Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012. The increase was driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires, many of which took place in Asia. Total…

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…

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…

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…

Vietnam hosts APEC forum on disaster insurance

Vietnam hosts APEC forum on disaster insurance

Vietnam hosts APEC forum on disaster insurance

Experts from the Asia-Pacific Economic Cooperation (APEC) forum and a number of international financial institutions met in Vietnam this week, to debate the establishment of disaster risk financing and insurance policies. The event was designed to address APEC’s own disaster risk financing initiatives, as well as other national financial strategies designed to mitigate the effects of natural catastrophes in the…

ADB calls for public/private disaster insurance scheme

ADB calls for public/private disaster insurance scheme

ADB calls for public/private disaster insurance scheme

The Asian Development Bank (ADB), a cooperative of financial institutions dedicated to reducing poverty in the region, has called for greater cooperation between governments and private insurers to mitigate Asian economies’ exposure to disaster risks. An ADB policy brief released in January highlights the need for more disaster risk financing. While there are public and private sector risk financing tools…

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…

Australian actuaries decry government rejection of cat fund plan

Australian actuaries decry government rejection of cat fund plan

Australian actuaries decry government rejection of cat fund plan

The Australian Institute of Actuaries (AIA) has urged the Turnbull government to review its recent decision to ignore advice from the Productivity Commission to create a $200m per annum disaster resilience fund. The AIA’s Natural Disasters Working Group estimates that the natural peril cost to Australia stands at $11bn per annum, of which only 40% is insured. Only yesterday, the…

Business interruption tops Allianz risk poll in Asia

Business interruption tops Allianz risk poll in Asia

Business interruption tops Allianz risk poll in Asia

The threat of business interruption is the main concern for Asian businesses according to a global survey of more than 1,200 risk experts conducted by insurer Allianz. The Allianz Risk Barometer lists the top three risks facing Asian corporates as business interruption, market developments and natural catastrophes – the same top three risks that featured in the 2016 survey, albeit…

EIL set to grow in South Korea following new pollution laws

EIL set to grow in South Korea following new pollution laws

EIL set to grow in South Korea following new pollution laws

Changes to pollution laws in South Korea could raise awareness of environmental impairment liability (EIL) among corporates in the region. It will also lead to a greater take-up of environment liability insurance (ELI), not least because the new law makes it a mandatory purchase for certain companies.