Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

Worldwide Broker Network appoints Mojumdar CEO to board to boost Asian profile

Worldwide Broker Network appoints Mojumdar CEO to board to boost Asian profile

Worldwide Broker Network appoints Mojumdar CEO to board to boost Asian profile

Commercial broker network, the Worldwide Broker Network (WBN), has appointed Larry Mojumdar, CEO of Tokyo-based firm Mojumdar & Company, to its board of directors. The addition of Mojumdar & Company, which provides commercial and personal insurance from 20 local and foreign insurers in Japan, raises WBN’s broker members from the Asia-Pacific region to 21. Daniel de Swaan, chair of the…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

The Sanchi, the stricken Iranian tanker that collided with a US freighter off the eastern coast of China in one of the worst oil ship disasters in decades has sunk, taking with it all remaining survivors on board, according to Iranian officials. According to an Iranian navy commander speaking on Saturday 13 January, a massive explosion occurred on the ship,…

Parima announces details for 2018 conferences

Parima announces details for 2018 conferences

Parima announces details for 2018 conferences

The Pan-Asia Risk and Insurance Management Association (Parima) has revealed the dates and locations for next year’s conferences as well as the theme for both events – ‘Overcoming Uncertainty’. The first event will be held in Bangkok, Thailand on 22 May 2018 and will be based on a sub-theme of ‘Preparing for 4.0’. Risk managers from the likes of AirAsia, Thaioil, Raytheon Australia,…

Product recalls growing in size and number, warns AGCS

Product recalls growing in size and number, warns AGCS

Product recalls growing in size and number, warns AGCS

Exposure to product recalls has increased significantly during the past decade, bringing the potential for larger and more complex losses. This is the stark warning from a new report published by Allianz Global Corporate & Specialty (AGCS). The study, Product Recall: Managing The Impact of the New Risk Landscape, says that a combination of tougher regulation, global supply chains, increased…

Global modelled catastrophe loss report from AIR Worldwide

Global modelled catastrophe loss report from AIR Worldwide

Global modelled catastrophe loss report from AIR Worldwide

The 1% aggregate exceedance probability insured loss (or the 100-year return period loss) from catastrophes worldwide is nearly $250bn, and the global insured average annual loss is about $80bn, according to catastrophe modelling firm AIR Worldwide’s 2017 Global Modeled Catastrophe Losses report. The 2017 report bases its global loss metrics on perils and regions currently modelled by AIR, including new…

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…

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Evariste Yeung has been appointed to lead Willis Towers Watson’s (WTW) property and casualty (P&C) division in north Asia. Mr Yeung will be based in Shanghai and will report to Richard Collis, managing director for WTW’s insurance consulting and technology business in Asia-Pacific. In what is a newly created role, he will be responsible for developing the broker’s north Asia…

Toa Re forms Special Purpose Arrangement at Lloyd’s to support expansion

Toa Re forms Special Purpose Arrangement at Lloyd’s to support expansion

Toa Re forms Special Purpose Arrangement at Lloyd’s to support expansion

The Lloyd’s Franchise Board has given ‘in principle’ approval for the Toa Reinsurance Company and Barbican Insurance Group to establish Toa Re Special Purpose Arrangement (SPA 6132). The SPA will be backed exclusively by Toa Re and managed by Barbican Managing Agency Limited. Subject to formal approval, SPA 6132 will commence underwriting on 1 January 2018 with an initial capacity…

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