Insurers need to ‘rethink’ sharing economy transfer options, says Lloyd’s

Insurers need to ‘rethink’ sharing economy transfer options, says Lloyd’s

Insurers need to ‘rethink’ sharing economy transfer options, says Lloyd’s

Insurers may need to go back to the drawing board to cover new risks arising from the sharing economy that typically sees peers offering services via online sites, say Lloyd’s and Deloitte in analysis of the booming sector. To address these new risks insurers must rethink traditional cover, the study by the two organisations finds. Lloyd’s head of innovation, Trevor…

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China is bracing itself for the impact of Typhoon Maria, which has already led to the deadliest flood disaster in Japan since 1983, caused huge disruption and will lead to heavy insured losses, not least business interruption. The typhoon skirted past Taiwan and caused much lower damage than originally expected. But it continued northwest toward the eastern coast of China, making…

Troubled Chinese insurer Anbang to start European sales

Troubled Chinese insurer Anbang to start European sales

Troubled Chinese insurer Anbang to start European sales

Anbang Insurance Group, the Chinese insurer that was taken over by the Chinese government earlier this year and whose chairman was sentenced to 18 years for embezzlement and fundraising fraud, is reportedly exploring the sale of its Belgian insurer Fidea, according to news agency Reuters. This would be the troubled Chinese insurer’s first European divestment since it was seized by…

China to offer Hong Kong reinsurers preferential treatment for huge BRI premiums

China to offer Hong Kong reinsurers preferential treatment for huge BRI premiums

China to offer Hong Kong reinsurers preferential treatment for huge BRI premiums

The China Banking and Insurance Regulatory Commission (CBIRC) has agreed to provide preferential treatment to Hong Kong reinsurers as Chinese insurers seek to cede business to the international market and will reveal details of the plan soon, according to the Hong Kong Insurance Authority (IA). During the recent Belt and Road Summit that was organised to explore the immense opportunities from…

BRI offers $11bn in new premium for foreign insurers by 2030 but pricing remains big problem

BRI offers $11bn in new premium for foreign insurers by 2030 but pricing remains big problem

BRI offers $11bn in new premium for foreign insurers by 2030 but pricing remains big problem

The Chinese-led Belt and Road Initiative (BRI) will have an estimated economic impact of $21trn, including $8trn of infrastructure investment. Insurance premium potential from projects up till 2030 could reach $27bn and foreign insurers could capture some $11bn of that, according to experts. But the capacity and appetite of the domestic insurance market in China remains a big obstacle for the international…

Déjà vu as Q2 risks mirror 2012-2013 slowdown: Coface

Déjà vu as Q2 risks mirror 2012-2013 slowdown: Coface

Déjà vu as Q2 risks mirror 2012-2013 slowdown: Coface

Risk signals in the second quarter of 2018 are similar to the slowdown of global trade conditions in 2012 to 2013, according to Coface’s latest update on worldwide country and sector risks. Coface said Q2 confirmed that the peak in world growth has passed. Risks identified in Q2 2018 included the rise of sovereign spreads in the eurozone, increased protectionism,…

China’s securities regulator approves PICC IPO

China’s securities regulator approves PICC IPO

China’s securities regulator approves PICC IPO

Xinhua News Agency has reported that the China Securities Regulatory Commission has approved an application for an initial public offering (IPO) by the People’s Insurance Company of China Limited (PICC). It said that PICC is already listed in Hong Kong but applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, According to Xinhua, the IPO is…

Hong Kong insurance market continues growth in first quarter

Hong Kong insurance market continues growth in first quarter

Hong Kong insurance market continues growth in first quarter

The Hong Kong insurance industry saw an 8.6% increase in total gross premiums to $132.5bn for the first quarter of 2018 compared with the same period in 2017, according to provisional statistics from the Insurance Authority of Hong Kong. Gross premiums of general insurance business recorded an increase of 11.1% to $15.5bn in the first quarter of 2018, compared with…

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