Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong is looking to boost its position as an insurance and risk management hub, and is considering tax incentives to encourage captives. In particular, Hong Kong is looking at the opportunities arising from the Belt and Road Initiative. In a speech to the 2018 Asian Actuarial Conference in Hong Kong, Carrie Lam, chief executive, Hong Kong Special Administrative Region…

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

The clean-up from Typhoon Mangkhut has begun as the devastated areas of the Philippines, China and Hong Kong assess the loss of life and long-lasting damage that resulted from the most severe storm of the year so far. The super typhoon is also likely to raise the issue of the insurance gap in the region, given that insured losses in…

Solid first-half results for Hong Kong-listed insurers, says Moody’s

Solid first-half results for Hong Kong-listed insurers, says Moody’s

Solid first-half results for Hong Kong-listed insurers, says Moody’s

Hong Kong-listed insurers’ first-half 2018 results are solid, despite the fact that the sector faces various challenges, according to Moody’s Investors Service. On the property and casualty (P&C) side, the listed Chinese insurers reported total premium growth of 15% in the first six months of 2018 from a year ago, driven by a 38% surge in non-motor premiums, which more…

Insurers urged to innovate to compete with Chinese competition

Insurers urged to innovate to compete with Chinese competition

Insurers urged to innovate to compete with Chinese competition

Marine insurers have been urged to innovate if they want to successfully compete with Chinese entities, as China steps up its involvement in Africa. The Belt and Road Initiative should be seen as an opportunity not a threat, suggested Dieter Berg, president of the International Union of Marine Insurance (IUMI), speaking at its annual conference in Cape Town. He said…

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

The Global Reinsurance Forum (GRF) is concerned that significant reinsurance trade barriers are still in place worldwide, despite no new major trade barriers having been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list. The GRF says it is a positive development, but it continues to encourage jurisdictions to remove existing and remaining…

China’s reinsurers to expand catastrophe insurance coverage

China’s reinsurers to expand catastrophe insurance coverage

China’s reinsurers to expand catastrophe insurance coverage

Reinsurers in China are looking to expand coverage of non-motor and, in particular, catastrophe insurance, which will sustain growth, according to S&P Global Ratings. To do this, China’s reinsurers are investing in technology and systems, said the ratings agency. However, S&P warned that these business lines could also expose the sector to more profit volatility. “The ongoing expansion into non-motor…

Former Anbang chairman’s appeal rejected by Shanghai court

Former Anbang chairman’s appeal rejected by Shanghai court

Former Anbang chairman’s appeal rejected by Shanghai court

The Shanghai High People’s Court has rejected an appeal by Anbang Insurance Group former chairman Wu Xiaohui, against a conviction for fundraising fraud and embezzlement that led to an 18-year jail sentence and confiscation of CNY10.5bn ($1.52bn), according to news agency Reuters. “The evidence was solid and sufficient. The conviction was accurate. The sentencing was appropriate,” the Shanghai High People’s…

New Chinese body cracks down on market confusion acts, trade secrets and web misconduct

New Chinese body cracks down on market confusion acts, trade secrets and web misconduct

New Chinese body cracks down on market confusion acts, trade secrets and web misconduct

The Chinese government has continued its crackdown on market confusion acts, trade secret infringement and internet-related misconduct, and is focusing its efforts particularly on the online and pharmaceutical industries. Experts advise risk managers with companies that procure products from China to make doubly sure that they are asking the right questions of suppliers to ensure that they are compliant. The latest…

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