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…
The UK, Germany, Spain, France, the Netherlands, Belgium and Romania are the European countries most at risk from the spread of coronavirus (Covid-19) as a result of the outbreak in Italy, according to scenarios run by AIR Worldwide. It has also named the countries most at risk from the secondary outbreaks in South Korea and Iran. Using models to project…
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…
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…
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…
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…
The Dubai International Finance Centre (DIFC) has announced a one-month delay until 1 February for the introduction of its new defined benefit system, which offers employers the opportunity to opt out and develop flexible cross-border schemes that are compliant for employees in multiple jurisdictions and ideal for global insurance programmes. Experts in Dubai say this is just the start. It…
South Korea has become the latest member of the International Association of Insurance Supervisors’ (IAIS) Multilateral Memorandum of Understanding (MMoU). The MMoU was signed by the Korea Financial Services Commission (FSC) and Korea Financial Supervisory Service (FSS). The MMoU is an international supervisory cooperation and information exchange agreement that promotes enhanced consumer protection. It sets minimum standards to which signatories…
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…
Water crises, terrorist attacks and man-made environmental catastrophes were the top three risks identified by executives across south Asia who took part in the World Economic Forum’s (WEF) recently published Regional Risks for Doing Business 2019 report. The report, published in partnership with Marsh and Zurich, shows a big difference between the top risks identified by south Asian executives and…