CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

Specialty commercial insurer CNA Hardy has announced that it will cease underwriting new business with immediate effect on its two Lloyd’s Asia platforms in Singapore and China. The insurer still intends to write business in Singapore and across the Asia-Pacific region but will do so from London. A memo sent to brokers from CNA Hardy chief executive Dave Brosnan suggested…

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

The risk of cyberattacks is slowing the implementation of Asia-Pacific financial institutions’ digital transformation plans, according to new research. A report based on a survey carried out by Microsoft and research firm Frost & Sullivan, Understanding the Cybersecurity Threat Landscape in Asia-Pacific: Securing the Modern Enterprise in a Digital World, reveals that almost two thirds (63%) of financial institutions have…

Asia-Pacific execs fearful about growth and prosperity

Asia-Pacific execs fearful about growth and prosperity

Asia-Pacific execs fearful about growth and prosperity

Barely more than half (53%) of business leaders in Asia-Pacific have any confidence that their companies can grow and prosper, ranking the region as the second-least confident behind only Britain where fears over Brexit continue to erode business confidence, according to new research from CNA Hardy. Asia-Pacific also ranked high in terms of risk perception, with 82% of respondents stating…

Nissan chairman arrested on financial irregularities charge

Nissan chairman arrested on financial irregularities charge

Nissan chairman arrested on financial irregularities charge

Carlos Ghosn, one of the most powerful men in the global car industry, has been arrested for allegedly understating his income and engaging in other financial irregularities. The chairman of Japan-based car manufacturer Nissan, and also chief executive and chairman of Renault and Mitsubishi, is to be dismissed over the charges, bringing a likely end to a glittering career in…

Japan cybersecurity head denies never having used a computer

Japan cybersecurity head denies never having used a computer

Japan cybersecurity head denies never having used a computer

A Japanese cybersecurity minister has been forced to contradict his own comments that he has never used a computer. There was widespread astonishment in Japan when Yoshitaka Sakurada, the deputy chief of the government’s cybersecurity strategy office, told a parliamentary committee meeting that computers had never featured in his professional life. “Since the age of 25, I have instructed my…

Hong Kong introduces new arbitration rules

Hong Kong introduces new arbitration rules

Hong Kong introduces new arbitration rules

Hong Kong law firms are advising companies active in the territory to take a close look at new Adminsitered Arbitration Rules (2018 Rules) introduced by the Hong Kong International Arbitration Centre (HKIAC) at the start of November. Baker McKenzie states that the 2018 Rules introduce a raft of important and useful amendments including rules facilitating complex arbitrations, a procedure for…

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

A year of natural disasters has left Japan’s top three property and casualty (P&C) insurers with a bill expected to top JPY1trn ($8.7bn) by the end of the fiscal year, raising the prospect of a hike in premiums for the first time in years. The payments are likely to total more than $3.51bn from MS&AD Insurance and $2.63bn from Tokio…

AIG exits Iran as US sanctions take effect

AIG exits Iran as US sanctions take effect

AIG exits Iran as US sanctions take effect

American International Group (AIG) is shuttering all underwriting activity in Iran due to the reimposition of US sanctions by the Trump administration. The majority of the US insurer’s Iranian activities were inherited from its acquisition of Bermuda-based reinsurer Validus Holdings for $5.56bn in July. Validus’s non-US subsidiaries provide marine hull, war and cargo insurance to shipping companies that transport cargo…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Standard Club partners with Ping An for Chinese P&I underwriting

Standard Club partners with Ping An for Chinese P&I underwriting

Standard Club partners with Ping An for Chinese P&I underwriting

Mutual insurance association Standard Club Asia, managed by Charles Taylor Mutual Management, has teamed up with China’s Ping An Property & Casualty Insurance to jointly offer professional and indemnity (P&I) cover for Chinese shipowners. China is currently ranked as the world’s second-largest shipowning country, behind Greece, and has the largest share of general cargo ships. The partnership will focus on…