Asia Pacific continues to lead shipping losses but trend is positive: AGCS

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

The south China, Indochina, Indonesia and Philippines region continues to lead the world shipping losses table, according to the Allianz Safety & Shipping Review 2017. The insurer’s latest report reveals that 23 of the 85 total losses suffered in 2016 occurred in the region. The region also leads the longer-term table. From 2007 to 2016, it was a clear leader…

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

The World Bank has revealed a new project in Myanmar that aims to strengthen the country’s capacity to respond to disaster risks, and provides $116m in risk financing. Disasters cost Myanmar more than $184m annually and disproportionally hurt the poor, according to the bank. The Myanmar Southeast Asia Disaster Risk Management Project, approved last week by the World Bank’s board…

Parametric insurance: closing the protection gap in Asia

Parametric insurance: closing the protection gap in Asia

Parametric insurance: closing the protection gap in Asia

As a region, Asia is particularly prone to natural disasters and extreme weather events such as earthquakes, floods, droughts, heatwaves and tropical cyclones. According to a report published by the Swiss Re Institute in February 2017, economic losses from natural catastrophes and man-made disasters in Asia amounted to $83bn in 2016, representing almost half of the world’s total. While the…

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Global reinsurer Swiss Re has partnered with local specialist insurer Taiwan Fire & Marine Insurance to launch what it claims is the first parametric insurance policy for Taiwan’s fish farmers. The product will provide them with cover against extreme rainfall in Ping Tung county, a centre of agriculture and tourism in southern Taiwan. Parametric insurance uses pre-defined triggers to determine…

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

  The Indonesian government is seeking more than $2bn in compensation from a Thailand-based exploration company over an oil spill in the Timor Sea that occurred back in 2009. A civil suit was filed on 3 May in a Jakarta court against PTTEP Australasia and its parent company, the state-owned PTT Exploration and Production. The spill resulted from a blowout…

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

The Philippine non-life market has enjoyed solid premium growth in recent years and continues to grow at a faster rate than other major Southeast Asian non-life markets, which have slowed in recent times. Non-life insurers in the Philippines continue to enjoy faster premium growth than the local economy. But, as elsewhere in the region, this premium growth has not been…

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s has officially opened its India branch and welcomed MS Amlin as its first underwriting syndicate. The ceremony, which took place on 1 April, was witnessed by UK Chancellor Phillip Hammond and Lloyd’s chairman John Nelson. The new branch, which will act as the domestic reinsurance branch for India, will “help Indian insurance firms increase the resilience of the Indian economy…

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japanese corporates continue to be significantly underinsured for commercial earthquake risk, despite the large economic losses incurred in the March 2011 earthquake in Tohoku region and the Kumamoto earthquake in 2016, states Fitch Ratings in a new report. Fitch does not expect demand for earthquake insurance from Japanese corporates to dramatically increase, because premiums are regarded as too expensive. Japanese…

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…

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