Piracy attacks down, but IMB identifies areas of concern

Piracy attacks down, but IMB identifies areas of concern

Piracy attacks down, but IMB identifies areas of concern

Piracy and armed robbery attacks against ships hit a five-year low during the first nine months of this year, with a total of 121 incidents recorded by the International Chamber of Commerce’s International Maritime Bureau (IMB). However, the IMB said there is growing concern over attacks in the Gulf of Guinea and southeast Asia. The IMB’s latest piracy report also…

Zurich hires new commercial underwriting chief for Singapore

Zurich hires new commercial underwriting chief for Singapore

Zurich hires new commercial underwriting chief for Singapore

Global insurer Zurich has appointed Anish Jadav as its new chief underwriting officer for its commercial insurance business in Singapore. Mr Jadav will head up several specialty lines in the region including accident and health, financial, marine and surety. He will also work closely with Zurich’s head of the Asia-Pacific commercial insurance team, Chris Waterman, as the insurer looks to…

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

Global marine underwriting premiums fell by 9% in 2016 to $27.5bn, following a similar fall the previous year, according to the latest annual statistical report on the marine insurance market by the International Union of Marine Insurance (IUMI). The hull sector saw a 10% fall in premium income to $7bn, while the cargo sector fell by 6% to $15bn. The…

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Deloitte opens Asia-Pacific blockchain lab in Hong Kong

Consultant Deloitte has officially unveiled its Asia-Pacific blockchain lab and chosen Hong Kong as its home. The lab is designed to implement and deploy distributed ledger technology (DLT) or blockchain-related projects for corporate clients, many of which are from the insurance sector. The opening of the lab follows Deloitte’s recent collaboration with the island’s financial watchdog, the Hong Kong Monetary…

EY and Guardtime launch marine insurance blockchain platform

EY and Guardtime launch marine insurance blockchain platform

EY and Guardtime launch marine insurance blockchain platform

Consultant EY and software security firm Guardtime have launched what they claim is the world’s first blockchain platform for marine insurance. The project also involves a number of other partners including shipping firm AP Møller-Maersk, Microsoft, insurers MS Amlin, Willis Towers Watson and XL Catlin, and ACORD, the insurance industry’s non-profit data standards body. The as yet unnamed platform, which…

Falling premium rates and competition to hit Lloyd’s, says Moody’s

Falling premium rates and competition to hit Lloyd’s, says Moody’s

Falling premium rates and competition to hit Lloyd’s, says Moody’s

Growing competition combined with tepid economic conditions and a likely reduction in reserve releases will put pressure on premium rates, growth and profitability at Lloyd’s, according to a report by Moody’s Investors Service. The firm says growth could even be sent into reverse in 2017/2018 because of falling premium rates, which have affected many of Lloyd’s’ core business lines including…

AGCS opens S Korea office as Asia expansion continues

AGCS opens S Korea office as Asia expansion continues

AGCS opens S Korea office as Asia expansion continues

Allianz Global Corporate & Specialty (AGCS), the corporate and specialty arm of the German insurer, has opened a new office in South Korea. The office opening means that AGCS is the first foreign insurer to be granted regulatory approval by the South Korea Financial Services Commission to operate with a local insurance license, claims AGCS. It will cover a variety…

Big data and new markets will be key disruptors in transport sector

Big data and new markets will be key disruptors in transport sector

Big data and new markets will be key disruptors in transport sector

Some 43% of transport sector respondents believe big data will be the most significant driver of change, according to an annual survey from Norton Rose Fulbright. The eighth edition of The way ahead transport report reveals that 90% of aviation and 86% of rail respondents are positive about market conditions, compared with 64% and 37% in logistics and shipping respectively.…

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…

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…

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