Insurers not doing enough with technology and innovation, say risk managers

Insurers not doing enough with technology and innovation, say risk managers

Insurers not doing enough with technology and innovation, say risk managers

Asia’s Risk managers have such low expectations of insurers’ and their ability to innovate that two thirds of them believe they will never receive a policy document on the day of inception in their lifetime. This revelation was one of the more striking findings from this year’s Risk Frontiers Asia survey, produced by Commercial Risk Asia in partnership with Parima…

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Labuan International Business and Finance Centre (IBFC) needs to ensure that the local community benefits from its economic activity, become a more diversified and sustainable economy, and enhance tax incentives so that they are on a par with international best practices. These are the three major challenges facing the IBFC, according to Muhammad bin Ibrahim, governor of Bank Negara Malaysia,…

Parima targets career progression for risk managers in 2018

Parima targets career progression for risk managers in 2018

Parima targets career progression for risk managers in 2018

The Pan-Asia Risk and Insurance Management Association (Parima) is prioritising the career progression of its members in 2018, according to executive director Stacey Huang. “We have four areas we want to concentrate on in 2018 – a career portal, a mentoring programme, a certification supplement programme, and our conferences for next year,” Ms Huang told Commercial Risk Asia. Parima has…

China-Africa trade remains unbalanced

China-Africa trade remains unbalanced

China-Africa trade remains unbalanced

Almost 20 years after the launch of the first Forum on China-Africa Cooperation, China-Africa relations remain unbalanced, according to credit insurer Coface. It said bilateral trade has lept in the past ten years to a total of $123bn in 2016, driven – up to 2014 – by exports, which have fallen by 51% since the peak. The region now has…

Malaysia and Australia suffer massive data breaches

Malaysia and Australia suffer massive data breaches

Malaysia and Australia suffer massive data breaches

The spotlight on cybersecurity has intensified following news of massive data breaches suffered in Malaysia and Australia. Malaysian authorities are currently investigating an attempt to sell the personal data of more than 46 million mobile phone subscribers, in what would be one of the largest ever data breaches to occur in Asia. The breach was first reported by local news…

Whistleblowing rises but culture remains major hurdle: survey

Whistleblowing rises but culture remains major hurdle: survey

Whistleblowing rises but culture remains major hurdle: survey

Whistleblowing on dodgy practices in the workplace has increased during the past three years, with 47% of business managers witnessing or engaging in such activity, compared to 34% in 2014, according to a new survey from law firm Freshfields Bruckhaus Deringer. The survey, conducted by Censuswide in September, marks a shift in workplace behaviour, Freshfields said, but it stressed that…

Singapore and Hong Kong team up in fintech alliance

Singapore and Hong Kong team up in fintech alliance

Singapore and Hong Kong team up in fintech alliance

The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have signed an agreement to strengthen co-operation on fintech between the two cities and foster wider fintech development within the region. The agreement was finalised at the FinTech Day organised by the HKMA in late October. Under the agreement, MAS and HKMA have committed to work on…

Risk managers struggling to articulate role and value

Risk managers struggling to articulate role and value

Risk managers struggling to articulate role and value

Risk and insurance managers are still struggling to fully explain to their bosses the role they fulfil and benefits they bring to an organisation, according to leading industry professionals. Attending the Risk Management Forum at the annual Brokerslink conference in Marrakesh, they urged their counterparts to make more effort to communicate their true value and drive the profession forward. “A…

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…

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…

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