The insurability of regulatory fines and penalties – an Asian snapshot

The insurability of regulatory fines and penalties – an Asian snapshot

The insurability of regulatory fines and penalties – an Asian snapshot

As regulatory and criminal investigations into companies and individuals continue apace across the globe, so does the exposure of those involved, and their insurers. Whether fines and penalties are insurable is a complicated issue in many jurisdictions. Focusing on Asia in this article, we set out below a snapshot of the current position in China, Hong Kong, Malaysia, Singapore and…

The right to be forgotten

The right to be forgotten

The right to be forgotten

The recent global focus on Facebook and Cambridge Analytica’s use of data and the forthcoming General Data Protection Regulation (GDPR) have thrown the spotlight on data and privacy issues. An important issue in this context is whether an individual has the right for that data to be removed or forgotten. A recent UK High Court ruling has found that individuals…

Captives coming of age in Asia

Captives coming of age in Asia

Captives coming of age in Asia

The use of captives as a strategic risk management tool is under development in Asia. The penetration of captives on the continent is still relatively low compared with regions such as the US and Europe, where captives have been a fixture of clients’ risk management strategies for many years. But Asia-based clients, and companies with exposures in Asia, increasingly are…

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

The annual report of the Global Federation of Insurance Associations (GFIA) has highlighted that an increasingly protectionist environment threatens open trade and market access in (re)insurance. In an article in the report, Brad Smith, chair of the GFIA trade working group and chief international officer at the American Council of Life Insurers, writes that global trade dynamics have changed in…

China Market Report: opportunities but challenges too

China Market Report: opportunities but challenges too

China Market Report: opportunities but challenges too

Economic growth may be slowing in China, but the outlook for the insurance sector remains excellent. That’s the view of Munich Re in a recent report, and it is not alone. There is still a good deal of optimism surrounding the Chinese insurance market, and foreign insurers are as keen as ever to get some sort of foothold on the…

Dramatic expansion of US sanctions on North Korea

Dramatic expansion of US sanctions on North Korea

Dramatic expansion of US sanctions on North Korea

On 21 September 2017, the US dramatically expanded the scope of US sanctions that apply to those who do business with North Korea. These new sanctions target not only foreign companies that trade with North Korea, but also the foreign financial institutions (FFIs) that finance such trade. Companies that trade with North Korea, or that have an interest in trading…

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…

Increasing need for D&O insurance in Asia

Increasing need for D&O insurance in Asia

Increasing need for D&O insurance in Asia

In today’s increasingly litigious business environment, directors and officers face constantly evolving risks and liabilities from regulators and investors, not just in their home market but everywhere the company has operations. Senior leadership are now more likely to have a claim laid against them than ever before. This is becoming a major issue in Asia, where a heightened regulatory environment…

India market report: Liberalisation but tough stance on compliance

India market report: Liberalisation but tough stance on compliance

India market report: Liberalisation but tough stance on compliance

The Indian insurance market has undergone a number of changes in the past few years, not least the raising of the foreign direct investment limit in the insurance sector from 26% to 49%, which has seen a number of global insurers raise the stakes in their Indian joint ventures. There has also been a tougher stance taken by the regulatory…

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…

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