Local CEOs promote risk management at Parima’s Manila conference

Local CEOs promote risk management at Parima’s Manila conference

Local CEOs promote risk management at Parima’s Manila conference

The chief executives of two prominent Philippines corporates were the star speakers at the recent Pan-Asia Risk and Insurance Management Association (Parima) conference – the first to be held in the Philippines. Jaime Augusto Zobel de Ayala, chairman and chief executive of Ayala Group, the country’s oldest conglomerate, spoke about the importance of risk management in order to navigate the…

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar has stepped up its economic liberalisation efforts by opening up its special economic zone (SEZ) in Thilawa to international insurers. Myanmar’s only SEZ, a joint venture between Japan and Mynamar established in September 2015, has previously only been available to Japanese insurers – Sompo Japan Nipponkoa, Tokio Marine & Nichido Fire Insurance, and Mitsui Sumitomo Insurance all received licences…

Political risks rise as oil prices fall warns Marsh

Political risks rise as oil prices fall warns Marsh

Political risks rise as oil prices fall warns Marsh

Changing trends in the oil and gas industry, largely driven by lower oil prices, have presented risk managers with a new set of risks that need to be addressed, according to a report from broker Marsh. Political and socioeconomic risks have emerged, particularly in countries that have a high dependence on oil and gas, following the dip in oil prices…

Seize the day – Parima interview

Seize the day – Parima interview

Seize the day – Parima interview

The current era of uncertainty is a great opportunity for Parima and its members to seize the initiative and demonstrate the worth of risk managers. 2017 has begun at a breakneck pace for the risk management community, including the Pan Asian Risk and Insurance Management Association (Parima). The association’s annual congress in Singapore in late November came in the wake…

New solvency regime forcing consolidation in Philippine insurance sector

New solvency regime forcing consolidation in Philippine insurance sector

New solvency regime forcing consolidation in Philippine insurance sector

Recently installed commissioner for the Philippines Insurance Commission Dennis Funa has revealed that the national insurance market is undergoing a process of consolidation as its new capital and solvency rules kick in. In January of 2015 the commission announced a new insurance code and stronger minimum capital requirements designed to prevent insolvencies and bolster the national market. The tougher new…

Philippines mining spat underlines rising environmental risk in Asia

Philippines mining spat underlines rising environmental risk in Asia

Philippines mining spat underlines rising environmental risk in Asia

The scale of the effort to persuade Asian businesses to take a more long-term view of their activities particularly in relation to the environment and climate change has been made clear as the Chamber of Mines of the Philippines sued Environment Secretary Regina Lopez because of her recent effort to close 23 mining companies and suspend five others for violation…

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Violations of workers’ human rights are endemic across most Asian countries and initiatives to tackle the issue at source, and within supply chains, are not fit for purpose, warns UK-based consultant Verisk Maplecroft. In its Human Rights Outlook 2017, the firm stresses that risks are particularly acute down the Asian supply chain, where modern slavery is rife and migrant workers…

Malaysian central bank decries competition watchdog attack on insurance sector

Malaysian central bank decries competition watchdog attack on insurance sector

Malaysian central bank decries competition watchdog attack on insurance sector

Bank Negara Malaysia has described the decision by the Malaysia Competition Commission (MyCC) to fine the 22 members of the General Insurance Association of Malaysia (PIAM) a whopping RM213.45m for supposedly infringing competition rules as “most unfortunate”. MyCC issued a statement in late February noting that, in response to a number of press articles, its CEO Dato’ Abu Samah Shabudin…

Swiss Re opens KL office and appoints new Japan head

Swiss Re opens KL office and appoints new Japan head

Swiss Re opens KL office and appoints new Japan head

Swiss Re Corporate Solutions (SRCS) has commenced operations at its newly opened Malaysian office. Based in Kuala Lumpur, the office has been granted a reinsurance license by the Labuan Financial Services Authority and will target medium to large Malaysian businesses, servicing them with local broking partners and intermediaries. According to Fred Kleiterp, SRCS’s APAC chief executive, a local presence will…

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…

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