Tax concession heralds new push for Hong Kong captives

Tax concession heralds new push for Hong Kong captives

Tax concession heralds new push for Hong Kong captives

Hong Kong is bringing in tax concessions to further develop the territory as a captive domicile. Speaking at the annual reception of the Hong Kong Federation of Insurers, the secretary for financial services and the treasury, James Lau, said that with the Belt and Road Initiative, Hong Kong has the potential to emerge as a major risk management centre for…

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Political violence risk has increased worldwide for the third year in a row, while broader political risk is also up, according to analysis by Aon. The broker’s newly released 2018 political risk, terrorism and political violence risk maps also suggest that the global threat posed by Islamic State (IS) has peaked, with its reach likely to fall in 2018. Political…

Parima adds new board members

Parima adds new board members

Parima adds new board members

The Pan-Asia Risk and Insurance Management Association (Parima) has added three new members to its board committee, in a sign of its growing presence in the region. Rehanna Box, Satoshi Hoshi and Takehisa Banno joined the board on 8 March, bringing the total number of members to 26. Ms Box, insurance advisory partner at the Sydney office of international law…

Toys, cars and motorcycles top EC dangerous products list and China is biggest culprit 

Toys, cars and motorcycles top EC dangerous products list and China is biggest culprit 

Toys, cars and motorcycles top EC dangerous products list and China is biggest culprit 

The European Commission (EC) this week released its 2017 report on the Rapid Alert System for dangerous products and found that toys (notably so-called fidget spinners), cars and motorcycles top the list of dangerous products that were spotted and removed from markets. China is still the source of most dangerous products identified by the alert system and the EC said it is…

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Turbulence in political risk – particularly Brexit negotiations, trade protectionism and the North Korea missile crisis – will continue into 2018 and feature high on the agenda of multinationals, Marsh said on publishing its Political Risk Map 2018 with BMI Research. In Europe, the political risk landscape continues to be dominated by the UK’s exit from the European Union and…

IRM announces ambassador for Vietnam, Cambodia and Laos

IRM announces ambassador for Vietnam, Cambodia and Laos

IRM announces ambassador for Vietnam, Cambodia and Laos

The Institute of Risk Management (IRM), a UK-based risk education body, has appointed Saman Bandara as a global ambassador for Vietnam, Cambodia and Laos as it continues to expand its operations in Asia-Pacific. Mr Bandara is head of insurance, forensics and it risk and analytics at EY Vietnam, where he has worked for 11 years. He is also a long-serving…

Singapore’s cybersecurity bill passed in parliament

Singapore’s cybersecurity bill passed in parliament

Singapore’s cybersecurity bill passed in parliament

A bill designed to make Singapore’s critical services more resilient to cyberattacks has been passed in parliament. The Cybersecurity Bill mandates that owners of computer systems deemed to be providing essential services, known as critical information infrastructures (CIIs), must comply with codes of best practice, report any cybersecurity incidents, undergo regular cybersecurity risk assessments and submit to a cybersecurity audit…

Cyber risk management falls behind threat level, finds Marsh survey

Cyber risk management falls behind threat level, finds Marsh survey

Cyber risk management falls behind threat level, finds Marsh survey

Businesses are more concerned about cybersecurity today than two years ago, according to a new global survey from Marsh and Microsoft, but only a fifth of organisations are highly confident about managing and responding to the threat. Marsh said the survey confirms a “misalignment” between high levels of cyber risk awareness and risk mitigation and risk management. “Cyber risk management…

Captives coming of age in Asia

Captives coming of age in Asia

Captives coming of age in Asia

The use of captives as a strategic risk management tool is under development in Asia. The penetration of captives on the continent is still relatively low compared with regions such as the US and Europe, where captives have been a fixture of clients’ risk management strategies for many years. But Asia-based clients, and companies with exposures in Asia, increasingly are…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

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