Asia’s reinsurance market could be set for revolutionary change, thanks to a series of regulatory reforms and a number of initiatives designed to increase the adoption of insurance for natural catastrophe cover.
The use of parametric insurance products is on the increase in Asia, as insurers and reinsurers strike deals with not just corporates but also public bodies and municipalities.
Commercial Risk Asia talks to Stefano Tranquillo, FM Global senior vice-president, Asia-Pacific division, about the insurer’s new Singapore training facility and its strategy for the region.
Recent high profile corporate crises, such as BP’s Deepwater Horizon and Malaysia Airlines’ flight MH370, have highlighted the importance of having a well-planned crisis management response. Here we examine new insurance products hitting the market, with the aim of protecting company reputations.
Taiwan and mainland China are counting the cost of Typhoon Nepartak, which struck in early July. Meanwhile, the reinsurance industry is also feeling the impact of a rise in natural disasters that has produced a 42% rise in losses for the first half of 2016, compared to the first half of the previous year.
This month we are pleased to announce the launch of the inaugural Commercial Risk Asia Risk Frontiers survey, in partnership with Generali and Parima . This comprehensive and unique research has proved very successful with our sister publications Commercial Risk Europe and Commercial Risk Africa and we hope to emulate this success in the survey’s latest regional iteration.
The global insurance industry convened in Singapore for the annual IIS congress. Nicholas Pratt was there.
The keynote speaker at the IIS Global Insurance Forum 2016 in Singapore was the country’s senior financial official – deputy prime minister and chairman of the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam. He emphasised that these are “interesting times” for the insurance industry, equally full of challenges and opportunities.
Nicholas Pratt talks to Dr Guan Seng Khoo, director of risk management at Changi Airports International, about what a true enterprise risk management framework should look like and his hopes for the future of the industry.
Asian companies and their risk and insurance managers need to pay more attention to the fast-rising risk of extortion and malicious threats as well as terrorism, particularly as they expand to new territories in search of growth.