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)…

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…

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…

Cyclone Debbie insured losses expected to peak at $900m

Cyclone Debbie insured losses expected to peak at $900m

Cyclone Debbie insured losses expected to peak at $900m

The total insured losses from Cyclone Debbie have reached $897m, with just a minimal amount of claims expected to trickle in. According to the Insurance Council of Australia (ICA), insurers have received 56,135 claims related to the Category 4 storm that struck Airlie Beach on the Queensland coast on 28 March and caused widespread damage to Queensland, New South Wales…

India’s nuclear insurance pool attracts international interest

India’s nuclear insurance pool attracts international interest

India’s nuclear insurance pool attracts international interest

A nuclear insurance pool set up in 2015 by the Indian government to provide liability coverage for nuclear power plants has attracted a number of global insurers and nuclear suppliers, according to a report on website moneycontrol.com. The pool, which has a capacity of Rs1500 crore, has 11 general insurance companies involved, as well as the state-owned General Insurance Corporation…

MPI Generali launches corporate insurance business in Malaysia

MPI Generali launches corporate insurance business in Malaysia

MPI Generali launches corporate insurance business in Malaysia

MPI Generali Insurans Berhad, a joint venture between Italian insurer Generali and Malaysia-based Multi-Purpose Capital Holdings Berhad, has opened a global corporate and commercial business unit in Malaysia. The new division will provide a range of insurance lines for corporate and commercial clients and distributors in the Southeast Asian state. The unit will operate in segments covering property liability, financial…

Global insurance rates fall for 16th quarter, but pace of decline slows

Global insurance rates fall for 16th quarter, but pace of decline slows

Global insurance rates fall for 16th quarter, but pace of decline slows

Global insurance rates have now fallen every quarter for the past four years, but the rate of decline slowed for the fifth consecutive quarter, finds Marsh’s Global Insurance Market Index. In continental Europe, however, rates fell slightly more in the first quarter of 2017 than Q4 of last year, and in the UK the rate of decline was static. The…

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re has hired a number of senior executives to head up its new property and casualty reinsurance underwriting hub in Singapore, while its corporate insurance practice – Swiss Re Corporate Solutions (SRCS) – has made two senior appointments. Jonathan Rake will become SRCS chief executive for Asia-Pacific, taking over from Fred Kleiterp who has been appointed chief executive for…

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Global reinsurer Swiss Re has partnered with local specialist insurer Taiwan Fire & Marine Insurance to launch what it claims is the first parametric insurance policy for Taiwan’s fish farmers. The product will provide them with cover against extreme rainfall in Ping Tung county, a centre of agriculture and tourism in southern Taiwan. Parametric insurance uses pre-defined triggers to determine…

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