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…

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Intense competition in a mature and competitive economy meant that Singapore’s non-life insurance sector posted premiums slightly up but reduced profits for 2016, according to the General Insurance Association of Singapore (GIA). The outlook is slower economic growth and even higher competition, so the industry must focus on raising standards and improving operational efficiency, said the association. “On the industry…

APAC to lead insurance M&A deals: KPMG

APAC to lead insurance M&A deals: KPMG

APAC to lead insurance M&A deals: KPMG

Asia Pacific is predicted to be at the forefront of renewed mergers and acquisition (M&A) activity in the global insurance sector, according to a survey conducted by KPMG. The survey canvassed more than 200 insurance industry executives and revealed that 84% of global firms want to target between one and three acquisitions in 2017, with two thirds of insurers interested…

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar has stepped up its economic liberalisation efforts by opening up its special economic zone (SEZ) in Thilawa to international insurers. Myanmar’s only SEZ, a joint venture between Japan and Mynamar established in September 2015, has previously only been available to Japanese insurers – Sompo Japan Nipponkoa, Tokio Marine & Nichido Fire Insurance, and Mitsui Sumitomo Insurance all received licences…

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

A category four cyclone that hit the northeastern coast of Australia on Tuesday 28 March has led to mass evacuations and the closing of goldmines and coalmines, reported Bloomberg. It has also caused insurers to declare a catastrophe in the expectation of thousands of claims. Cyclone Debbie made landfall near Airlie Beach in Queensland, a tourist resort also known as…

Hong Kong posts big growth in total gross premiums in 2016

Hong Kong posts big growth in total gross premiums in 2016

Hong Kong posts big growth in total gross premiums in 2016

The Hong Kong insurance industry saw total gross premiums increase by 22.7% to $448.8bn in 2016, according to provisional statistics from the Office of the Commissioner of Insurance. This was largely due to a 26.1% growth in revenue premiums of long-term in-force business to $403.2bn in 2016. For general insurance business, gross premiums recorded a decrease of 0.7% to $45.6bn…

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…

Japan insurers’ global expansion justified by operating results: AM Best

Japan insurers’ global expansion justified by operating results: AM Best

Japan insurers’ global expansion justified by operating results: AM Best

The decision by Japan’s leading non-life insurers to significantly expand their international operations through high profile acquisitions in the past couple of years, has helped them to offset higher levels of financial leverage and manage their interest rate exposures. The deals were not cheap but made economic sense, according to AM Best. The expansion of the Japanese insurers in recent…

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

HDI Global SE, the industrial insurance arm of German group Talanx, has reported a significant improvement in underwriting results, combined ratio and profits for 2016 despite continued soft markets and the low interest rate environment. The insurer has also promised to continue its push into international markets this year. Deputy chairman of the board of management at Talanx and CEO…

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

The Hong Kong Financial Services Development Council (FSDC) has revealed plans to fight back against progress made by Singapore in recent times, and to use tax breaks to attract reinsurance, marine and captive insurance business back to the domicile. Risk managers in China, the wider Asia-Pacific region and worldwide will be interested to see that the FSDC, formed by the Hong…

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