This is the time for action

This is the time for action

This is the time for action

This issue of Commercial Risk Asia is wholly based on a series of in-depth interviews carried out with leading members of the Pan-Asia Risk & Insurance Management Association (Parima) for our annual Risk Frontiers survey. The point of this survey is to provide risk and insurance managers across the world with a unique platform to express their views on key…

Parima members look for alternatives as market hardens

Parima members look for alternatives as market hardens

Parima members look for alternatives as market hardens

Risk and insurance managers in the Asia-Pacific region are by no means immune from the rapidly hardening global corporate insurance market, as insurers seek to push up prices and limit cover and capacity on the back of the Covid-19 crisis. The hardening was actually already underway in the region before the crisis hit but, as in Europe, members of the…

Risk managers need to focus on financial stress, health and safety, and planning

Risk managers need to focus on financial stress, health and safety, and planning

Risk managers need to focus on financial stress, health and safety, and planning

Financial sustainability, health and safety of customers and staff members, job security of staff, and business plans and projections, are the main exposures brought about by the Covid-19 pandemic; and risk managers need to play a central role in their management, according to a board member of the Hong Kong chapter of Parima. The risk manager, who chose to remain…

Time to act on global programmes

Time to act on global programmes

Time to act on global programmes

Commercial Risk is hosting its first virtual conference dedicated to the Asia-Pacific risk and insurance management community, on the increasingly important topic of global programmes, on 24–25 November. The conference, titled ‘Global Programmes Asia – gaining maximum benefit’ follows the success of Commercial Risk’s first virtual event focused on the same topic in Europe at the end of September. Global…

FM Global urges Asia-Pacific leaders to retain focus on climate risks

FM Global urges Asia-Pacific leaders to retain focus on climate risks

FM Global urges Asia-Pacific leaders to retain focus on climate risks

Recovery from the Covid-19 pandemic and preparation for a potential second wave is clearly top of the agenda currently for business leaders across the Asia-Pacific region and worldwide. But leaders in the Asia-Pacific region in particular must continue to focus on the impact of climate change and invest in loss prevention, business continuity and risk management and mitigation measures to…

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australian citizens and insurers are bracing themselves for another week of catastrophic losses as former Tropical Cyclone Esther tracks an unpredictable path across northern Australia and could re-intensify later in the week, according to the Bureau of Meteorology which described it as “a remarkable system”. Australia is still picking up the pieces of months of devastating bushfires that will cost…

China province launches coronavirus cover

China province launches coronavirus cover

China province launches coronavirus cover

The Chinese province of Hainan has launched an insurance product specifically designed to cover losses incurred by businesses as a result of the coronavirus outbreak in the country. According to reports citing a notice released by the China Banking and Insurance Regulatory Commission (CBIRC), the scheme has set aside CNY200m ($28.7m) to cover payouts. The Hainan government will subsidise 70%…

Australian catastrophes demand shift in emphasis from cleanup to prevention

Australian catastrophes demand shift in emphasis from cleanup to prevention

Australian catastrophes demand shift in emphasis from cleanup to prevention

The half-year results just published by two of Australia’s leading insurers – Suncorp and Insurance Australia Group (IAG) – show the immediate financial impact of the recent spate of natural catastrophes to hit the country. They also show the urgent need for the national emphasis to shift from damage repair and cleanup post-event to loss prevention, risk mitigation and management.…

ICA denies claims problems from bushfires as consumer group calls for standard wordings

ICA denies claims problems from bushfires as consumer group calls for standard wordings

ICA denies claims problems from bushfires as consumer group calls for standard wordings

The Insurance Council of Australia (ICA), the body that represents the Australian insurance industry, has accused leading consumer group CHOICE of causing “unnecessary and unjustified fear” among householders about the validity of their household insurance coverage, in relation to the bushfires that have devastated the country in recent months. CHOICE has not accused the insurers of dodging claims yet. But…

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Risk managers in the Asia-Pacific region and worldwide need to brace themselves for a difficult start to 2020 as the rapidly escalating coronavirus outbreak in China and now worldwide hits the Chinese economy, global trade and supply chains, and equity prices. This year was predicted by many risk and insurance managers to be a difficult one as political risk rapidly…

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