Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Payment delays in Asia caused by the impact of the Covid-19 virus have risen and highlight the need for focused risk management more than ever before, according to new economic research carried out by trade credit insurer Atradius. The Atradius Payments Practices Barometer published this week measures the changing pattern of payment behaviour in B2B trade. The research was conducted…

Indian regulator seeks to expand trade credit cover

Indian regulator seeks to expand trade credit cover

Indian regulator seeks to expand trade credit cover

A working group formed by the Indian insurance regulator (the IRDAI) has proposed increases in the levels of indemnity provided to policyholders by trade credit insurers and also an extension of coverage to include default by sellers and exporters. As elsewhere in the world, the Indian authorities have realised that trade credit capacity is evaporating just as businesses need it…

Negative outlook for India’s non-life insurance sector maintained by Best

Negative outlook for India’s non-life insurance sector maintained by Best

Negative outlook for India’s non-life insurance sector maintained by Best

Strong competition in India’s non-life insurance sector, together with poor pricing discipline in core business lines, reliance on investment activities for profitability and the economic fallout from the Covid-19 pandemic, have led AM Best to maintain a negative market segment outlook on the sector. Best said the short term is likely to present clear challenges for non-life insurers’ earnings and…

India and Japan drive SCOR’s 1 April renewals growth

India and Japan drive SCOR’s 1 April renewals growth

India and Japan drive SCOR’s 1 April renewals growth

France-based international reinsurance group SCOR has reported strong growth in India and Japan at 1 April reinsurance renewals, which helped it increase SCOR Global P&C gross premiums by 5.7% overall at constant exchange rates. The group also reported a 6.6% overall increase in pricing as the market continues to harden in Asia and worldwide. Asia-Pacific represents 57% of the portfolio up…

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Global Insurance Law Connect (GILC), an alliance of insurance law firms, has launched the second edition of its annual Risk RADAR report, a global review of the important legal, regulatory and socioeconomic issues facing insurers across the globe. The report highlights a number of key issues, common across many countries, including the impact of climate change and the global contraction…

IRDAI tells Indian insurers not to pay dividends because of virus

IRDAI tells Indian insurers not to pay dividends because of virus

IRDAI tells Indian insurers not to pay dividends because of virus

The Indian insurance supervisory authority has told insurers in the country to stop paying dividends if it threatens their ability to protect their capital and ensure they can meet policyholders’ claims during the Covid-19 crisis. ICICI Prudential Life Insurance, one of India’s leading private sector life insurers, owned by ICICI Bank and UK-based Prudential Corporation, was quick to respond. On…

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…

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 is to allow 100% foreign direct investment (FDI) in insurance intermediaries, according to India’s business daily Business Standard. The paper said the country’s Department for Promotion of Industry and Internal Trade had amended the Consolidated Foreign Direct Investment (FDI) Policy 2017 to allow 100% FDI in insurance intermediaries through the automatic route. This includes insurance brokers, reinsurance…

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