Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch Ratings has maintained its 2018 rating and sector outlooks for China’s non-life insurers at stable, because it believes the sector is likely to sustain “healthy” capital adequacy. The ratings agency said it expects further liberalisation of motor insurance pricing to undermine the insurers’ ability to boost their underwriting margins. But it also said the expansion in non-motor policies is…

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

A broadening of coverage in business interruption (BI) insurance due to price pressure and competition is leading to concerns about claims certainty, according to Swiss Re Corporate Risk Solutions (SRCS). The BI proportion of Property Damage claims continues to grow and in some cases eclipses physical loss to assets by more than double. It is not uncommon for BI losses to…

Insurers not doing enough with technology and innovation, say risk managers

Insurers not doing enough with technology and innovation, say risk managers

Insurers not doing enough with technology and innovation, say risk managers

Asia’s Risk managers have such low expectations of insurers’ and their ability to innovate that two thirds of them believe they will never receive a policy document on the day of inception in their lifetime. This revelation was one of the more striking findings from this year’s Risk Frontiers Asia survey, produced by Commercial Risk Asia in partnership with Parima…

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Labuan International Business and Finance Centre (IBFC) needs to ensure that the local community benefits from its economic activity, become a more diversified and sustainable economy, and enhance tax incentives so that they are on a par with international best practices. These are the three major challenges facing the IBFC, according to Muhammad bin Ibrahim, governor of Bank Negara Malaysia,…

Hong Kong supervisor faces problems over new broker licensing rules

Hong Kong supervisor faces problems over new broker licensing rules

Hong Kong supervisor faces problems over new broker licensing rules

John Leung, CEO of Hong Kong’s recently created Insurance Authority (IA), has admitted that the new regulatory body has encountered some “teething” issues since it replaced the Commissioner of Inland Revenue back in June. He also conceded that the IA faces a “very tight” timeframe to introduce the new licensing regime for brokers in time for 2019. Mr Leung told…

Chubb launches new unit for Asian SMEs

Chubb launches new unit for Asian SMEs

Chubb launches new unit for Asian SMEs

Chubb has announced the formation of a new business unit to meet the risk management needs of small and medium-sized enterprises (SMEs) in Asia Pacific. The small commercial division will focus “on delivering a sustainable value proposition to SMEs through innovative products, tailored distribution strategies and convenient sales platforms”, said Chubb in a statement. Chubb has also made three executive…

Axa names new Asia CEO in global management reshuffle

Axa names new Asia CEO in global management reshuffle

Axa names new Asia CEO in global management reshuffle

French multinational insurer Axa has unveiled a new management structure for its international operations, which includes the appointment of Gordon Watson as chief executive for Asia, including Japan, effective from 1 January. The role has been vacant since the resignation of Jean-Louis Laurent Josi at the end of June. Axa had hoped to name his successor before the end of…

Peak Re receives reinsurance licence in Singapore

Peak Re receives reinsurance licence in Singapore

Peak Re receives reinsurance licence in Singapore

Hong Kong-based reinsurer Peak Re has been granted authorisation by the Monetary Authority of Singapore to carry on writing life and general reinsurance business in the country with effect from 2 November. The licence award was welcomed by Franz-Josef Hahn, chief executive officer of Peak Re, who emphasised the importance of the region and said the licence would make for…

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea are increasingly challenged by weakening top-line growth, according to Korean Re’s latest insurance bulletin. It states that South Korea’s non-life insurers are projected to see just a 2.6% increase in premium income for 2017. The general property and casualty insurance sector is expected to grow by 3.5%, backed mostly by casualty lines, notes the bulletin.…

China-Africa: will the marriage of convenience last?

China-Africa: will the marriage of convenience last?

China-Africa: will the marriage of convenience last?

Africa’s dependency on China has increased significantly in the past ten years, but credit insurer Coface has been asking if the relationship can last. “Action movie Wolf Warrior 2, released in July 2017, became the first non-Hollywood movie to break into the top 100 highest-grossing films, portraying China as Africa’s protector,” it said. And just four days after the movie’s…

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