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…

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

London market broker New Dawn Risk Group is to enter a new partnership with Singapore-based SpecialistRe, which it said will strengthen its reach in China, Japan and southeast Asia. Max Carter, CEO of New Dawn Risk, said it had been looking for opportunities in the region “for some time” and it will now offer treaty reinsurance broker expertise for specialty…

China and India to account for bulk of 2020 global recession

China and India to account for bulk of 2020 global recession

China and India to account for bulk of 2020 global recession

China and India will account for almost all of the very poor economic outlook in 2020, according to the latest analysis from the Institute of International Finance (IIF). The institute now predicts that the Covid-19 shock will create a global recession of -3.8% in 2020, which is substantially worse than the -0.4% contraction caused by the 2009 global financial crisis.…

Supply chain de-risking to boost southeast Asian economies

Supply chain de-risking to boost southeast Asian economies

Supply chain de-risking to boost southeast Asian economies

Southeast Asian economies such as Vietnam will gain from the expected de-risking of the global supply chain and creation of parallel chains as multinationals seek to reduce their dependence upon China, according to the latest Sigma report from Swiss Re. The Swiss reinsurer says the development of parallel supply chains to de-risk the global flow of intermediate goods and services is…

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s proposed group capital rule (GCR) will be beneficial to the group-wide risk and capital management culture of insurance entities, according to AM Best. The proposed regulation would augment the current regulatory framework to allow Hong Kong’s Insurance Authority (IA) to monitor multinational insurance groups on a group basis. Best said it will enhance the regulator’s supervision of insurance…

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

The economic fallout from Covid-19 will increase the risk of modern slavery seeping into supply chains, warned Verisk Maplecroft in the 2020 edition of its Modern Slavery Index. The index specifically flags a “surge” in modern slavery within Asian manufacturing hubs as the pandemic bites. Verisk Maplecroft said workers who have lost their jobs in the pandemic could turn to…

Premium growth for Hong Kong insurance industry in first half of 2020

Premium growth for Hong Kong insurance industry in first half of 2020

Premium growth for Hong Kong insurance industry in first half of 2020

The Hong Kong insurance industry saw gross premiums grow by 6% to $313.7bn for the first half of 2020, compared to the same period in 2019, according to provisional statistics from the Insurance Authority. The gross premiums of general insurance business in the first half of 2020 were $33.5bn, an increase of 9.7% compared to the first half of 2019.…

Ageas acquires 25% share in Hong Kong-based reinsurer

Ageas acquires 25% share in Hong Kong-based reinsurer

Ageas acquires 25% share in Hong Kong-based reinsurer

Ageas is to enter the Asian reinsurance market with the acquisition of a 25% share in Taiping Reinsurance Co (TPRe), a subsidiary of China Taiping Insurance Holdings (CTIH). Ageas has concluded an agreement with CTIH to subscribe to a capital increase of TPRe for a total consideration of HKD3,100m (about €340m). The subscription to the capital increase will increase the…

Hong Kong launches consultation on Insurance Group Capital rules

Hong Kong launches consultation on Insurance Group Capital rules

Hong Kong launches consultation on Insurance Group Capital rules

The Hong Kong Insurance Authority (IA) has launched a six-week public consultation on its draft Insurance (Group Capital) Rules to tie in with the implementation of the new supervisory framework for multinational insurance groups (GWS framework), which it said is “tentatively” planned in the first quarter of 2021. The draft rules have been published to comply with the International Association…

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Significant catastrophe losses in 2019 and the first half of 2020, together with the impact of the coronavirus pandemic, is expected to see insurers and reinsurers in Asia put renewed emphasis on ensuring the adequacy and appropriateness of their existing (re)insurance protection, according to Fitch Ratings. It said catastrophe losses remain a key concern, noting that Asia accounted for the…

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