Parima holds first digital ‘huddle’ on risk and insurance lessons from virus

Parima holds first digital ‘huddle’ on risk and insurance lessons from virus

Parima holds first digital ‘huddle’ on risk and insurance lessons from virus

The Pan-Asia Risk & Insurance Management Association (Parima) will host the first of a new series of online conferences for members today, focused on the risk management and insurance matters triggered by the Covid-19 virus. It has also confirmed its new schedule of conferences for the rest of this year and into 2021. Parima said that in such a “dynamic…

South Korea and Taiwan face biggest exposure to Chinese downturn finds Russell Group

South Korea and Taiwan face biggest exposure to Chinese downturn finds Russell Group

South Korea and Taiwan face biggest exposure to Chinese downturn finds Russell Group

South Korea is the country with the highest exposure, of $66bn, from a prolonged slowdown in the Chinese economy caused by the coronavirus, according to analysis from UK-based risk management software and services company Russell Group. The group used a sample of historic first-quarter economic data for imports and exports to and from China and its scenario model outlines the…

Hong Kong insurance industry grew 9.1% in 2019

Hong Kong insurance industry grew 9.1% in 2019

Hong Kong insurance industry grew 9.1% in 2019

The Hong Kong insurance industry reported an increase in total gross premiums in 2019 of 9.1% to $580.2bn, and an increase of 93.3% in general insurance business underwriting profit, according to provisional statistics released by the Insurance Authority of Hong Kong. The growth in premiums was largely driven by life business. Total revenue premiums of long-term in-force business were $524.6bn…

China sued for allegedly covering up Covid-19 to protect economy and superpower status

China sued for allegedly covering up Covid-19 to protect economy and superpower status

China sued for allegedly covering up Covid-19 to protect economy and superpower status

A class action lawsuit has been filed in the Southern District of Florida against the People’s Republic of China (PRC), which alleges that China covered up the eventual Covid-19 pandemic for its “own economic self-interest” at the expense of the rest of the world. The plaintiffs are suing China over alleged negligence, negligent infliction of emotional distress, intentional infliction of…

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

The coronavirus (Covid-19) will spark a global and eurozone recession this year, having changed economic projections “considerably”, according to the Swiss Re Institute. Its revised baseline forecast is for a global recession in 2020 and no ‘V-shaped’ recovery, given the coronavirus outbreak and tightening financial conditions on the back of already weak economic resilience. The Swiss Re Institute said the…

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Risk managers should stress test their insurance programmes to see how coverage may be triggered for losses caused by coronavirus (Covid-19), according to Franck Baron, group deputy director, risk management and insurance at International SOS, and chairman of the Pan-Asia Risk & Insurance Management Association (Parima). Key lines that may be triggered by the impact of the virus include business…

AIR repeats warning over ‘significant’ underreporting of official Covid-19 numbers

AIR repeats warning over ‘significant’ underreporting of official Covid-19 numbers

AIR repeats warning over ‘significant’ underreporting of official Covid-19 numbers

AIR Worldwide has again warned that the number of global coronavirus (Covid-19) cases is likely much higher than official figures, due to “significant” underreporting. According to the World Health Organization (WHO), there were90,893 confirmed cases of coronavirus as of 3 March, and 3,111 deaths. But AIR’s models estimate that the actual number of moderately symptomatic cases of Covid-19 in China…

Top global brands accused of using forced labour in Chinese factories

Top global brands accused of using forced labour in Chinese factories

Top global brands accused of using forced labour in Chinese factories

Leading global brands such as Apple, BMW, Sony, Gap and Nike are unwittingly using forced labour that the Chinese government has transferred from internment camps into factories, according to the Australian Strategic Policy Institute (ASPI). The ASPI is a non-partisan defence and strategic policy thinktank founded by the Australian government and partly funded by the Australian Department of Defence. China…

Trade tensions to rise in 2020 and threaten political stability, finds Marsh risk map

Trade tensions to rise in 2020 and threaten political stability, finds Marsh risk map

Trade tensions to rise in 2020 and threaten political stability, finds Marsh risk map

Escalating trade tensions are expected to continue throughout 2020, causing persistent global political and economic uncertainty for multinational businesses, warns a new risk map and report from Marsh. The Political Risk Map 2020 and accompanying report was produced by Marsh JLT Specialty’s Credit Specialties Practice, and is based on data from Fitch Solutions and industry risk analysis. The map rates…

Coronavirus set to ravage global supply chain according to Russell Group analysis

Coronavirus set to ravage global supply chain according to Russell Group analysis

Coronavirus set to ravage global supply chain according to Russell Group analysis

Ten Chinese companies, with combined revenues of almost $1.5trn, will be exposed to an estimated $122bn of connected loss exposures from the coronavirus, according to risk modelling firm Russell Group. The numbers provide further evidence of the potentially catastrophic impact the virus could have on the global economy, as both imports into China and exports out of the country are…

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