Hong Kong adjusts premium levy rate to 0.1%

Hong Kong adjusts premium levy rate to 0.1%

Hong Kong adjusts premium levy rate to 0.1%

The Insurance Authority of Hong Kong has announced that the territory’s premium levy rate has been adjusted to 0.1% from 1 April 2021. The levy cap has been set at $100 for life insurance policies and $5,000 for general insurance policies. According to the authority, the move is in accordance with the schedule set out in the Insurance (Levy) Order…

Hong Kong’s new group-wide supervision framework will improve capital adequacy

Hong Kong’s new group-wide supervision framework will improve capital adequacy

Hong Kong’s new group-wide supervision framework will improve capital adequacy

The implementation of a group-wide supervision (GWS) framework in Hong Kong, which commenced in March 2021, will improve the capital adequacy of Hong Kong-based insurance groups, according to Fitch Ratings. It said the GWS will also enable the Insurance Authority (IA) of Hong Kong to align its supervisory practices more closely with international standards. However, the ratings agency added that…

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

The beaching of the Ever Given, the cargo ship that ran aground in the Suez Canal, blocking the critical passageway for six days, ended once the freighter was unwedged and the flow of vessels resumed. Working off the queue of hundreds of boats that opted to wait instead of turning south towards the Cape of Good Hope and circumnavigating Africa…

APAC insurers addressing climate risks but change will be gradual, says Fitch

APAC insurers addressing climate risks but change will be gradual, says Fitch

APAC insurers addressing climate risks but change will be gradual, says Fitch

Asia-Pacific (APAC) insurers in developed markets are spearheading efforts to address climate risks in the region, with a focus on incorporating environmental considerations in investments, underwriting and risk management, according to Fitch Ratings. However, the change is expected to be gradual, as the insurers’ environmental initiatives are still in the early stages, while the scope of commitment to address such…

Hong Kong insurance industry reports premium and profit growth for 2020

Hong Kong insurance industry reports premium and profit growth for 2020

Hong Kong insurance industry reports premium and profit growth for 2020

The Hong Kong insurance industry saw total gross premiums grow by 4.9% to $608.4bn in 2020 compared to the previous year, according to provisional statistics from the Hong Kong Insurance Authority. In 2020, gross premiums of general insurance business increased by 8.3% to $60.3bn, while net premiums increased by 8.7% to $40.9bn. The overall underwriting profit improved further from $1.1bn…

Claims and loss prevention in sharp focus for marine community during pandemic

Claims and loss prevention in sharp focus for marine community during pandemic

Claims and loss prevention in sharp focus for marine community during pandemic

Despite the interruption of global trade brought about by Covid-19, the international maritime sector has experienced a worrying level of claims activity during this period and the International Union of Marine Insurers’ (IUMI) recent annual press call was dominated by the topic of claims and loss prevention. The pandemic has had a direct impact on marine claims trends, with stockpiling…

China to be world’s largest insurance market by 2024, helped by liberalisation

China to be world’s largest insurance market by 2024, helped by liberalisation

China to be world’s largest insurance market by 2024, helped by liberalisation

China’s opening up of its insurance sector to foreign insurers is designed to bridge the gap between international insurers and domestic Chinese insurance firms, according to data and analytics company GlobalData. It said China hopes that domestic insurers will be challenged by foreign firms to learn from global best practices. According to GlobalData’s Global Insurance Database, the Chinese insurance industry’s…

US-China tensions should top corporate risk radars in 2021, warns Verisk Maplecroft

US-China tensions should top corporate risk radars in 2021, warns Verisk Maplecroft

US-China tensions should top corporate risk radars in 2021, warns Verisk Maplecroft

High geopolitical tensions are at risk of using corporates as collateral, warns a new report from intelligence firm Verisk Maplecroft, which says rising troubles between the US and China should be at the top of corporate risk radars. The  Political Risk Outlook 2021 report says political rivals could use sanctions and export controls that will impact business because the corporate…

London still losing ground to New York as world’s leading financial centre

London still losing ground to New York as world’s leading financial centre

London still losing ground to New York as world’s leading financial centre

A new report from Duff & Phelps suggests that London continues to lose ground to New York as the world’s leading financial centre, although the UK retains the world’s favourite regulatory regime. Duff & Phelps’ latest Global Regulatory Outlook report surveyed 250 senior financial sector professionals from around the world. It reports that 31% of senior financial professionals perceive London…

China sees steady premium growth in 2020

China sees steady premium growth in 2020

China sees steady premium growth in 2020

The China Banking and Insurance Regulatory Commission (CBIRC) has highlighted steady premium income growth in 2020 for China’s insurance sector, according to the Xinhua News Agency. It said China’s insurance sector helped support social and economic development in 2020. The CBIRC said premium income for China’s insurance sector totalled CNY4.5trn (c.$699bn) in 2020, up 6.1% year on year. In 2020,…

1 2 3 45