Non-life premium growth in Thailand but uncertain future, says Fitch

Non-life premium growth in Thailand but uncertain future, says Fitch

Non-life premium growth in Thailand but uncertain future, says Fitch

Thailand has seen growth in non-life insurance direct premiums pick up in recent quarters, but it is unclear if this will be sustainable, according to Fitch Ratings. Annualised non-life direct premiums in Thailand grew by 4% in the first quarter of 2017 and the Thailand General Insurance Association is forecasting growth for the full year to reach 1%-2%. The growth…

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains the leading global financial centre according to the latest Global Financial Centres Index (GFCI), published by Z/Yen in collaboration with the China Development Institute. The GFCI rates 92 financial centres and found that London and New York remain in first and second places. According to Z/Yen, despite the ongoing Brexit negotiations, London only fell two points, the smallest…

Guy Carpenter brings in new Pacific CEO

Guy Carpenter brings in new Pacific CEO

Guy Carpenter brings in new Pacific CEO

Reinsurer Guy Carpenter has appointed Andre Eisele as its chief executive for the Pacific region. He joins from Swiss Re, where he was head of client markets property and casualty for Australia and New Zealand for the past three years. Mr Eisele will be based in Sydney and will report to Asia-Pacific chief executive Tony Gallagher. “Andre brings 17 years…

JLT and Munich Re partner for Philippines parametric product

JLT and Munich Re partner for Philippines parametric product

JLT and Munich Re partner for Philippines parametric product

Global reinsurer Munich Re has teamed up with broker JLT Philippines to jointly develop a parametric insurance product for extreme weather risk. The Philippines suffers up to 20 tropical storms in a typical year, many of which are categorised as typhoons, and there is a “serious need” for Philippines businesses to protect themselves against typhoon losses, according to JLT. The…

PICC in Southeast Asian acquisition talks

PICC in Southeast Asian acquisition talks

PICC in Southeast Asian acquisition talks

The People’s Insurance Company (Group) of China (PICC Group) is looking at a number of acquisitions in Southeast Asia, according to a report by Reuters. The news agency said PICC was in talks to either acquire or buy a stake in several Southeast Asian insurers, according to a senior PICC executive. Some deals are expected to close before the end…

Tokio Marine sets up representative office in Cambodia

Tokio Marine sets up representative office in Cambodia

Tokio Marine sets up representative office in Cambodia

Tokio Marine & Nichido Fire Insurance Co, a subsidiary of Tokio Marine Holdings, has established a representative office in Phnom Penh, Cambodia. Tokio Marine said Cambodia has seen economic growth and a steadily expanding insurance market. “With the progress in improvement of infrastructure in industrial parks, Japanese companies are also investing and expanding their operations in Cambodia to take advantage…

Philippines issues new reporting rules for insurers

Philippines issues new reporting rules for insurers

Philippines issues new reporting rules for insurers

Insurers in the Philippines will now be required to submit regular quarterly and annual reports to the International Monetary Fund as a result of new reporting rules issued by the Philippines Insurance Commission. The new reporting regime is part of a wider initiative to compile a comprehensive measure of the claims and liabilities of the country’s entire financial industry, according…

Euler Hermes hires new execs to lead APAC expansion

Euler Hermes hires new execs to lead APAC expansion

Euler Hermes hires new execs to lead APAC expansion

Credit insurance company Euler Hermes has made two senior appointments as part of its expansion plan for the Asian insurance market. Clemens Philippi has been recruited as chief executive of Euler Hermes ASEAN with responsibility for its activities Vietnam, Thailand, Singapore, Malaysia, Indonesia and the Philippines. He will be based in Singapore. Prior to the new position, Mr Philippi was…

Labuan stakes claim for title of top Asian captive centre

Labuan stakes claim for title of top Asian captive centre

Labuan stakes claim for title of top Asian captive centre

Labuan has claimed top status as the captive of choice for Asian corporates following the results of a survey commissioned by the Malaysian territory’s lobby group the Labuan International Business and Financial Centre. The report, Attitude towards Captive Insurance in Asia, showed that 70% of respondents would be willing to register their captive in the midshore centre. In addition to…

Philippines pilots parametrics scheme for disaster-prone provinces

Philippines pilots parametrics scheme for disaster-prone provinces

Philippines pilots parametrics scheme for disaster-prone provinces

The Philippines government has announced the next step in its parametric insurance scheme designed to combat the losses from natural disasters, identifying the provinces eligible to tap into a $486m fund recently approved by President Rodrigo Duterte. The Department of Finance listed the 25 provinces and expanded on the scheme’s objectives, namely to exploit parametrics to facilitate faster payments and…

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