Oxfam uncovers supply chain abuses among global supermarkets

Oxfam uncovers supply chain abuses among global supermarkets

Oxfam uncovers supply chain abuses among global supermarkets

Oxfam has found evidence of poverty pay, abuse and gender discrimination in supply chains of global supermarkets. News of such conditions come at a time when risk managers are becoming increasingly involved in environmental, social and corporate governance issues. Oxfam found poor pay and harsh working conditions in farms and plantations that supply tea or fruit to global supermarkets including…

Water crises, terror attacks and environmental catastrophes top Asian executives’ agenda

Water crises, terror attacks and environmental catastrophes top Asian executives’ agenda

Water crises, terror attacks and environmental catastrophes top Asian executives’ agenda

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…

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…

India general insurance market expected to reach $40bn by 2022

India general insurance market expected to reach $40bn by 2022

India general insurance market expected to reach $40bn by 2022

The general insurance market in India is expected to reach INR2.9trn ($40.1bn) in 2022, according to a new report from GlobalData. The growth is expected to be driven by a growing middle class, increasing awareness of the need for protection, and a favourable regulatory landscape. Gross written premium in India’s general insurance market totalled INR1.6trn in 2017 ($24.1bn), according to…

IAG reports 6% rate increase in Australia and confirms potential Indian sale

IAG reports 6% rate increase in Australia and confirms potential Indian sale

IAG reports 6% rate increase in Australia and confirms potential Indian sale

Insurance Australia Group (IAG) has reported a significantly improved net profit after tax of just over $1bn for full-year 2019 ending 30 June. This is up more than 16% over the prior year, partly driven by further price strengthening in its commercial insurance book, particularly in Australia. Commercial insurance prices written by IAG in Australia rose by 6% during the year…

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…

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Indian companies that import crude oil, petroleum products, chemicals and fertilisers from the Arabian Gulf and through the Strait of Hormuz are paying “phenomenally higher” cargo insurance premiums to cover war and strikes, an Indian broker has told newspaper Hindu Business Line. Standard Cargo insurance clauses exclude war and strikes. To acquire the cover, buyers need to attach the war…

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…

Swiss Re teams up with EF Marine to enter fast-evolving Indian P&I market

Swiss Re teams up with EF Marine to enter fast-evolving Indian P&I market

Swiss Re teams up with EF Marine to enter fast-evolving Indian P&I market

Swiss Re has teamed up with Singapore-based insurer EF Marine to offer protection and indemnity (P&I) cover with potential limits up to $500m, to foreign ships that call at Indian ports. EF Marine, which has offices in Singapore and Rotterdam and provides AA-rated security from Swiss Re, announced that it is now an approved insurance provider for the purpose of…

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

The Indian government has announced that it plans to allow 100% foreign direct investment (FDI) in insurance intermediaries. Finance Minister Nirmala Sitharaman said the government will examine suggestions of further opening up of FDI in sectors, including insurance, and will also permit 100% FDI for insurance intermediaries, according to a report in The Hindu Business Line. FDI in the sector…

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