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,…

Axa names new Asia CEO in global management reshuffle

Axa names new Asia CEO in global management reshuffle

Axa names new Asia CEO in global management reshuffle

French multinational insurer Axa has unveiled a new management structure for its international operations, which includes the appointment of Gordon Watson as chief executive for Asia, including Japan, effective from 1 January. The role has been vacant since the resignation of Jean-Louis Laurent Josi at the end of June. Axa had hoped to name his successor before the end of…

Peak Re receives reinsurance licence in Singapore

Peak Re receives reinsurance licence in Singapore

Peak Re receives reinsurance licence in Singapore

Hong Kong-based reinsurer Peak Re has been granted authorisation by the Monetary Authority of Singapore to carry on writing life and general reinsurance business in the country with effect from 2 November. The licence award was welcomed by Franz-Josef Hahn, chief executive officer of Peak Re, who emphasised the importance of the region and said the licence would make for…

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…

Insurance markets set to gain from ASEAN integration says research

Insurance markets set to gain from ASEAN integration says research

Insurance markets set to gain from ASEAN integration says research

The ASEAN Economic Community (AEC) initiative, a plan to develop a single economic market across the ten ASEAN states by 2025, is also likely to benefit regional insurance markets, according to a report published by Zurich-based research firm Dr. Schanz, Alms & Company and reinsurer Malaysian Re. The ASEAN Insurance Pulse report, based on interviews with regional and international insurers,…

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

The annual report of the Global Federation of Insurance Associations (GFIA) has highlighted that an increasingly protectionist environment threatens open trade and market access in (re)insurance. In an article in the report, Brad Smith, chair of the GFIA trade working group and chief international officer at the American Council of Life Insurers, writes that global trade dynamics have changed in…

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…

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Ironshore ups political risk capacity for APAC amid ongoing uncertainty

Specialty insurer Ironshore has expanded its political risk business lines in Asia-Pacific, by increasing capacity for its Singapore-based political risk and trade credit unit from $15m to $50m and hiring a new underwriter. Sam Lim joins from AIG and will report to Boo Hui Yun, managing director of Ironshore Asia-Pacific. The extra capacity is a result of greater concern about…

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

The risk of natural catastrophe in Asia-Pacific is outpacing resilience and could push those in the most disaster-prone areas into poverty unless action is taken, according to a recent report from a United Nations regional commission. The report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) urges countries to explore ways to close the…

Kennedys opens new offices in Thailand and France

Kennedys opens new offices in Thailand and France

Kennedys opens new offices in Thailand and France

Law firm Kennedys has opened new offices in Bangkok and Paris. The Bangkok office will be headed up by Suraphon Rittipongchusit, who joins from DLA Piper (Thailand) where he was a senior partner in the insurance and litigation department. He is an insurance and commercial litigation specialist with experience in advising on some of the most recent high profile disputes…

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