Supply chain risks are on the rise for international brands sourced from China, because of the reported expanding use of forced labour in Uyghur detention camps in the Xinjiang Uyghur Autonomous Region on the country’s northwest border. There have been repeated reports that the Chinese administration has detained more than a million muslim Uyghurs and other ethnic minorities in camps…
Hannover Re has said it will continue to pursue its “successful path” of growth in the Asia-Pacific region with “added intensity”. It said it will seek to support clients as they develop their business and face up to the challenges of the coming years. The German reinsurer remains bullish about the APAC region, despite still highly competitive conditions in both…
The world economy is less resilient than it was at the time of the credit crisis and the protection gap has reached a global record high of $1.2trn, according to the latest research from Swiss Re. But there is relatively good news for the Asia-Pacific region. The Swiss reinsurance giant concludes that, in relative terms, the composite insurance resilience index…
Parima will hold its latest Risk Lab seminar with Willis Towers Watson (WTW) on 16 September, at the broker’s offices in Singapore. The latest seminar is designed to help risk managers assess and “future-proof” their company’s business risk profile. The half-day event will be opened by Rob De Jonge, head of international, risk and analytics at WTW. He will be followed…
Norway’s Wallenius Wilhelmsen Ocean is the latest international shipping firm to be charged with being involved in a cartel operation that fixed prices on the transportation of cars, trucks and buses to Australia between 2009 and 2012. In July 2015, the Australian Competition and Consumer Commission (ACCC), started an investigation into alleged anti-competitive practices in the car-carrying industry during 2009-2012.…
Risk and insurance managers in Asia-Pacific and worldwide are facing tougher renewals with their insurers in coming months than have been seen for a very long time, and can expect serious conversations about cyber cover as the insurers seek to remove it from traditional lines and set up standalone policies instead. Franck Baron, chairman of Parima, told Commercial Risk Asia…
Regulatory investigations across the Asia-Pacific region will become more frequent and aggressive over time, and risk managers in the region that currently do not advise their c-suite to buy any, or adequate, directors and officers (D&O) cover could find themselves in hot water as a result. Both Hong Kong and Singapore have significantly beefed up their corporate governance, stock market…
Phase two of the ASEAN Disaster Risk Financing and Insurance (ADFRI) programme will focus on three core elements – risk assessment, risk advisory and capacity building – according to Jacqueline Loh, deputy managing director, Monetary Authority of Singapore (MAS). In a recent speech at the Nanyong Technological University – Institute of Catastrophe Risk Management’s (NTU-ICRM) tenth Annual International Symposium on…
Catastrophe modelling firm Karen Clark & Company (KCC) has revealed that economic and insured exposures in Japan continue to rise and the financial cost of earthquakes in highly populated areas of the country could be massive. The firm’s latest Japanese earthquake model has found that a repeat of the 1923 Kanto earthquake in the Tokyo region could result in property…
Developed Asia-Pacific countries face their first annual increase in insolvencies since 2009, and corporate insolvencies are on the rise globally to levels not seen since the credit crisis, according to credit insurer Atradius. The insurer’s latest analysis finds that in Asia-Pacific, regional insolvencies are forecast to tick up 1.8% this year partly because of slowing domestic GDP growth and trade…