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…

Singapore government issues call for cyber security experts

Singapore government issues call for cyber security experts

Singapore government issues call for cyber security experts

A new scheme designed to attract more cyber security professionals to the public sector will be introduced later this year by the Singapore government. The Cybersecurity Professional Scheme will start in July and will be managed by the Cyber Security Agency (CSA), the government body charged with overseeing Singapore’s fight against cyber crime. It is one of a string of…

Allied World fast-tracks towards truly global player status

Allied World fast-tracks towards truly global player status

Allied World fast-tracks towards truly global player status

Commercial Risk Europe editor Adrian Ladbury discussed the state of the insurance market with Enrico Bertagna, senior vice-president of business development at Allied World, during the recent AMRAE conference in Deauville, Normandy. This year will be tough again for international insurers and reinsurers, which will have to tightly manage their underwriting strategy or risk dipping into losses as signs of…

Verizon and Singapore’s NTU Business School team up to tackle cyber risk

Verizon and Singapore’s NTU Business School team up to tackle cyber risk

Verizon and Singapore’s NTU Business School team up to tackle cyber risk

Verizon Enterprise Solutions, part of the New York-based communications and wireless group, and Singapore-based Nanyang Technology University’s (NTU) Business School, have joined forces to analyse and better understand economic and insurance loss experienced by global insurers from cybersecurity incidents.  Verizon said that NTU will create a new programme that will develop data analytics capabilities for the insurance industry based on…

Singapore forms council to review corporate governance code

Singapore forms council to review corporate governance code

Singapore forms council to review corporate governance code

The Monetary Authority of Singapore (MAS) has formed a Corporate Governance Council to review the Code of Corporate Governance (CG Code). The council is chaired by Chew Choon Seng, former chairman of the Singapore Exchange. The new chairman of the council said that it is important Singapore listed companies to go beyond “mere box-ticking” and “boiler-plate” explanations, engage meaningfully with…

Zurich restructures its APAC business

Zurich restructures its APAC business

Zurich restructures its APAC business

International insurer Zurich has announced a major overhaul of its Asia-Pacific business, merging its corporate and commercial units into a single division. The integration is designed to simplify its business and give clients a single point of entry, said the insurer, and will be conducted on a country-by-country basis. The move will also mean several personnel changes. The new combined…

IAG plans insurtech hub in Singapore

IAG plans insurtech hub in Singapore

IAG plans insurtech hub in Singapore

Insurance Australia Group (IAG) is the latest insurer to launch an insurtech centre in Singapore, in a bid to spread its presence across Asia. The so-called innovation hub will focus on recruiting startups to act as research and development partners and to help launch new products and services. The initiative, called Firemark Labs, is supported by the Monetary Authority of…

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…

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…

Business interruption tops Allianz risk poll in Asia

Business interruption tops Allianz risk poll in Asia

Business interruption tops Allianz risk poll in Asia

The threat of business interruption is the main concern for Asian businesses according to a global survey of more than 1,200 risk experts conducted by insurer Allianz. The Allianz Risk Barometer lists the top three risks facing Asian corporates as business interruption, market developments and natural catastrophes – the same top three risks that featured in the 2016 survey, albeit…