New Chinese body cracks down on market confusion acts, trade secrets and web misconduct

New Chinese body cracks down on market confusion acts, trade secrets and web misconduct

New Chinese body cracks down on market confusion acts, trade secrets and web misconduct

The Chinese government has continued its crackdown on market confusion acts, trade secret infringement and internet-related misconduct, and is focusing its efforts particularly on the online and pharmaceutical industries. Experts advise risk managers with companies that procure products from China to make doubly sure that they are asking the right questions of suppliers to ensure that they are compliant. The latest…

Schimek lands top job at FWD as insurer mulls IPO

Schimek lands top job at FWD as insurer mulls IPO

Schimek lands top job at FWD as insurer mulls IPO

FWD Group, the fast-growing Asian multi-line insurance group that is owned by Pacific Century Investment group (PCI), has hired Robert Schimek as managing director and group chief operating officer. Mr Schimek’s appointment came days after news agency Bloomberg reported that the founder and chairman of PCI and FWD – Hong Kong billionaire Richard Li – is planning a potential initial public…

Human error sparks high number of data-breach notifications in Australia

Human error sparks high number of data-breach notifications in Australia

Human error sparks high number of data-breach notifications in Australia

Risk managers need to focus as much on people as machines when working out how to prevent data breaches, because human error is the second-highest overall source of the problem – and in some sectors the highest – according to the second quarterly report into notifiable data breaches, issued by the Office of the Australian Information Commissioner (OAIC). The commissioner…

Motor premium deregulation to narrow margins further in Chinese insurance market

Motor premium deregulation to narrow margins further in Chinese insurance market

Motor premium deregulation to narrow margins further in Chinese insurance market

Ongoing commercial motor insurance pricing deregulation in China is likely to damage motor insurers’ ability to improve underwriting margins, according to credit ratings agency Fitch. Scale advantage, however, will still enable major insurers to remain profitable, it adds in its latest report on the Chinese non-life insurance sector, produced by analysts Terence Wong and Mia Yang. The China Banking and…

IMRF to expand search-and-rescue training across Asia on back of Malaysian success

IMRF to expand search-and-rescue training across Asia on back of Malaysian success

IMRF to expand search-and-rescue training across Asia on back of Malaysian success

The International Maritime Rescue Foundation (IMRF), the charity that prevents loss of life in the world’s waters, has held a two-day Inter Regional Mass Rescue Workshop for the Asia-Pacific region in Kuala Lumpur, Malaysia, alongside the seventh International Search and Rescue Conference and Exhibition. The foundation reported a healthy attendance from key Malaysian bodies, representatives of the Korean defence attaché…

Healthy Thai economy boosts non-life premiums, further M&A forecast

Healthy Thai economy boosts non-life premiums, further M&A forecast

Healthy Thai economy boosts non-life premiums, further M&A forecast

Thailand’s non-life insurance premiums expanded by 4% on an annualised basis in the first quarter of this year, driven by the motor and personal accident segments according to a new report from Fitch Ratings. The credit ratings agency expects premium growth to continue, supported by Thailand’s “benign” economic conditions, government stimulus for investment and strong new car sales. The Thailand…

Malaysian central banker calls for more innovative risk management to build a better future

Malaysian central banker calls for more innovative risk management to build a better future

Malaysian central banker calls for more innovative risk management to build a better future

Risk managers need to reassess their role and approach to help companies make better and more innovative risk-based decisions, including taking risks rather than avoiding them, a senior executive of the central bank of Malaysia told the recent annual meeting of the Malaysian Association of Risk and Insurance Managers (MARIM). Puan Jessica Chew Cheng Lian, deputy governor of Bank Negara…

Tysers retains brand under Integro acquisition

Tysers retains brand under Integro acquisition

Tysers retains brand under Integro acquisition

US-based Integro Insurance Brokers has said it will merge Lloyd’s broker Tysers and its existing operations in the UK wholesale and retail markets, after agreeing to buy 100% of Tysers’ parent company, Hawkes Bay Holdings. With rumours that Tysers was looking for a buyer dating back to last year, Integro said it is its largest acquisition and underlines its ambitions…

Risk management message being received in Italy but more work needed: ANRA

Risk management message being received in Italy but more work needed: ANRA

Risk management message being received in Italy but more work needed: ANRA

More than half of Italian risk managers say that risk management is now viewed as a fundamental part of strategic planning within their organisations and about two thirds say insurance is viewed as an essential management tool or helpful cashflow tool when losses occur. These are clearly positive signs for the profession in Italy and across Europe. However, almost 30%…

High-value ship risk belies figures: IUMI

High-value ship risk belies figures: IUMI

High-value ship risk belies figures: IUMI

Larger loss exposure to high-value ships has created significant volatility for global marine insurers, according to the International Union of Marine Insurance (IUMI). In an update on the marine market at its spring conference in Hamburg, IUMI predicted that record claims for a single hull loss may be on the cards. Mark Edmondson, chair of IUMI’s Ocean Hull Committee, said:…