Willis Towers Watson adds Shanghai to global P&C hub

Willis Towers Watson adds Shanghai to global P&C hub

Willis Towers Watson adds Shanghai to global P&C hub

Shanghai has been added to Willis Towers Watson’s global property and casualty (P&C) hub. The broker said the move was aimed at enhancing the company’s global placement model for clients. The global markets P&C hub initially focused on the coordination of placement activity across London, Bermuda and Singapore, and Willis Towers Watson said the addition of Shanghai enables the hub…

Hong Kong’s new group capital rules due in first quarter of 2021

Hong Kong’s new group capital rules due in first quarter of 2021

Hong Kong’s new group capital rules due in first quarter of 2021

The Hong Kong Insurance Authority (IA) has announced some modifications to its draft Insurance (Group Capital) Rules in respect of the new supervisory framework for multinational insurance groups, which it now hopes will be implemented in the first quarter of 2021. The changes come after a consultation on the rules. According to the IA, the main objective of the proposed…

BMS launches Singapore-based Asia broking operations

BMS launches Singapore-based Asia broking operations

BMS launches Singapore-based Asia broking operations

BMS Group has launched its Asia broking operations, with its headquarters in Singapore and with proposed operations in Hong Kong, pending regulatory approval. BMS said its Asia operations will initially focus on M&A insurance broking, “enhancing the group’s existing capabilities in that class of business in London, Canada and Australia”. The operations will be led by Sandra Lee as CEO…

China’s insurance regulator consults on revised regulation on foreign insurers

China’s insurance regulator consults on revised regulation on foreign insurers

China’s insurance regulator consults on revised regulation on foreign insurers

The China Banking and Insurance Regulatory Commission (CBIRC) is reported to have begun soliciting public opinion on a revised regulation on foreign insurance companies, according to the Xinhua News Agency. It reported that the CBIRC said the revised regulation will mainly clarify access conditions for foreign insurers and overseas financial institutions, fine tune shareholder change and access requirements, and scrap…

Global commercial lines price increases accelerating, says Moody’s

Global commercial lines price increases accelerating, says Moody’s

Global commercial lines price increases accelerating, says Moody’s

Price increases are accelerating in global commercial lines to combat catastrophe and coronavirus losses, rising litigation costs and lower investment income, according to Moody’s Investors Service. The ratings agency has assigned a stable outlook to the global property and casualty (P&C) insurance sector, based on good capitalisation and positive pricing trends in commercial lines. P&C insurers will absorb coronavirus-related commercial…

Hong Kong Insurance Authority steps up captive initiatives

Hong Kong Insurance Authority steps up captive initiatives

Hong Kong Insurance Authority steps up captive initiatives

The Hong Kong Insurance Authority is actively pushing Hong Kong as a captive domicile with a range of initiatives, designed to build Hong Kong into the ideal global domicile for captives, an international risk management centre and a regional (re)insurance hub. A recent captive forum organised by the authority brought together more than 100 executives from captives operating in Hong…

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…

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Steve Tunstall is general secretary of the Pan-Asia Risk & Insurance Management Association (Parima) and director of Tunstall Associates, based in Singapore. He was one of the founding members of Parima, along with Franck Baron, Kelvin Wu and the team when it was launched at its first conference in Singapore back in April 2013. Mr Tunstall is a business risk management…

Premiums written by Hong Kong insurers increase by 10% in 2019

Premiums written by Hong Kong insurers increase by 10% in 2019

Premiums written by Hong Kong insurers increase by 10% in 2019

The Hong Kong insurance industry has reported total gross premiums of HK$566.9bn for 2019, a year-on-year growth of 10.2%, according to the latest insurance business statistics released by the Insurance Authority of Hong Kong. The figures are based on audited returns and actuarial information submitted by individual insurers. The authority said that in 2019, total gross premiums of general business…

New head of underwriting for Asia at Generali Global Corporate & Commercial

New head of underwriting for Asia at Generali Global Corporate & Commercial

New head of underwriting for Asia at Generali Global Corporate & Commercial

Brendan McDonald has been appointed as head of underwriting for Asia, Generali Global Corporate & Commercial (GC&C). He will be based in Generali’s regional headquarters in Hong Kong. According to GC&C, he will be responsible for driving growth and underwriting excellence across Asia. Mr McDonald joined Generali in 2018 as head of financial lines underwriting for GC&C Asia. Prior to…

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