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…

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…

An introduction to China’s new cyber security law

An introduction to China’s new cyber security law

An introduction to China’s new cyber security law

On 7 November 2016, the Cybersecurity Law of the People’s Republic of China was enacted and widely heralded as the first comprehensive law dealing specifically and exclusively with cybersecurity issues in China. The law, which will take effect from 1 June 2017, was passed to promote two key objectives: 1) protect the state against cybersecurity attacks; and 2) protect the…

A legal guide to cyber BI cover in Asia

A legal guide to cyber BI cover in Asia

A legal guide to cyber BI cover in Asia

Business interruption (BI) insurance, in the traditional context of commercial property insurance, is well established. While in Asia BI wordings are largely consistent, the wordings found in most traditional BI policies have not been universally adopted in the modern context of cyber risk/data breach BI insurance which, broadly, is directed at the disruption caused to a business through lack of…

The launch of the Risk Frontiers Asia 2017 survey

The launch of the Risk Frontiers Asia 2017 survey

The launch of the Risk Frontiers Asia 2017 survey

In 2016 we launched the inaugural Risk Frontiers Asia Survey. During the course of the year we interviewed more than 50 risk managers across the region and in a variety of industry sectors. We asked them for their views on risk management and insurance – from the top three risks that keep them awake at night to the one insurance…

Corporate whistleblowers call for protection and compensation

Corporate whistleblowers call for protection and compensation

Corporate whistleblowers call for protection and compensation

Protection for corporate whistleblowers is on the increase. For example, China and India have recently followed the US lead in enacting legislation. Despite enhanced rewards and protections, whistleblowing laws also pose significant risks and corporates, their risk managers and their insurers will need to be aware of the changing legal landscape in all of the territories where they operate. In…

Managing a product recall in Hong Kong

Managing a product recall in Hong Kong

Managing a product recall in Hong Kong

As the recent Samsung and VW product recall issues have shown, the consequences of a recall can be globally significant. Often, the need for product recall insurance is not recognised until after a company has suffered a recall. The reputational damage that can be incurred, combined with the ever-growing complexity of supply chains and the new exposures created by technology,…

Risk in spotlight for Chinese regulators

Risk in spotlight for Chinese regulators

Risk in spotlight for Chinese regulators

China has been undergoing significant legal and regulatory reform in the (re)insurance sector for some time and this is set to continue into 2017.  The China Insurance Regulatory Commission (CIRC) first announced plans to implement a new solvency regime in March 2012. After several years of consultation and testing, the CIRC published the China Risk Oriented Solvency System (C-ROSS) rules in…

Dispute resolution challenges in Indonesia

Dispute resolution challenges in Indonesia

Dispute resolution challenges in Indonesia

Despite already being one of the largest economies in the Asia-Pacific region, the Indonesian economy is poised to undergo significant expansion during the coming years. By 2030, it is expected to be the seventh largest economy in the world, its middle class will more than triple, and its skilled workers will more than double. Against this background, it is unsurprising that Indonesia’s foreign investment laws are expanding and modernising at a rapid pace.