Philippine regulator calls for new cyber products as worldwide demand rises

Philippine regulator calls for new cyber products as worldwide demand rises

Philippine regulator calls for new cyber products as worldwide demand rises

Philippine Insurance Commissioner Dennis Funa has urged insurance companies to develop cyber insurance products for businesses in the country following the recent WannaCry ransomware attacks, according to local newspaper reports over the weekend. Mr Funa reportedly said in a statement that the local insurance industry had been too slow to develop cyber insurance products and has left Philippine businesses and…

Asian market’s potential for captive growth ‘immense’

Asian market’s potential for captive growth ‘immense’

Asian market’s potential for captive growth ‘immense’

The Asian market for captive insurance is relatively unexplored but the potential for growth is immense, according to Danial Mah Abdullah, CEO of the Labuan International Business and Financial Centre (Labuan IBFC). He said the penetration level is low at the moment, with just a little more than 2% of the total number of captives established worldwide. “We believe the…

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

  The Indonesian government is seeking more than $2bn in compensation from a Thailand-based exploration company over an oil spill in the Timor Sea that occurred back in 2009. A civil suit was filed on 3 May in a Jakarta court against PTTEP Australasia and its parent company, the state-owned PTT Exploration and Production. The spill resulted from a blowout…

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

The Philippine non-life market has enjoyed solid premium growth in recent years and continues to grow at a faster rate than other major Southeast Asian non-life markets, which have slowed in recent times. Non-life insurers in the Philippines continue to enjoy faster premium growth than the local economy. But, as elsewhere in the region, this premium growth has not been…

AIA plans expansion in Cambodia

AIA plans expansion in Cambodia

AIA plans expansion in Cambodia

Hong Kong-based AIA, the world’s second largest life insurer, has pledged to invest in the Cambodia insurance market and to play an important role in the country’s economic growth and social progression. The remarks, reported by the Khmer Times, came during the visit of AIA chief executive and president- designate Ng Keng Hooi to Cambodia and follows the award of…

Labuan insurance industry reports growth in 2016

Labuan insurance industry reports growth in 2016

Labuan insurance industry reports growth in 2016

The Labuan insurance industry recorded positive growth in 2016, according to the Labuan International Business and Financial Centre’s (IBFC) latest annual report. Total insurance and reinsurance gross premiums written increased by 3.3% to $1.4bn. This was mainly due to the increase in gross premiums written on motor and other classes of insurance outside Malaysia by Labuan general insurers and reinsurers,…

South Korea fines Novartis $49m amid corporate clampdown

South Korea fines Novartis $49m amid corporate clampdown

South Korea fines Novartis $49m amid corporate clampdown

Swiss drugmaker Novartis has been hit with a $48.8m fine by South Korean authorities for offering bribes to doctors who recommended the company’s drugs. In addition, the Ministry of Health and Welfare has suspended insurance coverage for several Novartis drugs, including Alzheimer’s drug Exelon, for a period of six months. Further penalties could yet be imposed, with the ministry set…

Philippines insurers struggling to balance growth with profitability: AM Best

Philippines insurers struggling to balance growth with profitability: AM Best

Philippines insurers struggling to balance growth with profitability: AM Best

While the Philippines non-life insurance sector has enjoyed another solid year, with gross and net premiums both outpacing growth in the overall economy, its stability is threatened by insufficient net profitability or capital growth. This is the finding of a report produced by AM Best, The Challenges of Balancing Growth with Profitability, which suggests that the lack of profitability and…

Malaysian insurance regulator may seek greater enforcement of foreign ownership cap

Malaysian insurance regulator may seek greater enforcement of foreign ownership cap

Malaysian insurance regulator may seek greater enforcement of foreign ownership cap

The regulator in Malaysia is reportedly looking at taking a stricter line on foreign ownership of insurers, according to Bloomberg. The news agency said Bank Negara Malaysia was considering tougher enforcement of a cap on foreign ownership of insurers in an effort to boost local participation in the industry. There is already an existing policy that foreign companies owning 100%…

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re plans Asian reinsurance hub in Singapore

Swiss Re, the world’s second largest reinsurer, is to establish a regional headquarters for its reinsurance business in Singapore, in 2018. The new HQ, which will be wholly owned by its Zurich-based parent and also inherit its credit rating, will also act as a dedicated legal entity for any reinsurance business in Singapore, as well as overseeing its  existing Asian…

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