Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Supply chain risks are on the rise for international brands sourced from China, because of the reported expanding use of forced labour in Uyghur detention camps in the Xinjiang Uyghur Autonomous Region on the country’s northwest border. There have been repeated reports that the Chinese administration has detained more than a million muslim Uyghurs and other ethnic minorities in camps…

Urbanisation and infrastructure to support further APAC growth for Hannover Re

Urbanisation and infrastructure to support further APAC growth for Hannover Re

Urbanisation and infrastructure to support further APAC growth for Hannover Re

Hannover Re has said it will continue to pursue its “successful path” of growth in the Asia-Pacific region with “added intensity”. It said it will seek to support clients as they develop their business and face up to the challenges of the coming years. The German reinsurer remains bullish about the APAC region, despite still highly competitive conditions in both…

Strong first-half 2019 results for Hong Kong insurance industry

Strong first-half 2019 results for Hong Kong insurance industry

Strong first-half 2019 results for Hong Kong insurance industry

The Hong Kong insurance industry has recorded significant growth in gross premiums in the first half of 2019, and a big increase in general business underwriting profit, according to provisional statistics published by the Insurance Authority. Total gross premiums totalled $295.8bn got the first six months of 2019, an increase of 16.6% over the corresponding period in 2018. The biggest…

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Asian commercial insurance prices rose by 3.5% in the second quarter of this year, following a 4% increase in the first quarter and the highest increase in five years, according to global broker Marsh. The broker says the recent traction by Lloyd’s has had an impact in both regions. Commercial insurance prices rocketed in the Pacific region by 18% in…

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

The Australian Federal Court has ordered Japanese shipping company, Kawasaki Kisen Kaisha Ltd (K-Line), to pay a fine of $35.5m for criminal cartel conduct. This follows fines already imposed by Japan, the US, China and the European Commission, with others in the pipeline. In a note issued by Australian law firm Nathan Holding Redlich, the criminal conduct for which K-Line…

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

The Pan-Asia Risk & Insurance Management Association (Parima) is this week supporting an event focused on employee benefits for risk managers in Beijing, organised by MAXIS Global Benefits Network (Maxis GBN) and its local partner ICBC AXA. Risk and insurance managers in Europe and North America are becoming increasingly involved in the management and transfer of employee benefits, as multinationals…

Corporate debt dynamics increase risk of hard landing for China’s economy

Corporate debt dynamics increase risk of hard landing for China’s economy

Corporate debt dynamics increase risk of hard landing for China’s economy

Recent efforts by the Chinese government to cushion its economic slowdown, partly sparked by the trade dispute with the US, by cutting taxes and easing monetary policy, are forcing corporate debt levels up again and will make it more difficult to avoid an economic hard landing in the medium term, according to trade credit insurer Atradius. The has insurer published…

Aviva under pressure to reveal plans for Asian business in half-year results

Aviva under pressure to reveal plans for Asian business in half-year results

Aviva under pressure to reveal plans for Asian business in half-year results

Investors and analysts are putting pressure on Aviva, the UK multi-line insurer, to provide confirmation during its quarterly results statement on 8 August that it is planning to sell its Asian business. The insurer has allegedly valued the business at more than $2bn, according to news agency Reuters. Aviva has six Asian businesses – based in China, Hong Kong, India,…

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance industry mergers and acquisitions (M&A) have increased by 13% in the first half of 2019, the highest level since 2015, according to Clyde & Co’s Insurance Growth Report mid-year update. The first half of 2019 saw 222 completed deals worldwide, up from 196 in the second half of 2018, the biggest increase in the volume of transactions since…

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong is to continue to receive preferential treatment under the China Risk Oriented Solvency System (C-ROSS), allowing lower capital requirements for mainland insurers that cede business to qualified Hong Kong professional reinsurers. The China Banking and Insurance Regulatory Commission (CBIRC) said the continuation of the preferential treatment “has played a positive role in promoting the prosperous development of, and…

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