El Al is first airline to access Marsh’s Japanese aircraft finance insurance

El Al is first airline to access Marsh’s Japanese aircraft finance insurance

El Al is first airline to access Marsh’s Japanese aircraft finance insurance

EL AL Israel Airlines Limited (EL AL) is the first airline to access Marsh’s Japanese Aircraft Finance Insurance Consortium (Japanese AFIC) to support the purchase of Boeing aircraft. The consortium was launched in June 2017 by Marsh to provide an alternative aircraft finance insurance product for banks and capital market investors that are funding Boeing aircraft. Available exclusively through Marsh,…

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

Offshore oil and gas companies that operate off the shores of New Zealand will be required to hold higher levels of insurance to ensure they can cover the cost of environmental damage, under proposed new rules announced by associate minister for transport Julie Anne Genter. The New Zealand Cabinet has agreed to consult on increasing the amount of insurance that…

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima will hold its annual conference on disaster preparedness and response on 29 July at the HKAM Jockey Club Building in Hong Kong. The risk and insurance management association said the event will bring together experts and practitioners, government officials, scientific and academic institutions, the NGO sector and the private sector, to share experiences and discuss strategies for disaster preparedness…

Indian government considers plan to merge all four state-owned non-life carriers

Indian government considers plan to merge all four state-owned non-life carriers

Indian government considers plan to merge all four state-owned non-life carriers

Leading Indian newspapers report that the Indian government is planning to form a single state-owned mega non-life insurer through the merger of all four state-run insurers: Oriental, National, United India and New India. The Indian government announced plans to merge Oriental, National and United India in its 2018 budget. The latest news is that the government is now looking into…

New Zealand creates National Emergency Management Agency

New Zealand creates National Emergency Management Agency

New Zealand creates National Emergency Management Agency

The New Zealand government has announced funding from its recently announced 2019 budget for the creation of a new national agency to strengthen the country’s emergency management system. Minister of civil defence Kris Faafoi explained: “The new National Emergency Management Agency (NEMA) has been created because as a government, we saw the need to improve our emergency management capability and…

APRA expected to ‘walk the talk’ on risk management failings in banks

APRA expected to ‘walk the talk’ on risk management failings in banks

APRA expected to ‘walk the talk’ on risk management failings in banks

The Australian Prudential Regulation Authority (APRA) is expected to follow through its critical assessment of risk management practices and culture within the nation’s banking sector with real action and not just words, according to a leading law firm. The APRA published its Final Report of the Prudential Inquiry into the Commonwealth Bank of Australia (CBA) following a series of significant operational…

Chinese insurance supervisor issues draft regulations for brokers

Chinese insurance supervisor issues draft regulations for brokers

Chinese insurance supervisor issues draft regulations for brokers

The China Banking & Insurance Regulatory Commission (CBIRC) has circulated an industry draft paper on the regulation of insurance intermediaries that in some respects will make it easier for international brokers to enter the huge Chinese insurance market, but at the same time will tighten the requirements for those eligible to apply. Michael Cripps of leading international insurance law firm…

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

The Federation of Indian Chambers of Commerce and Industry (FICCI) has advised the Indian government to raise the ceiling on foreign direct investments (FDI) in the insurance sector, to attract overseas investments. The Insurance Laws (Amendment Bill) 2015 raised the cap on total foreign investment in the insurance sector from 26% to 49%. This cap includes all forms of foreign…

Fitch says motor deregulation in China will hamper insurer profits

Fitch says motor deregulation in China will hamper insurer profits

Fitch says motor deregulation in China will hamper insurer profits

Fitch Ratings expects deregulation in commercial motor insurance premium rates in China to hamper the ability of insurers to improve underwriting margins. But the credit ratings agency expects the regulator’s control of motor insurance policy acquisition costs to curb the ongoing rise in insurers’ expense ratios. Fitch noted that smaller motor insurers still reported underwriting deficits in 2018. “While the…

Cost of cover will continue to rise at Lloyd’s: S&P

Cost of cover will continue to rise at Lloyd’s: S&P

Cost of cover will continue to rise at Lloyd’s: S&P

Risk managers that use the Lloyd’s market for specialty coverage can expect continued pressure from insurers to raise prices throughout 2019 as the market maintains its hard-line approach, with loss-hit lines most affected, according to credit ratings agency Standard & Poor’s (S&P). S&P Global Ratings has revised its outlook on Lloyd’s, the Society of Lloyd’s and its core subsidiaries to…

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