Global economic growth supports premium growth but is slowing, says Swiss Re

Global economic growth supports premium growth but is slowing, says Swiss Re

Global economic growth supports premium growth but is slowing, says Swiss Re

Strong global economic growth during the next two years will support global insurance premiums, for both non-life and life, growing by more than 3% annually in the next two years in real terms, a one-percentage point increase from 2018, according to Swiss Re. Most demand will come from emerging Asian markets, where premiums are forecast to increase at more than…

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…

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…

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Pressure is mounting on the Indian Government to expand the insurance cover available for nuclear power risks, as the country continues an aggressive expansion plan for its nuclear industry. The local insurance and reinsurance industry that supports India’s limited nuclear insurance pool is reportedly, however, not keen to open up the market to international insurers and reinsurers and see the…

India considers 100% FDI in insurance brokers

India considers 100% FDI in insurance brokers

India considers 100% FDI in insurance brokers

The Indian Government is reportedly considering removing a cap on the level of foreign ownership of its domestic insurance brokers, in a bid to boost the sector. The current rules, from the Department of Industrial Policy and Promotion (DIPP), allow foreign insurers to own just 49% of any company in the Indian insurance market – from carriers to brokers to…

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…

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

The Global Reinsurance Forum (GRF) is concerned that significant reinsurance trade barriers are still in place worldwide, despite no new major trade barriers having been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list. The GRF says it is a positive development, but it continues to encourage jurisdictions to remove existing and remaining…

Indian insurers braced for big claims from Kerala floods

Indian insurers braced for big claims from Kerala floods

Indian insurers braced for big claims from Kerala floods

Indo-Asian News Service (IANS) has reported that insurance experts in India expect a spike in premiums charged by reinsurers for covering flood risk, following the recent catastrophic events in Kerala that have caused economic losses easily in excess of $3bn. IANS reported that reinsurers may opt to raise deductibles to keep the rate for catastrophic flood risk at a realistic…

Fairfax enters Indian reinsurance market as locals struggle under new rules

Fairfax enters Indian reinsurance market as locals struggle under new rules

Fairfax enters Indian reinsurance market as locals struggle under new rules

The rising interest shown in the growing Indian insurance market by the international reinsurance market continues to gain momentum, as Canadian financial group Fairfax has reportedly become the latest player in the market through the acquisition of ITI Reinsurance. According to local press, Fortune Financial Services has agreed to sell its 80% stake in ITI Reinsurance to Go Digit Infoworks…

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