IMF report highlights Asia’s ageing crisis

IMF report highlights Asia’s ageing crisis

IMF report highlights Asia’s ageing crisis

Despite its status as the world leader in growth, the Asia-Pacific region must address its ageing population or else face the risk of growing old before becoming rich. This is the finding from the International Monetary Fund’s (IMF) Regional Economic Outlook for May 2017. While the outlook for the region remains robust, it also faces a near-term outlook full of…

Asia: All that glitters is not gold, says Hannover Re chief

Asia: All that glitters is not gold, says Hannover Re chief

Asia: All that glitters is not gold, says Hannover Re chief

Given the fact that emerging economic regions such as Asia are showing stronger rates of growth than mature markets such as Europe and the US, it is natural to assume that leading international insurers and reinsurers such as Hannover Re will look for growth in these parts. The simple logic is that if the economic growth outlook remains poor for…

Olympus awarded $529m damages from former execs over accounting scandal

Olympus awarded $529m damages from former execs over accounting scandal

Olympus awarded $529m damages from former execs over accounting scandal

Six former executives from Japanese camera manufacturer Olympus have been ordered to pay the company $529m in compensation for their part in a $1.7bn accounting fraud uncovered six years ago. The case became a high profile stain on Japan’s corporate reputation and triggered a serious questioning of the standard of corporate governance at some of the country’s biggest companies. It…

South Korea fines Novartis $49m amid corporate clampdown

South Korea fines Novartis $49m amid corporate clampdown

South Korea fines Novartis $49m amid corporate clampdown

Swiss drugmaker Novartis has been hit with a $48.8m fine by South Korean authorities for offering bribes to doctors who recommended the company’s drugs. In addition, the Ministry of Health and Welfare has suspended insurance coverage for several Novartis drugs, including Alzheimer’s drug Exelon, for a period of six months. Further penalties could yet be imposed, with the ministry set…

Tokio Marine Kiln to offer insurance for drone testing

Tokio Marine Kiln to offer insurance for drone testing

Tokio Marine Kiln to offer insurance for drone testing

Japan-based speciality insurer Tokio Marine Kiln (TMK) is to provide insurance for the testing of drone-based services. The policy, which will be launched in mid-May, will offer cover against damages or accidents incurred during the testing of commercial services employing drones or other unmanned aerial systems (UAS) – most notably for parcel deliveries. According to the insurer, the new product…

Singapore scores high in global talent poll

Singapore scores high in global talent poll

Singapore scores high in global talent poll

Singapore has been ranked as the second best place in the world for attracting, retaining and developing talent, according to the Global Talent Competitiveness Index (GTCI). The index, produced by France-based business school INSEAD, ranked Switzerland as the number one destination, with the UK, US and Sweden making up the rest of the top five. While Singapore was the highest…

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re, the world’s second largest reinsurer, is to establish a regional headquarters for its reinsurance business in Singapore, in 2018. The new HQ, which will be wholly owned by its Zurich-based parent and also inherit its credit rating, will also act as a dedicated legal entity for any reinsurance business in Singapore, as well as overseeing its  existing Asian…

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

The largest ever global cyber espionage campaign, that specifically targeted supply chains to access thousands of organisations across the world, has been uncovered. Details of the attack, which started to emerge in late 2016, have been confirmed by PwC and BAE Systems. The firms worked together with the UK’s National Cyber Security Centre (NCSC) to uncover details of the attack.…

M&A insurance deals growing as capacity increases and rates fall, says JLT

M&A insurance deals growing as capacity increases and rates fall, says JLT

M&A insurance deals growing as capacity increases and rates fall, says JLT

Falling rates and growing capacity in the M&A insurance market, combined with perceived heightened investment risk, has seen a 60% increase in the number of insured deals during 2016 compared to 2015 globally, according to JLT Specialty. There is now more than $1bn of cover available in the market. In its annual M&A Insurance Index report, JLT reveals that the…

New and more costly claims driving up liability losses: AGCS

New and more costly claims driving up liability losses: AGCS

New and more costly claims driving up liability losses: AGCS

Corporate risk managers are facing larger and more complex losses resulting from a growing number of liabilities than ever before, according to a new report from Allianz Global Corporate & Specialty (AGCS). Furthermore, Asia is responsible for a growing proportion of the liability losses, not least because of growing awareness among consumers of compensation in countries such as China, Japan…

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