Global premiums forecast to grow despite slowing world economy, says Swiss Re

Global premiums forecast to grow despite slowing world economy, says Swiss Re

Global premiums forecast to grow despite slowing world economy, says Swiss Re

Despite a slowing world economy, global premiums are forecast to increase by 3% annually in real terms in 2020 and 2021, largely due to very strong demand in emerging Asia, particularly China. This is according to the Swiss Re Institute (SRI), which says that in China, non-life premiums are forecast to grow by 9% in 2020, and life premiums by…

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

A single cyberattack on major ports across Asia-Pacific could cost $110bn, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018, according to new research released by Lloyd’s. Under the extreme scenario, a huge 60% of the losses would be from business interruption and contingent business interruption (CBI) claims and 57% would be silent cyber…

Swiss Re confirms potentially significant investment in second-biggest P&C Chinese insurer

Swiss Re confirms potentially significant investment in second-biggest P&C Chinese insurer

Swiss Re confirms potentially significant investment in second-biggest P&C Chinese insurer

Swiss Re has confirmed that it has been exploring a possible investment in Shanghai-based China Pacific Insurance Group, the second-largest non-life insurance company in China and third-largest life company, which was established in 1991. Swiss Re stated this week: “In response to media speculation concerning a possible investment by Swiss Re in China Pacific Insurance (Group) Co. (CPIC) and an…

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Insurance market liberalisation continues to accelerate across Asia-Pacific, with cross-jurisdiction collaboration further developing and solvency requirements being enhanced across the region. This is according to a new report from Aon, which summarises the key global ratings agency criteria developments and regulatory changes across Asia-Pacific during the past 12 months. Aon said that as the insurance and reinsurance industry continues to…

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China are to strengthen their cooperation in the supervision of insurance and banking, after the signing of a supervisory memorandum of understanding (MOU). The Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) signed the CBIRC-MAS supervisory memorandum of understanding, “to enhance supervisory cooperation and facilitate exchange of information between MAS and CBIRC…

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business has again produced an underwriting profit in 2018, with a combined ratio of 98.9%, according to Aon. Europe averaged a 96.0% combined ratio, while Asia-Pacific averaged 100.8% and the Americas hit 97.9%. In its 14th edition of the Insurance Risk Study: Global Risk, Profitability, and Growth Metrics, Aon notes that in 24 of the top 50 markets,…

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Specialist Lloyd’s-based insurer Beazley has followed up its announcement made earlier this week about its Asian expansion plans, by revealing that it has taken a 30% stake in Pegasus, a Hong Kong-based coverholder. Beazley began working with Pegasus in January 2019, in an arrangement that the insurer said combines the coverholder’s knowledge of the market and strong broking relationships with…

China’s fast-growing insurtech sector supports record global growth so far in 2019

China’s fast-growing insurtech sector supports record global growth so far in 2019

China’s fast-growing insurtech sector supports record global growth so far in 2019

Total new worldwide funding in the insurtech sector so far this year has already exceeded the total for 2018, and China is accounting for an increasing portion of the investment. During the third quarter, insurtech investment exceeded $1.2bn for the fifth consecutive quarter on a global basis, according to a new report from Willis Towers Watson (WTW). This quarter, China…

China drops restrictions on foreign investment in insurance and banking firms, moves closer to deal with EU

China drops restrictions on foreign investment in insurance and banking firms, moves closer to deal with EU

China drops restrictions on foreign investment in insurance and banking firms, moves closer to deal with EU

The international risk management and insurance community appears to be one of the potential beneficiaries of the recent slight thawing in the China-US trade war and improving relations with the EU, as the Chinese State Council confirmed that it has decided to further open up its insurance and banking sectors to foreign investors by revising related regulations. Meanwhile, Chinese state…

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…

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