Lloyds insurer ArgoGlobal has expanded its Asia-Pacific team by appointing Zachary Tan as accident and health (A&H) underwriter. Mr Tan will be based in Singapore and will report to Michael Scala, chief underwriting officer, Asia-Pacific. Mr Scala said the appointment is a demonstration of ArgoGlobal’s ambition to grow its Asia-Pacific business. “With a strong team in place both at Lloyd’s…
A proposed legal case in Hong Kong could give a significant insight into one of the most debated issues around liability – namely, who do you blame when a robot goes wrong? Hong Kong investor Samathur Li Kin-kan is suing Italian fund manager Raffaele Costa over losses incurred through the latter’s robo-advisory service, where investment decisions are made entirely through…
Former Canopius executive Linus Phoon has been appointed as the new head for Singapore and southeast Asia by Munich Re. Mr Phoon will be based in Singapore, reporting to Roland Eckls, Munich Re’s chief executive for Asia-Pacific. In his new role, Mr Phoon will be responsible for leading the firm’s reinsurance business in the region, including both insurance coverage and…
Investment in the insurtech sector reached record highs in Q1 2019 yet there is a lack of obvious value in the many of the newest insurtech offerings, according to a recent report. The latest Quarterly Insurtech Briefing from insurance broker Willis Towers Watson (WTW) shows that the highest number of transactions yet (85 with a total value of $1.42bn) were…
Despite the apparent hardening of the insurance market following the April renewals in Japan, it is still possible for commercial risk managers to attain coverage at a good price if they can show a positive risk history and are equipped with sound risk management skills. That is according to a number of leading risk managers. In addition, risk managers have…
German insurer Allianz has splashed out $95m to acquire a 19% stake in Thai insurer Sri Ayudhya Capital. The deal makes Allianz the largest shareholder in the company, which will be subsequently renamed Allianz Ayudhya Capital while its general insurance subsidiary will be renamed Allianz Ayudhya Capital. In a statement to the Stock Exchange of Thailand, Ayudhya laid out the…
The Philippines Government has announced its intention to join with Japan and five other Association of Southeast Asian Nations (ASEAN) member states in an insurance facility designed to strengthen resilience against climate and disaster risks. The announcement was made by finance secretary Carlos Dominguez III, who stated a commitment to sign a memorandum of understanding (MoU) on the establishment of…
Latest figures produced by the Regional Cooperation Agreement on Combating Piracy and Armed Robbery Information Sharing Centre (ReCAAP ISC), an anti-piracy consortium of Asian states, have revealed a 25% decrease in marine piracy activity in Asia. The data, presented by ReCAAP ISC executive director Masafumi Kuroki at its annual Piracy and Sea Robbery Conference in Singapore, showed that there were…
US risk management association RIMS has signed a memorandum of understanding (MoU) with the National Insurance Academy (NIA) in India, to develop a risk management education course. The agreement was signed in Pune, India by RIMS vice-president of global development Steven Chou, RIMS board director Jennifer Santiago and NIA director Shri G Srinivasan. The MoU is designed to formalise the…
New Zealand-based specialist insurer Delta Insurance has unveiled a cyber protection and insurance product for businesses in Asia-Pacific. The cyber protection element of the product has been developed in partnership with London-based cybersecurity firm DynaRisk. It will be marketed and distributed from Delta’s New Zealand and Singapore offices. And while the service is aimed at businesses in the region, it…