New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York is still the leading financial centre in the world, followed by London and Hong Kong, according to the 25th Global Financial Centres Index, published by Z/Yen Partners and the China Development Institute. According to the index, New York remains in first place, just seven points ahead of London, with Hong Kong four points behind London in third. Singapore…

China Re brings Chinese renewable energy risks to London

China Re brings Chinese renewable energy risks to London

China Re brings Chinese renewable energy risks to London

China Re, now the biggest reinsurance group in Asia and eighth globally by premium income, has announced the launch of a renewable energy consortium at Lloyd’s, to help support China’s massive national renewable power development project. The booming Chinese offshore sector has benefited from a commitment by President Xi Jinping to provide $360bn to renewable power development by 2020. The…

China’s regulator orders insurers to strengthen supervision of their brokers

China’s regulator orders insurers to strengthen supervision of their brokers

China’s regulator orders insurers to strengthen supervision of their brokers

The China Banking and Insurance Regulatory Commission (CBIRC) has ordered insurance companies to strengthen supervision of their intermediary partners such as agents and brokers, according to a report in Caixin Daily. The Chinese publication said the move was part of an effort “to impose order on a chaotic and largely unregulated sector of the industry”. CBIRC stated in a notice…

Chubb increases stake in China’s Huatai Insurance Group

Chubb increases stake in China’s Huatai Insurance Group

Chubb increases stake in China’s Huatai Insurance Group

Huatai Insurance Group has become the first domestic Chinese financial services holding company to convert to a Sino-foreign equity joint venture, following approval from the China Banking and Insurance Regulatory Commission for Chubb to increase its ownership in Huatai to 26.2% from its current 20%, effective 27 February 2019. Huatai Insurance Group is the holding company of Huatai P&C Insurance…

Insurance M&A report from Clyde & Co highlights regional growth

Insurance M&A report from Clyde & Co highlights regional growth

Insurance M&A report from Clyde & Co highlights regional growth

The Americas, driven by the US, were once again the most active region for M&A in 2018, according to Clyde & Co’s report, Shifting sands of M&A – A Regional Outlook. It reveals that 11 of the year’s largest deals worldwide involved acquirors based in the Americas. Clyde & Co’s report says that while dealmaking in the Americas will continue…

Asia to lead emerging market insurance growth

Asia to lead emerging market insurance growth

Asia to lead emerging market insurance growth

Emerging markets are set to lead the growth of the global economy and its insurance markets with Asian economies at the forefront, according to the latest sigma report from Swiss Re Institute. The report forecasts that emerging market insurance premiums will more than double during the next ten years, four times faster than advanced markets. Premiums in emerging Asia though…

China and North Korea adding to new levels of political risk, warns Marsh

China and North Korea adding to new levels of political risk, warns Marsh

China and North Korea adding to new levels of political risk, warns Marsh

Multinationals face “unprecedented uncertainty” caused by growing political risk, Marsh warned on publishing its Political Risk Map 2019. Marsh added that trade disputes, protectionism and geopolitical tensions have created an “unstable” environment for multinational companies with direct foreign investment. The updated Political Risk Map uses data from Fitch Solutions to rate more than 200 countries’ political, economic and operational stability.…

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New initiatives for the insurance industry have been announced by China’s State Council under its Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. The initiatives include promoting cross-boundary renminbi reinsurance business; supporting joint development by insurance institutions in Guangdong, Hong Kong and Macao of innovative and cross-boundary motor vehicle and medical insurance products; exploring the development of a…

Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

Jing An Special Risks (JASR), a Hong Kong-based specialty insurer, has been awarded a licence by the Philippines Insurance Commission to offer cyber and terrorism cover to corporate clients in the country. “Our products intend to cover businesses against the following threats: war and terror, cyber, kidnap and ransom, marine piracy, and crisis response,” stated Gene Yu, JASR chairman and…

Markel bolsters financial lines team

Markel bolsters financial lines team

Markel bolsters financial lines team

Specialist insurer Markel International has strengthened its financial lines team by hiring Gordon Lam as a senior professional and financial risks (PFR) underwriter. Mr Lam is currently based in Singapore, where he was underwriting manager for Beazley. He is expected to relocate to Hong Kong to take up his new position at Markel. He will work alongside Simon Moi, head…

1 2 3 29