The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

One of the most notable traits of Asia’s growing risk management industry is the eclectic nature of its protagonists. It is rare that anyone responsible for a company’s risk management does not have other responsibilities thrust on their shoulders. In the case of Parikshit Sen Gupta, vice-president, finance for the Shangri-La Group, his work for the Hong Kong-based hotel group…

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

The Insurance Regulatory and Development Authority of India (IRDAI) has approved a number of non-life insurers and reinsurers, according to the Times of India. The newspaper quoted industry sources, who said Gen Re has received the second level of regulatory clearances. The paper said Gen Re “has an exposure for the Indian market in terms of life and health business…

Fairfax to switch partners in India as it shifts to Oben

Fairfax to switch partners in India as it shifts to Oben

Fairfax to switch partners in India as it shifts to Oben

Rapidly expanding Canadian financial conglomerate Fairfax has been given approval to set up a second non-life insurance joint venture in India according to the Indian Express Newspaper. The Indian expansion follows the news announced last June that Fairfax, led by Prem Watsa, had, through its wholly-owned subsidiary Fairfax Asia, entered into an agreement with Indonesia’s Panin Group to acquire an…

Indian insurance buyers can expect tougher renewals

Indian insurance buyers can expect tougher renewals

Indian insurance buyers can expect tougher renewals

Indian non-life insurance rates will rise by up to 15% in some classes of business in the coming 1 April renewals as insurers struggle to maintain margins because of rising losses and stubbornly poor investment returns, according to a report from Indian news agency Press Trust of India. The agency reports that insurers plan premium increases in over 10 industry…

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…

Lloyd’s syndicates keen to tap Indian opportunity, says local lawyer

Lloyd’s syndicates keen to tap Indian opportunity, says local lawyer

Lloyd’s syndicates keen to tap Indian opportunity, says local lawyer

Lloyd’s syndicates are not wasting their time as they prepare to enter the Indian insurance market following regulatory approval given to the London-based market to open a reinsurance branch by IRDAI, the insurance supervisor. Lloyd’s announced in January that it had been granted final approval for an R3 reinsurance license under IRDAI’s new regime and that it planned to be…

‘End of globalisation’ biggest threat to APAC corporates: report

‘End of globalisation’ biggest threat to APAC corporates: report

‘End of globalisation’ biggest threat to APAC corporates: report

The potential end of globalisation is the number one threat to Asian companies, according to report from risk consultancy Control Risks. The report, which ranks the top five business risks for Asia-Pacific, states that the demise of globalisation, “at least as Asia-Pacific knows it”, will undermine the benefits the region’s companies have enjoyed in terms of trade, direct investment and…

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…

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