Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Slower growth predicted for Korean insurance sector in 2019

Slower growth predicted for Korean insurance sector in 2019

Slower growth predicted for Korean insurance sector in 2019

The growth of the insurance industry in Korea is being driven down by a slowing economy and increasing market maturity, according to Korean Re in its Korean Insurance Market Outlook for 2019. The Korea Insurance Research Institute says that GDP growth is projected to slow to 2.7% in 2019 from 2.8% in 2018, putting pressure on insurance market growth. Premium…

Stable outlook for non-life insurance sector in Japan and South Korea – AM Best

Stable outlook for non-life insurance sector in Japan and South Korea – AM Best

Stable outlook for non-life insurance sector in Japan and South Korea – AM Best

AM Best has a stable outlook on Japan and South Korea’s non-life insurance sectors, despite the elevated risks of catastrophe losses and modest economic expansion in Japan, and operating and regulatory environments that remain challenging for insurance companies in South Korea. Best said private companies operating in Japan’s non-life insurance sector hold solid risk-adjusted capital positions and profitable underwriting results…

Myanmar’s EU trade status at risk from genocide inquiry

Myanmar’s EU trade status at risk from genocide inquiry

Myanmar’s EU trade status at risk from genocide inquiry

The preferential trade status granted to Myanmar by the European Union (EU) could be at risk pending an investigation into allegations of genocide. Such a move could be a serious setback for any Myanmar-based corporates exporting or importing goods to or from the EU. Myanmar is one of several countries that are included in the EU’s Everything But Arms (EBA)…

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

Risk modelling firm RMS has compiled a list of ten ‘one in a 100-year’ natural catastrophes that could hit the Asia-Pacific region, highlighting the region’s vulnerability to environmental disasters. The region has already suffered a number of catastrophes in 2018, including Typhoons Jebi and Mangkhut, and the Palu earthquake in Indonesia. However, RMS believes there is a likely expectation of…

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Social fragilities and a proliferation of autocratic governance in Asia have led to a rise in political risk that could cloud the continent’s dynamic economic growth, according to credit insurer Coface. Asia scored 45% on Coface’s latest political risk ranking, which put the continent behind Sub Saharan Africa, the Middle East and North Africa, and Latin America, but well ahead…

South Korean insurers to bolster capital in response to regulatory reforms: Fitch

South Korean insurers to bolster capital in response to regulatory reforms: Fitch

South Korean insurers to bolster capital in response to regulatory reforms: Fitch

South Korean non-life insurers will increasingly rely on issuing hybrid securities, subordinated debt or fresh equity to reinforce capital adequacy, because of progressive tightening in risk-based capital (RBC) measures and rising interest rates, according to Fitch ratings. The credit ratings agency said that higher interest rates would enhance insurers’ profitability but the increases, along with tougher capital requirements, could depress…

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Modest growth for Korean non-life sector in 2017

Modest growth for Korean non-life sector in 2017

Modest growth for Korean non-life sector in 2017

The Korean insurance market continued to slow down in 2017, declining by 1.9% compared to the previous year, amid improving but still weak macroeconomic conditions, according to Korean Re’s latest insurance bulletin. The life insurance market contracted, while the non-life insurance market grew modestly. Korean Re said low interest rates, the upcoming implementation of IFRS17 and a new risk-based capital…

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