Half of Asian businesses have no liability insurance: QBE

Half of Asian businesses have no liability insurance: QBE

Half of Asian businesses have no liability insurance: QBE

Asia’s corporate market is significantly underprotected against liability risks, according to a recent study by QBE Insurance that revealed roughly half of Asian companies have no business liability insurance at all. The report, Risk in Regret, shows that the vast majority of Asian businesses have some form of insurance, most notably property and casualty, but less than half have invested…

Leading politician named in Indonesia corruption case

Leading politician named in Indonesia corruption case

Leading politician named in Indonesia corruption case

Indonesia House of Representatives Speaker Setya Novanto has been named as a key suspect in one of the biggest anti-graft investigations in Indonesian history. A commissioner for the Corruption Eradication Commission said Mr Novanto is suspected of colluding with Indonesian businessman Andi Agustinus (also known as Andi Narogong) in a plan to funnel funds earmarked for a national electronic identity…

Vietnam sees 21% growth in premiums in first half of 2017

Vietnam sees 21% growth in premiums in first half of 2017

Vietnam sees 21% growth in premiums in first half of 2017

Insurance companies in Vietnam have collected a total premium in the first half of 2017 of VND47.17trn ($1.8bn), a 21% increase on the total premium for the same period in the previous year. Non-life premiums made up VND19.34trn of the total premium, equivalent to 41%, according to the figures released by the Ministry of Finance’s Insurance Supervisory Authority (ISA). As…

Cambodia and Thailand sign MoU over insurance regulation

Cambodia and Thailand sign MoU over insurance regulation

Cambodia and Thailand sign MoU over insurance regulation

A new era of cooperation between the insurance markets in Cambodia and Thailand could be heralded by the signing of a memorandum of understanding (MoU) between the respective regulatory bodies of the two Southeast Asian nations. The MoU promises an exchange of technical assistance and a cross-border sharing of information in order to strengthen each country’s regulatory capacity, according to…

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

Risk modelling and analytics firm RMS has expanded its portfolio of risk models with the addition of tropical cyclone and earthquake models covering Asia-Pacific. More specifically, the new models include typhoon models for South Korea and Taiwan, adding to existing ones for Japan and China, as well as earthquake models for Vietnam, Singapore, Malaysia and Thailand, which will not sit…

AXA Affin issues telematics-based auto insurance in Malaysia

AXA Affin issues telematics-based auto insurance in Malaysia

AXA Affin issues telematics-based auto insurance in Malaysia

AXA Affin General Insurance has launched what it claims is the first auto insurance policy in Malaysia to use telematics, the technology that uses sensors and wireless technology to track driver behaviour. Holders of the AXA FlexiDrive policy will have a tracking device fitted in their vehicle, as well as a mobile app to access the data. The use of…

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia’s insurance market may have been growing at an average annual rate of 7.5% for the past nine years and its gross written premiums may account for 32% of total global premium income, but current premium growth rates are sharply divided within the region, according to a recently released report from global insurer Allianz. The report describes the region as…

Increasing need for D&O insurance in Asia

Increasing need for D&O insurance in Asia

Increasing need for D&O insurance in Asia

In today’s increasingly litigious business environment, directors and officers face constantly evolving risks and liabilities from regulators and investors, not just in their home market but everywhere the company has operations. Senior leadership are now more likely to have a claim laid against them than ever before. This is becoming a major issue in Asia, where a heightened regulatory environment…

Five insurers quit Philippines market over capital requirements

Five insurers quit Philippines market over capital requirements

Five insurers quit Philippines market over capital requirements

Five insurers will exit the Philippines’ non-life insurance market by the end of the year because they see new capital requirements as too onerous. In addition, a further eight players are exploring possible mergers that would bring the number of non-life insurers in the country down to 54. The news was announced by the Philippine Insurers and Reinsurers’ Association (Pira),…

Mapfre acquires majority share in Indonesian insurer

Mapfre acquires majority share in Indonesian insurer

Mapfre acquires majority share in Indonesian insurer

European insurer Mapfre has acquired a 51% share in Indonesia-based insurer PT Asuransi Bina Dana Arta Tbk (ABDA), thereby triggering a likely takeover as it expands in Southeast Asia. Madrid-based Mapfre was granted regulatory approval to purchase an extra 31% share, at a price of €90m, on top of its existing 20% stake in ABDA acquired back in 2013, thereby…

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