The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

One of the most notable traits of Asia’s growing risk management industry is the eclectic nature of its protagonists. It is rare that anyone responsible for a company’s risk management does not have other responsibilities thrust on their shoulders. In the case of Parikshit Sen Gupta, vice-president, finance for the Shangri-La Group, his work for the Hong Kong-based hotel group…

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

The Hong Kong Financial Services Development Council (FSDC) has revealed plans to fight back against progress made by Singapore in recent times, and to use tax breaks to attract reinsurance, marine and captive insurance business back to the domicile. Risk managers in China, the wider Asia-Pacific region and worldwide will be interested to see that the FSDC, formed by the Hong…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

The Guernsey Financial Services Commission (GFSC) has signed a Memorandum of Understanding (MoU) with the China Insurance Regulatory Commission (CIRC) of the People’s Republic of China. Guernsey hopes that this latest agreement, coupled with its decision to recently set up a promotional agency in Hong Kong and the launch of a Mandarin website, will help attract Chinese insurers, captives and…

Hong Kong looks to establish itself as reinsurance and captive hub

Hong Kong looks to establish itself as reinsurance and captive hub

Hong Kong looks to establish itself as reinsurance and captive hub

The Hong Kong Financial Services Development Council (FSDC) has released a report which calls for action to be taken to further develop the region’s insurance and reinsurance industry, and highlights the potential of Hong Kong as a captive domicile. The report, Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive, notes…

Labuan to intensify its efforts on the captive sector in 2017

Labuan to intensify its efforts on the captive sector in 2017

Labuan to intensify its efforts on the captive sector in 2017

Captive insurance is one of the niche sectors where the Labuan International Business and Financial Centre (Labuan IBFC) is expected to intensify its efforts in 2017 as part of its strategic plan to develop the jurisdiction. Labuan IBFC CEO, Danial Mah Abdullah, said: “We believe the changes in the way cross-border investment and trade are conducted due to demands for…

Parima signs three more partners

Parima signs three more partners

Parima signs three more partners

The Pan-Asia Risk and Insurance Management Association (Parima) has recruited a further three additions to its roster of corporate partners.   Singapore-based disaster recovery specialist Belfor Asia, US-based insurer Liberty International Underwriters (LIU) and the Labuan International Business and Financial Centre (Labuan IBFC) join 23 other companies in what the association says is a mission to “create opportunities for education and…

Aon reports increasing sophistication of Asian captives

Aon reports increasing sophistication of Asian captives

Aon reports increasing sophistication of Asian captives

Captive owners in Asia are showing an unprecedented level of sophistication and increasing their captives’ involvement in non-traditional lines, according to Aon. In its Asia Market Review 2017, Aon said the Asian captive market has continued to grow at a steady pace through 2016, and while Aon’s captive clients have continued to write traditional lines such as property and liability…

Labuan to reposition and boost financial centre

Labuan to reposition and boost financial centre

Labuan to reposition and boost financial centre

The Labuan International Business and Financial Centre (IBFC) is to carry out a review of how it can reposition itself. Malaysia’s Central Bank Governor, Datuk Muhammad Ibrahim, who is also the Chairman of Labuan Financial Services (Labuan FSA), said they needed to rethink how Labuan IBFC can develop a distinct value proposition that distinguishes itself from other competitors, as well as from…

Japan’s captive insurance industry poised for growth

Japan’s captive insurance industry poised for growth

Japan’s captive insurance industry poised for growth

Despite having one of the largest commercial insurance markets in the world, Japan’s captive insurance industry remains underutilised, according to AM Best, though that might change in the future. The low utilisation in Japan is partly due to historically strong relationships with the major domestic insurance groups, which have been the largest shareholders of the industrial organisations. However, Best said these…

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