IAG raises new equity as Australia’s BI test case finds in favour of policyholders

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

Australian insurer IAG said it will raise $750m in new equity after the Supreme Court of New South Wales (NSW) put insurers back on the hook for business interruption (BI) payments to policyholders affected by the Covid-19 crisis. The judgment found pandemic exclusions in BI policies, particularly those that refer to Australia’s Quarantine Act rather than the new Biosecurity Act,…

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Australian insurer Suncorp has set aside a further $125m in reserves for potential business interruption (BI) claims following the second Covid-19 lockdown in Victoria, raising its total provision for BI pandemic losses to $195m. Booked to the first half of 2021, ending December 2020, the additional reserves follow $70m in provisions for BI claims linked to Covid-19 up to the…

Buberl calls for focus on public-private partnership for systemic risk

Buberl calls for focus on public-private partnership for systemic risk

Buberl calls for focus on public-private partnership for systemic risk

AXA CEO Thomas Buberl used the closing CEO debate at the Pan Asia Risk & Insurance Management Association (Parima) Resilience Week to call again for the creation of public-private partnerships at national and possibly regional levels to cope with future systemic risks such as the current Covid-19 pandemic. A number of schemes to help cope with future crises have been…

AXA XL digitalises physical risk services for risk managers

AXA XL digitalises physical risk services for risk managers

AXA XL digitalises physical risk services for risk managers

AXA XL Risk Consulting has launched a new digital global risk assessment service called Risk Scanning to undertake multi-peril assessments of physical risks and company sites. The insurer said Risk Scanning combines the expertise of its risk consultants with probabilistic algorithms and data mining. Risk managers will be able to generate assessments of their company’s physical sites by region, country…

This is the time for action

This is the time for action

This is the time for action

This issue of Commercial Risk Asia is wholly based on a series of in-depth interviews carried out with leading members of the Pan-Asia Risk & Insurance Management Association (Parima) for our annual Risk Frontiers survey. The point of this survey is to provide risk and insurance managers across the world with a unique platform to express their views on key…

Parima members look for alternatives as market hardens

Parima members look for alternatives as market hardens

Parima members look for alternatives as market hardens

Risk and insurance managers in the Asia-Pacific region are by no means immune from the rapidly hardening global corporate insurance market, as insurers seek to push up prices and limit cover and capacity on the back of the Covid-19 crisis. The hardening was actually already underway in the region before the crisis hit but, as in Europe, members of the…

Risk managers need to focus on financial stress, health and safety, and planning

Risk managers need to focus on financial stress, health and safety, and planning

Risk managers need to focus on financial stress, health and safety, and planning

Financial sustainability, health and safety of customers and staff members, job security of staff, and business plans and projections, are the main exposures brought about by the Covid-19 pandemic; and risk managers need to play a central role in their management, according to a board member of the Hong Kong chapter of Parima. The risk manager, who chose to remain…

Natividad urges risk managers to take the driving seat in new age of risk management

Natividad urges risk managers to take the driving seat in new age of risk management

Natividad urges risk managers to take the driving seat in new age of risk management

The shock caused by the sudden arrival of the Covid-19 pandemic has highlighted the need for companies to carry out and take more seriously scenario planning and modelling, crisis management planning, business continuity plan development and testing on a regular basis, according to Annacel Natividad, chief finance officer and head of risk management, Pilmico Foods Corporation in the Philippines Speaking to…

Focus on the long term and wellbeing of staff to build resilience: Wu

Focus on the long term and wellbeing of staff to build resilience: Wu

Focus on the long term and wellbeing of staff to build resilience: Wu

The relative lack of preparedness for the arrival of the Covid-19 pandemic across the world can be attributed to the short-term thinking and planning that has dominated so many governments worldwide in recent times, according to Kelvin Wu, board member of the Pan-Asia Risk & Insurance Management Association (Parima), and corporate risk manager of International SOS, based in Singapore. Mr Wu told…

Tough times ahead as Asia emerges from the pandemic

Tough times ahead as Asia emerges from the pandemic

Tough times ahead as Asia emerges from the pandemic

Patrick Chan, director and general manager of Nova Risk Services Holdings and board member of Brokerslink, spoke to Liz Booth about the challenges of doing business through the Covid-19 pandemic… In Asia, insurers have recently been extending coverage on existing health insurance policies to cover treatment costs or provide Covid-19-specific death cover, according to one leading broker. Patrick Chan, director and…

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