Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Respective regulators for the insurance industry in Malaysia and Myanmar are set to issue new and separate rules that take a different approach to the issue of foreign insurers. Myanmar is set to allow at least three overseas insurers to operate in the country by May, as part of an effort to liberalise its economy and financial services sector. Meanwhile,…

IRM announces ambassador for Vietnam, Cambodia and Laos

IRM announces ambassador for Vietnam, Cambodia and Laos

IRM announces ambassador for Vietnam, Cambodia and Laos

The Institute of Risk Management (IRM), a UK-based risk education body, has appointed Saman Bandara as a global ambassador for Vietnam, Cambodia and Laos as it continues to expand its operations in Asia-Pacific. Mr Bandara is head of insurance, forensics and it risk and analytics at EY Vietnam, where he has worked for 11 years. He is also a long-serving…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

Chubb appoints new heads for Korea and Thailand

Chubb appoints new heads for Korea and Thailand

Chubb appoints new heads for Korea and Thailand

Edward Ler has been appointed by Chubb as the new country president for its general insurance business in Korea. He replaces Edward Kopp, who has been appointed to the role of country president for Thailand. Mr Ler will continue to report to Paul McNamee, Chubb’s regional president for Asia-Pacific. His replacement as Asia-Pacific head of personal lines is current chief…

China to lead Asia captive growth despite sluggish 2017

China to lead Asia captive growth despite sluggish 2017

China to lead Asia captive growth despite sluggish 2017

China will lead strong growth in captive formation in Asia during the next ten years, despite another sluggish year in 2017 that saw the creation of only eight new captives across the entire region, according to Malcolm Cutts-Watson, industry veteran and a member of Labuan Financial Service Authority’s International Advisory Panel. Mr Cutts-Watson published his views on how the market…

Malaysian organ donor data breach stresses need for cyber investment

Malaysian organ donor data breach stresses need for cyber investment

Malaysian organ donor data breach stresses need for cyber investment

The personal details of some 220,000 Malaysian organ donors and their next of kin have been leaked online since September 2016, according to technology magazine website Lowyat.net. This news came only a day after global consulting firm A.T. Kearney published a report that concludes that member countries of the Association of Southeast Asian Nations (Asean) need to seriously step up…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Asean plans to improve nat cat response following Typhoon Tembin

Asean plans to improve nat cat response following Typhoon Tembin

Asean plans to improve nat cat response following Typhoon Tembin

The Association of Southeast Nations (Asean) is to accelerate its plan to develop systems to help its member states respond better to natural disasters following the destruction caused by Typhoon Tembin. The regional trading bloc made the announcement in the wake of the typhoon which made landfall in the southern Philippines on 22 December and caused widespread damage, including 180…

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

The Sanchi, the stricken Iranian tanker that collided with a US freighter off the eastern coast of China in one of the worst oil ship disasters in decades has sunk, taking with it all remaining survivors on board, according to Iranian officials. According to an Iranian navy commander speaking on Saturday 13 January, a massive explosion occurred on the ship,…

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