London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains the leading global financial centre according to the latest Global Financial Centres Index (GFCI), published by Z/Yen in collaboration with the China Development Institute. The GFCI rates 92 financial centres and found that London and New York remain in first and second places. According to Z/Yen, despite the ongoing Brexit negotiations, London only fell two points, the smallest…

Japanese insurers to review earthquake insurance premiums

Japanese insurers to review earthquake insurance premiums

Japanese insurers to review earthquake insurance premiums

Earthquake insurance premiums are set to rise for certain regions in Japan, as major Japanese non-life insurers have begun to review their earthquake premiums by reassessing damage risks region by region, according to The Japan Times. The newspaper reported that Tokio Marine & Nichido Fire will raise premiums in January next year for areas including the Shikoku region, which could…

North Korea tensions could escalate protectionism warn economists

North Korea tensions could escalate protectionism warn economists

North Korea tensions could escalate protectionism warn economists

The ongoing tension between North Korea, its neighbouring states and the US may well have the world’s population worried about nuclear war but it could also trigger an increase in aggressive protectionism in the region according to researchers from Wall Street bank Morgan Stanley. The tension was ratcheted up on Tuesday when North Korea fired a ballistic missile over Japan,…

Fairfax and Mitsui Sumitomo in global strategic alliance

Fairfax and Mitsui Sumitomo in global strategic alliance

Fairfax and Mitsui Sumitomo in global strategic alliance

Mitsui Sumitomo Insurance and Fairfax Financial Holdings have entered into a global strategic alliance, which includes the acquisition by Mitsui Sumitomo of Fairfax’s Singapore-based subsidiary First Capital. The two insurance groups have signed a binding agreement to pursue a global strategic alliance to explore a broad global partnership in various areas, including reinsurance relationships. Mitsui Sumitomo will acquire Fairfax’s 97.7%…

Asia floods cause $10bn in uninsured losses in July

Asia floods cause $10bn in uninsured losses in July

Asia floods cause $10bn in uninsured losses in July

Severe seasonal floods have left a costly bill of more than $10bn of economic or insured losses across Asia in July, according to research from Aon Benfield. The report, from the broker’s catastrophe model development team Impact Forecasting, shows that the so-called protection gap remains as problematic and expensive as ever in the region. The majority of the economic losses…

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Beleaguered airbag manufacturer Takata is facing more legal troubles just weeks after filing for bankruptcy in a US court, and a number of the world’s biggest carmakers as well as some insurers could be dragged into the case. The US unit of the Japan-based company was responsible for the world’s largest ever auto recall due to faulty airbags and is…

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

Risk modelling and analytics firm RMS has expanded its portfolio of risk models with the addition of tropical cyclone and earthquake models covering Asia-Pacific. More specifically, the new models include typhoon models for South Korea and Taiwan, adding to existing ones for Japan and China, as well as earthquake models for Vietnam, Singapore, Malaysia and Thailand, which will not sit…

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia’s insurance market may have been growing at an average annual rate of 7.5% for the past nine years and its gross written premiums may account for 32% of total global premium income, but current premium growth rates are sharply divided within the region, according to a recently released report from global insurer Allianz. The report describes the region as…

Japanese insurer warns of unknown cyber liabilities in P&C policies

Japanese insurer warns of unknown cyber liabilities in P&C policies

Japanese insurer warns of unknown cyber liabilities in P&C policies

Insurers could be liable for massive cyber losses they are unable to cover due to the loose wording of their property and casualty (P&C) policies. A senior executive at one of Japan’s biggest insurers, Sompo International, issued the warning to the Financial Times. Nigel Frudd, Sompo’s chief strategy officer, said the prolonged soft market in the P&C sector had led…

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Another “exceptional performance” in China, together with solid expansion among the emerging countries, saw global non-life premiums grow 3.7% in 2016, down from 4.2% in 2015 but more than the ten-year average growth rate of 2.0%, according to Swiss Re. The reinsurer’s latest sigma report, World insurance in 2016: the China growth engine steams ahead, reveals that premium growth in…

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