Asian risk managers struggle with new experience of hardening market: Baron

Asian risk managers struggle with new experience of hardening market: Baron

Asian risk managers struggle with new experience of hardening market: Baron

Risk and insurance managers across the Asia-Pacific region are struggling to deal with the new experience of having to deal with a hardening market, according to Franck Baron, president of the Pan Asia Risk & Insurance Management Association (Parima), speaking as it met for its conference in Kuala Lumpur this week. But the increasingly challenging market conditions actually present Parima…

Future for Lloyd’s in Asia remains bright but efficiency reforms needed: Neal

Future for Lloyd’s in Asia remains bright but efficiency reforms needed: Neal

Future for Lloyd’s in Asia remains bright but efficiency reforms needed: Neal

John Neal, chief executive of Lloyd’s, appeared to give Lloyd’s Asia a welcome vote of confidence at the end of October, during the Singapore Reinsurance and Insurance Conference (SRIC), after concerns had been voiced about the market’s commitment to this potentially huge opportunity. There was no mention of Asia within the Lloyd’s Blueprint for the future and much talk from…

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

A single cyberattack on major ports across Asia-Pacific could cost $110bn, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018, according to new research released by Lloyd’s. Under the extreme scenario, a huge 60% of the losses would be from business interruption and contingent business interruption (CBI) claims and 57% would be silent cyber…

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

Rising temperatures will lead to “dramatic changes” in the frequency and intensity of extreme weather in Australia, according to a report released by Australia’s biggest non-life insurer IAG and the US National Center for Atmospheric Research (NCAR). The report, Severe Weather in a Changing Climate, includes the latest data on the state of the climate and predictions on future extreme…

Single coordinated cyberattack could cause $40bn insured losses

Single coordinated cyberattack could cause $40bn insured losses

Single coordinated cyberattack could cause $40bn insured losses

Asian risk and insurance managers need to prepare for some challenging converations with their insurers in coming renewals, as the leading global players seek to tackle the so-called silent cyber problem and shift the risk from traditional lines into dedicated affirmative cyber policies. The need for the carriers to take swift action on this potentially catastrophic exposure was laid bare…

Swiss Re confirms potentially significant investment in second-biggest P&C Chinese insurer

Swiss Re confirms potentially significant investment in second-biggest P&C Chinese insurer

Swiss Re confirms potentially significant investment in second-biggest P&C Chinese insurer

Swiss Re has confirmed that it has been exploring a possible investment in Shanghai-based China Pacific Insurance Group, the second-largest non-life insurance company in China and third-largest life company, which was established in 1991. Swiss Re stated this week: “In response to media speculation concerning a possible investment by Swiss Re in China Pacific Insurance (Group) Co. (CPIC) and an…

Baron opens Parima conference with call to members to learn language of the c-suite

Baron opens Parima conference with call to members to learn language of the c-suite

Baron opens Parima conference with call to members to learn language of the c-suite

Risk and insurance managers across the Asia-Pacific region need to up their game when in communication with the c-suite and the board, and learn the language of the business as well as risk, so that senior management can better appreciate the value that they bring to the table, said Franck Baron, president of the Pan Asia Risk & Insurance Management…

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Specialist Lloyd’s-based insurer Beazley has followed up its announcement made earlier this week about its Asian expansion plans, by revealing that it has taken a 30% stake in Pegasus, a Hong Kong-based coverholder. Beazley began working with Pegasus in January 2019, in an arrangement that the insurer said combines the coverholder’s knowledge of the market and strong broking relationships with…

China’s fast-growing insurtech sector supports record global growth so far in 2019

China’s fast-growing insurtech sector supports record global growth so far in 2019

China’s fast-growing insurtech sector supports record global growth so far in 2019

Total new worldwide funding in the insurtech sector so far this year has already exceeded the total for 2018, and China is accounting for an increasing portion of the investment. During the third quarter, insurtech investment exceeded $1.2bn for the fifth consecutive quarter on a global basis, according to a new report from Willis Towers Watson (WTW). This quarter, China…

China drops restrictions on foreign investment in insurance and banking firms, moves closer to deal with EU

China drops restrictions on foreign investment in insurance and banking firms, moves closer to deal with EU

China drops restrictions on foreign investment in insurance and banking firms, moves closer to deal with EU

The international risk management and insurance community appears to be one of the potential beneficiaries of the recent slight thawing in the China-US trade war and improving relations with the EU, as the Chinese State Council confirmed that it has decided to further open up its insurance and banking sectors to foreign investors by revising related regulations. Meanwhile, Chinese state…

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