Very few professions have been left unchallenged by the rise of new technology, in particular the prevalence of automation and artificial intelligence. However the rise of the so-called economy 4.0 could generate new opportunities for corporate risk managers, especially in Asia where the use of robotics and automation is outstripping other regions. For decades we have seen automation and robotics…
Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…
A Shanghai court has sentenced the former chief executive of Anbang Insurance company to 18 years in jail. The sentence completes a spectacular fall from grace for Wu Xiaohui, a once-prominent figure in China’s insurance sector, who was accused of orchestrating a $10bn (CNY65.2bn) fraud earlier this year by the Chinese authorities. In addition to the custodial sentence, he will…
Specialist insurance and reinsurance broker BMS Group has appointed a CEO and COO for its Australian business. Andrew Godden has taken up the chief executive role and will be supported by Dylan Wilkinson as the COO. Both will be based in Sydney. Mr Godden has spent more than 30 years in the insurance industry and was previously co-founder of Specialist…
The Japanese government is set to fund the launch of a parametric disaster insurance pool designed to provide Asean nations with easily distributable recovery funds following natural catastrophes. According to a report in the Nikkei Asian Review, the Southeast Asia Disaster Risk Insurance Facility (Seadrif) will be formally announced later in May at the annual meeting of the Asian Development…
The Pan-Asia Risk and Insurance Managers Association (Parima) has announced a partnership with employee benefits provider Maxis GBN that will see the two collaborate on a series of events as Maxis looks to expand its captives business across Asia. Under the terms of the partnership, Maxis will be present at Parima’s two regional conferences in 2018, in Bangkok in May…
Risk modelling firm RMS has released its new Japan Earthquake and Tsunami High Definition (HD) model. According to RMS, the model, which was developed in partnership with scientific agencies, insurers and local experts, offers a more detailed representation of earthquake and tsunami risk for the region. In addition to the input from its collaborators, the model also incorporates research gained…
Corporate and specialist insurer Tokio Marine Kiln (TMK) has entered into a strategic alliance with Australia-based insurtech firm Evari, which provides on-demand insurance to small business in Australia. Under the terms of the agreement, TMK will have access to Evari’s digital insurance platform and products for its Australian clients. Evari has developed a platform aimed at small and medium-sized enterprises…
The Institute of Risk Management (IRM), an education body for risk professionals, has appointed Sydney-based independent risk consultant Gareth Byatt as a new global ambassador for Australia and the Asia-Pacific region. Mr Byatt has been an active member of the IRM for a number of years as, well as a member of the association’s infrastructure, risk and innovation special interest…
German reinsurer Munich Re has announced a trio of executive appointments at its Asian branch, Munich Re Syndicate Asia. Tony Betteridge has been promoted to head of marine where he will be responsible for cargo, project cargo, hull and marine liability. Joel Pridmore has been appointed as head of financial lines and business development and will be expected to build…