South Korea’s non-life insurance sector revised to negative – AM Best

South Korea’s non-life insurance sector revised to negative – AM Best

South Korea’s non-life insurance sector revised to negative – AM Best

South Korea’s non-life insurance sector’s deteriorated loss ratios in major business lines, escalated pressure on investment earnings amid a historic low interest rate environment and increased asset risk due to capital market volatility, have led AM Best to revise its market segment outlook to negative from stable on the sector. Best said South Korea’s non-life insurance segment went through a…

South Korea’s general insurance market to slow in 2020

South Korea’s general insurance market to slow in 2020

South Korea’s general insurance market to slow in 2020

General insurance business in South Korea is expected to stagnate in 2020, largely due to Covid-19, according to GlobalData. The sector is predicted to see growth declining to 0.7% in 2020, as compared to the 2.8% in 2019. GlobalData said it revised the insurance forecast for South Korea in the aftermath of the Covid-19 outbreak. It said South Korea’s general…

Human rights abuse in supply chain exposed as virus leads to cancelled orders

Human rights abuse in supply chain exposed as virus leads to cancelled orders

Human rights abuse in supply chain exposed as virus leads to cancelled orders

European manufacturers in sectors such as fashion and retail that have rapidly cancelled orders from suppliers in Asia – in some cases using force majeure to terminate contracts early because of the Covid-19 crisis – are failing to live up to their responsibility to ensure their use of supply chains does not violate human rights, according to the European Centre…

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

The World Bank’s pandemic bonds, which could provide $132.5m of funds to countries within the International Development Association (IDA) and International Bank Reconstruction and Development (IBRD), will be triggered and paid out – but only if reported cases of coronavirus continue to escalate rapidly in the developing world, as cases in China and Europe show welcome signs of plateauing. Credit…

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…

AM Best downgrades Pakistan’s Adamjee because of equity market volatility

AM Best downgrades Pakistan’s Adamjee because of equity market volatility

AM Best downgrades Pakistan’s Adamjee because of equity market volatility

Credit ratings agency AM Best has downgraded Pakistan insurer Adamjee Insurance Company because of a deterioration in the company’s risk-adjusted capitalisation caused by a series of unrealised investment losses following equity market volatility in the country in 2017 and 2018. Best noted that Adamjee has reported “solid” underwriting performance and operating results in recent times but it relies on investment…

Risk managers on alert as coronavirus pandemic fears grow

Risk managers on alert as coronavirus pandemic fears grow

Risk managers on alert as coronavirus pandemic fears grow

Amid speculation that coronavirus may soon be declared a pandemic, the outbreak’s economic impact is beginning to be felt with disruption to supply chains and falling consumer demand in China. Risk managers are advised to pay very close attention. As the total number of confirmed coronavirus cases in China passes 30,000, questions are being raised about the country’s ability to…

Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Cyber coverage is being extended across Asia-Pacific and big investment is being made in raising awareness of the risk by authorities across the region, but risk and insurance managers still seem unwilling to recognise the need for the cover, according to Franck Baron, chairman of the Pan-Asia Risk Management and Insurance Association (Parima) and group general manager – risk management…

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

India’s planned new data protection bill, which is based on the EU’s General Data Protection Regulation (GDPR), is likely to be set before parliament in February or March. The updated bill that was originally proposed in 2018 has recently been updated and contains a number of controversial additions. These include criminal liability for directors and officers who are found responsible…

1 2 3 9