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…

AIR Worldwide releases new inland flood model for Japan

AIR Worldwide releases new inland flood model for Japan

AIR Worldwide releases new inland flood model for Japan

Catastrophe modelling firm AIR Worldwide has launched a new inland flood model for Japan, and also released a new version of its Japan typhoon model as part of an update to its catastrophe modelling software platform Touchstone. The flood model, which AIR claims is the first such tool to be developed for Japan, simulates the effects of on- and off-plain…

Supply chain and reputational risk in spotlight as Kobe Steel reels from safety data scandal

Supply chain and reputational risk in spotlight as Kobe Steel reels from safety data scandal

Supply chain and reputational risk in spotlight as Kobe Steel reels from safety data scandal

If any risk manager needs help convincing their bosses of just how potentially cataclysmic supply chain and reputational risk can be, then they need only advise them to take a look at the experience of Kobe Steel this week as it struggles to deal with revelations about falsified safety information on its core steel products that are used around the…

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

The risk of natural catastrophe in Asia-Pacific is outpacing resilience and could push those in the most disaster-prone areas into poverty unless action is taken, according to a recent report from a United Nations regional commission. The report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) urges countries to explore ways to close the…

Japanese insurers expanding overseas operations, says Moody’s

Japanese insurers expanding overseas operations, says Moody’s

Japanese insurers expanding overseas operations, says Moody’s

Japanese insurers are showing stronger support for their overseas subsidiaries, according to Moody’s. The ratings agency said that Japanese insurers are showing a growing commitment to expanding their overseas operations, and this is leading to Moody’s incorporating assumptions of stronger support by these companies for their foreign subsidiaries. “In particular, we upgraded the insurance financial strength ratings of the main…

Sompo forges ahead with creation of global platform following Endurance acquisition

Sompo forges ahead with creation of global platform following Endurance acquisition

Sompo forges ahead with creation of global platform following Endurance acquisition

Sompo International Holdings (SIH), the Bermuda-based specialty insurer and reinsurer formed earlier this year following the acquisition of Bermuda’s Endurance by Japan’s Sompo for $6.3bn, this week announced the creation of a worldwide platform and the introduction of a global clearance system (GCS) as it shapes up to be a serious global option for the risk and insurance management community.…

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…

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