Global premiums top $5trn, led by China and emerging Asia, says Swiss Re

Global premiums top $5trn, led by China and emerging Asia, says Swiss Re

Global premiums top $5trn, led by China and emerging Asia, says Swiss Re

Solid growth in the global non-life insurance sector – particularly in China and other countries in emerging Asia, but also among advanced markets – saw global insurance premiums pass the $5trn mark for the first time in 2018, according to Swiss Re. This is equivalent to more than 6% of global gross domestic product (GDP). The latest sigma from Swiss…

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima will hold its annual conference on disaster preparedness and response on 29 July at the HKAM Jockey Club Building in Hong Kong. The risk and insurance management association said the event will bring together experts and practitioners, government officials, scientific and academic institutions, the NGO sector and the private sector, to share experiences and discuss strategies for disaster preparedness…

Chinese insurance supervisor issues draft regulations for brokers

Chinese insurance supervisor issues draft regulations for brokers

Chinese insurance supervisor issues draft regulations for brokers

The China Banking & Insurance Regulatory Commission (CBIRC) has circulated an industry draft paper on the regulation of insurance intermediaries that in some respects will make it easier for international brokers to enter the huge Chinese insurance market, but at the same time will tighten the requirements for those eligible to apply. Michael Cripps of leading international insurance law firm…

Foreign insurers take larger share of Chinese market

Foreign insurers take larger share of Chinese market

Foreign insurers take larger share of Chinese market

Foreign insurers are taking a larger share of the Chinese market, although they still only account for just over 6% of total premiums. Reuters reported that the Insurance Association of China said the overall market share of foreign insurance firms in China by premium rose to 6.48% as of April 2019, up 1.78 percentage points from a year earlier. The…

Medical Protection Society to launch new malpractice SPA at Lloyd’s

Medical Protection Society to launch new malpractice SPA at Lloyd’s

Medical Protection Society to launch new malpractice SPA at Lloyd’s

The Medical Protection Society (MPS) will team up with Everest Insurance and Asta, a Lloyd’s third-party managing agency, to create Lloyd’s Special Purpose Arrangement (SPA) 1892 to cover medical malpractice. The MPS is a UK-based not-for-profit protection organisation that provides professional indemnity cover for some 300,000 doctors, dentists and healthcare professionals worldwide. An SPA is an annually formed syndicate that…

China, India, US and Algeria account for 80% of barriers damaging EU exports, says EC

China, India, US and Algeria account for 80% of barriers damaging EU exports, says EC

China, India, US and Algeria account for 80% of barriers damaging EU exports, says EC

A staggering 80% of trade barriers damaging EU exports emanate from only four countries: China, the US, India and Algeria, according to the latest analysis by the European Commission (EC) published this week. New barriers introduced in 2018 were worth up to €51.4bn in hindered exports from the EU-28. This is more than double the €23.1bn lost in 2017, estimates the…

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Theft from trucks continues to account for the highest proportion of cargo thefts worldwide and the threat from insiders – employees, contractors and even business partners – continues to rise, according to analysis carried out by transport insurer TT Club and supply chain intelligence firm BSI. The Global Cargo Theft Intelligence Report for 2018 found that thefts from trucks accounted for 84%…

Fitch says motor deregulation in China will hamper insurer profits

Fitch says motor deregulation in China will hamper insurer profits

Fitch says motor deregulation in China will hamper insurer profits

Fitch Ratings expects deregulation in commercial motor insurance premium rates in China to hamper the ability of insurers to improve underwriting margins. But the credit ratings agency expects the regulator’s control of motor insurance policy acquisition costs to curb the ongoing rise in insurers’ expense ratios. Fitch noted that smaller motor insurers still reported underwriting deficits in 2018. “While the…

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Steve Tunstall, general secretary of Parima, will represent the association at a conference on captives, organised by Labuan International and Business Financial Centre and Swiss Re Corporate Solutions, as evidence mounts of the increased interest in the self-insurance tools among Asian risk and insurance managers. Mr Tunstall, a founding member of the Parima leadership team, is set to take part…

Rising demand for credit insurance as economic concerns rise in Asia-Pacific

Rising demand for credit insurance as economic concerns rise in Asia-Pacific

Rising demand for credit insurance as economic concerns rise in Asia-Pacific

There is rising demand for credit insurance in the Asia-Pacific region, as a growing number of economic forecasts warn of slowing growth and rising insolvencies in the region. Businesses in the area are also taking a more strategic approach to credit management as they wake up to the macroeconomic threat, according to credit insurance experts. The latest analysis from credit…

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