One Belt One Road key to raising risk management standards in Asia: Parima

One Belt One Road key to raising risk management standards in Asia: Parima

One Belt One Road key to raising risk management standards in Asia: Parima

The One Belt One Road (OBOR) initiative, China’s ambitious development project designed to coordinate large infrastructure projects in China and place itself at the centre of global trade and construction, could also play a critical role in raising risk management standards across Asia. This was one of the central points made at the Pan-Asian Risk and Insurance Management Association (Parima)…

Healthy start to a long process for risk management in China: Baron

Healthy start to a long process for risk management in China: Baron

Healthy start to a long process for risk management in China: Baron

The Pan-Asia Risk & Insurance Management Association (Parima) is enjoying healthy growth within China, has around 100 members already, this week holds its first Chinese event in Shanghai and has a good number of registrations, according to the association’s founding president Franck Baron. But the Chinese risk and insurance management community is at the beginning of a long journey. Awareness…

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

The south China, Indochina, Indonesia and Philippines region continues to lead the world shipping losses table, according to the Allianz Safety & Shipping Review 2017. The insurer’s latest report reveals that 23 of the 85 total losses suffered in 2016 occurred in the region. The region also leads the longer-term table. From 2007 to 2016, it was a clear leader…

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

The World Bank has revealed a new project in Myanmar that aims to strengthen the country’s capacity to respond to disaster risks, and provides $116m in risk financing. Disasters cost Myanmar more than $184m annually and disproportionally hurt the poor, according to the bank. The Myanmar Southeast Asia Disaster Risk Management Project, approved last week by the World Bank’s board…

Mapfre acquires majority share in Indonesian insurer

Mapfre acquires majority share in Indonesian insurer

Mapfre acquires majority share in Indonesian insurer

European insurer Mapfre has acquired a 51% share in Indonesia-based insurer PT Asuransi Bina Dana Arta Tbk (ABDA), thereby triggering a likely takeover as it expands in Southeast Asia. Madrid-based Mapfre was granted regulatory approval to purchase an extra 31% share, at a price of €90m, on top of its existing 20% stake in ABDA acquired back in 2013, thereby…

Takata prepares for bankruptcy after product recall woes

Takata prepares for bankruptcy after product recall woes

Takata prepares for bankruptcy after product recall woes

Japanese airbag manufacturer Takata is expected to file for bankruptcy later this month after suffering one of the biggest product recalls in recent memory. According to Bloomberg, Takata will seek bankruptcy protection in Japan before filing for Chapter 11 bankruptcy in the US. Further evidence of the likely bankruptcy was provided by the fact that Takata’s shares were suspended on…

Blockchain technology creates first multinational insurance ‘smart contract’

Blockchain technology creates first multinational insurance ‘smart contract’

Blockchain technology creates first multinational insurance ‘smart contract’

The first so-called ‘smart contract’-based multinational insurance policy using blockchain technology has been successfully piloted by AIG, IBM and Standard Chartered Bank. The three companies specifically chose multinational insurance coverage, a particularly complex area of commercial insurance, to better understand blockchain’s potential to reduce friction and increase trust in other areas of the insurance value chain. AIG said the blockchain…

Unison and Steadfast unveil new broker network partnership

Unison and Steadfast unveil new broker network partnership

Unison and Steadfast unveil new broker network partnership

Australian Steadfast Group has taken a stake in German-based broker unisonBrokers AG as part of a strategic partnership agreement between the two general insurance broking networks. Under the terms of the deal, Unison said it will rebrand as unisonSteadfast. The stake was not declared, although it was said to be non-controlling. Steadfast CEO Robert Kelly and chief operating officer Samantha…

New rates for New Zealand Fire Emergency Levy

New rates for New Zealand Fire Emergency Levy

New rates for New Zealand Fire Emergency Levy

The New Zealand Fire Service is planning to make various changes to its Fire Service Levy, as from 1 July 2017, according to Impendulo, a specialist in insurance premium tax compliance. Firstly, the name of the Levy will change from Fire Service Levy to Fire Emergency Levy. The New Zealand Fire Service is also making changes to the size of…

Willis Towers Watson restructures global broking teams

Willis Towers Watson restructures global broking teams

Willis Towers Watson restructures global broking teams

Willis Towers Watson has put in place a new broking team for its corporate risk and broking (CRB) business headed by Philip Smaje, with substantial changes across Europe and the rest of the world. The broking business will be divided into four regions. Western Europe will be headed by Ghassan Mansour, Great Britain by Clyde Bernstein, North America by Joe…

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