Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Intense competition in a mature and competitive economy meant that Singapore’s non-life insurance sector posted premiums slightly up but reduced profits for 2016, according to the General Insurance Association of Singapore (GIA). The outlook is slower economic growth and even higher competition, so the industry must focus on raising standards and improving operational efficiency, said the association. “On the industry…

Hyperion hires Johnson to lead FP’s Asian marine business

Hyperion hires Johnson to lead FP’s Asian marine business

Hyperion hires Johnson to lead FP’s Asian marine business

Mark Johnson has been appointed chief executive of FP Marine Risks, the Hong Kong headquartered specialty marine business of UK-based Hyperion Insurance Group. Hyperion, the world’s largest employee-owned insurance group, also announced that as of April 1 2017, FP Marine will become part of RKH Specialty, Hyperion’s specialty broking arm. The broking group recently entered AM Best’s annual list of…

Malaysian insurance market faces ‘challenging’ 2017, says association

Malaysian insurance market faces ‘challenging’ 2017, says association

Malaysian insurance market faces ‘challenging’ 2017, says association

Growth posted by the Malaysian insurance industry plummeted in 2016 compared with 2015 based on latest numbers published by the national insurance association (PIAM). On the plus side the association believes that liberalisation of motor and fire tariffs announced by Bank Negara Malaysia in June last year will “transform” the insurance landscape in the country. The association also said that…

Navigators assembles new management team for Asian expansion plan

Navigators assembles new management team for Asian expansion plan

Navigators assembles new management team for Asian expansion plan

US-based specialty insurer Navigators has appointed a new management team for its Asia division. The team, which will be based in Hong Kong, will be led by new managing director Jon Doherty who will be joined by Sang Kyoun Kim as chief underwriting officer and Paul D’Souza as chief operating officer. Navigators has been operating in China since 2010, as…

Berkshire Hathaway expands to Malaysia and makes plans for Japanese cat market

Berkshire Hathaway expands to Malaysia and makes plans for Japanese cat market

Berkshire Hathaway expands to Malaysia and makes plans for Japanese cat market

US-based insurance and reinsurance group Berkshire Hathaway continues its energetic drive into the corporate insurance market in the Asia-Pacific region, as it announced its expansion into Malaysia and also reportedly hinted at a significant future move into the massive Japanese catastrophe insurance market. The huge US insurance and reinsurance group announced its big push into the primary corporate and specialty…

Maritime kidnaps rise to 10-year high

Maritime kidnaps rise to 10-year high

Maritime kidnaps rise to 10-year high

Global piracy levels fell to an 18-year low in 2016, but figures from the ICC International Maritime Bureau (IMB) reveal a threefold increase in the number of crew kidnapped at sea with figures reaching a 10-year high. Publishing its annual piracy report, the IMB named west Africa and the Sulu Seas route between Malaysia and the Philippines as a key…