Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Intense competition in a mature and competitive economy meant that Singapore’s non-life insurance sector posted premiums slightly up but reduced profits for 2016, according to the General Insurance Association of Singapore (GIA). The outlook is slower economic growth and even higher competition, so the industry must focus on raising standards and improving operational efficiency, said the association. “On the industry…

Seize the day – Parima interview

Seize the day – Parima interview

Seize the day – Parima interview

The current era of uncertainty is a great opportunity for Parima and its members to seize the initiative and demonstrate the worth of risk managers. 2017 has begun at a breakneck pace for the risk management community, including the Pan Asian Risk and Insurance Management Association (Parima). The association’s annual congress in Singapore in late November came in the wake…

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…

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

The International Cooperative and Mutual Insurance Federation (ICMIF) has announced that it will work with the Development of Humane Action (DHAN) Foundation in India, in an effort to supply an additional 1.17 million people from low income communities with its mutual life, health, crop and livestock products during the next five years. This work forms part of Phase II of…

Sompo develops online reputation insurance for corporates

Sompo develops online reputation insurance for corporates

Sompo develops online reputation insurance for corporates

Japanese insurer Sompo has launched a new insurance policy designed to protect a business from online attacks on its reputation, otherwise known as ‘enjo’. The practice, also known varyingly as flaming or doxing, refers to mass, sustained attacks via social media or the flooding of websites with negative comments. Typically, these attacks emanate from the fans of celebrities maligned by…

IAG plans insurtech hub in Singapore

IAG plans insurtech hub in Singapore

IAG plans insurtech hub in Singapore

Insurance Australia Group (IAG) is the latest insurer to launch an insurtech centre in Singapore, in a bid to spread its presence across Asia. The so-called innovation hub will focus on recruiting startups to act as research and development partners and to help launch new products and services. The initiative, called Firemark Labs, is supported by the Monetary Authority of…

Scandals highlight rising D&O risk in corporate Asia

Scandals highlight rising D&O risk in corporate Asia

Scandals highlight rising D&O risk in corporate Asia

High level executives in Asia corporates face a much greater risk of litigation and liability due to more stringent regulation, greater shareholder activism and the continued threat of cyber attacks. Recent events involving some of Asia’s most high profile corporate brands – from Toshiba to Samsung – have highlighted the clear and present danger facing directors and officers. Japanese conglomerate…

Asia-Pacific to spearhead growth of IoT insurance market

Asia-Pacific to spearhead growth of IoT insurance market

Asia-Pacific to spearhead growth of IoT insurance market

A report has placed Asia-Pacific at the forefront of the multi-billion-dollar Internet of Things (IoT) insurance market. According to market research firm Markets and Markets, the IoT will be worth more than $42bn by 2022, growing dramatically at a compound annual growth rate of 65.89%. The most dramatic growth will be in Asia-Pacific due to “the increasing urbanisation and modernisation…

Atradius reveals world’s top emerging markets

Atradius reveals world’s top emerging markets

Atradius reveals world’s top emerging markets

Ivory Coast is among the global leading emerging market economies (EMEs) to watch, according to trade credit insurer Atradius, which also cites India, Indonesia, Kenya, Peru, Chile and Bulgaria as places to watch. However, it also warned businesses to take a proactive approach to risk management as they make any investments. The trade credit insurer said: “These economies have been…