New independent insurance regulator for Hong Kong

New independent insurance regulator for Hong Kong

New independent insurance regulator for Hong Kong

In Hong Kong, the Insurance Authority will replace the Office of the Commissioner of Insurance (OCI) in regulating insurance companies, with effect from 26 June 2017. The OCI will be disbanded on the same day. The Insurance Companies (Amendment) Ordinance 2015 (Amendment Ordinance) will enable the Insurance Authority to take over the statutory functions of the OCI. The Insurance Authority…

Survey shows Chinese insurers are well capitalised

Survey shows Chinese insurers are well capitalised

Survey shows Chinese insurers are well capitalised

The vast majority of Chinese insurers are well capitalised, according to a survey carried out by the Chinese insurance regulator, with just five insurers out of 170 surveyed “near regulatory red lines in the first quarter”, Reuters reported. The China Insurance Regulatory Commission (CIRC) said in a statement that the comprehensive solvency ratio for the industry reached 238% at the…

Credit risk spikes at eastern European businesses

Credit risk spikes at eastern European businesses

Credit risk spikes at eastern European businesses

Businesses trading with eastern European suppliers and customers are at an increased risk of payment default, according to Atradius. New research by the the trade credit insurer found that 86% of eastern European customers have received late payments on invoices during the past year, with 58% citing liquidity issues as the main reason. The report, which analyses data from businesses…

IBM develops tools to help clients deal with GDPR

IBM develops tools to help clients deal with GDPR

IBM develops tools to help clients deal with GDPR

IBM Resilient has developed capabilities to help clients prepare for new data rules under the European Union’s General Data Protection Regulation (GDPR), which takes effect in May 2018. IBM said an incident response capability has been established to address the new requirements, explaining that the “GDPR is one of the biggest changes in data privacy law in decades”. IBM said…

Ironshore boosts M&A insurance programme capacity to £100m

Ironshore boosts M&A insurance programme capacity to £100m

Ironshore boosts M&A insurance programme capacity to £100m

Ironshore International’s mergers and acquisitions and tax insurance unit has increased its consortium programme capacity to £100m, up from its current limit of £78.5m, in response to client and broker demand. The specialty unit is also announcing a new tax consortium with initial capacity of £40m. Both consortia will be able to write in combination with Ironshore’s Bermudian platform for…

TMK launches VFX and post-production media insurance

TMK launches VFX and post-production media insurance

TMK launches VFX and post-production media insurance

Tokio Marine Kiln (TMK) has launched a hybrid product, VFX and Post-Production Media Insurance, for companies specialising in online or offline editing and digital content. Post-production media insurance, which combines traditional commercial insurance with cyber and reputational management cover, was designed to address the need for insurance cover in the face of cyber attacks and accidental security breaches. Policyholders will…

AGCS promotes Mike Hansen to global head of aviation

AGCS promotes Mike Hansen to global head of aviation

AGCS promotes Mike Hansen to global head of aviation

Allianz Global Corporate & Specialty (AGCS) has named Mike Hansen as global head of aviation, effective immediately. He takes over from Henning Haagen, who was appointed northeast zone executive for North America earlier this year and has been managing dual responsibilities in the interim. Mr Hansen, who currently oversees the North American aviation business of AGCS, will relocate from Canada…

Blend launches in Sydney after renewal deal with Beazley

Blend launches in Sydney after renewal deal with Beazley

Blend launches in Sydney after renewal deal with Beazley

A newly approved Lloyd’s syndicate service company, Blend Insurance Solutions, has been launched in Sydney following a deal with Beazley Underwriting to secure renewal rights to its local accident and health portfolio in Australia. The renewal rights to Beazley’s local portfolio gives the startup an immediate presence in Australia and New Zealand. With the backing of established and respected parent…

Growing need for boards to embrace enterprise risk management

Growing need for boards to embrace enterprise risk management

Growing need for boards to embrace enterprise risk management

Regulations across Africa are still essential for driving good risk management practice and boards need to shape up as standards rise, according to participants in a roundtable hosted by Commercial Risk Africa this week. Taking part in the roundtable, at the 44th African Insurance Organisation general assembly in Kampala, the roundtable participants told Commercial Risk Africa that regulation remains necessary.…

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