Macau and the Chinese province of Guangdong, have landed Hong Kong’s insurers with a bill of more than $130m (HK$1bn). According to the South China Morning Post (SCMP), the estimate would be a record sum for typhoon-related claims. The last time insurers were left with costly typhoon-related claims was…

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