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…

Myanmar to open insurance market to foreign insurers in October

Myanmar to open insurance market to foreign insurers in October

Myanmar to open insurance market to foreign insurers in October

Foreign insurance companies will be allowed to do business in Myanmar from October this year, according to the Myanmar Times. The paper said the Insurance Business Regulatory Board (IBRB) will allow foreign insurance companies to provide life and general insurance policies in the new 2018-2019 fiscal year, which will commence on 1 October 2018. The paper quoted U Zaw Naing,…

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…

Glyphosate: Science on trial

Glyphosate: Science on trial

Glyphosate: Science on trial

The world’s most popular weed killer, Glyphosate, is being placed under the microscope by scientists, regulators and plaintiff lawyers. Despite four decades of widespread commercial and domestic use on the assumption it was safe, there has been recent increased worldwide concern about myriad potential health effects from exposure to the substance. A test case in California has hit the headlines…

Motor premium deregulation to narrow margins further in Chinese insurance market

Motor premium deregulation to narrow margins further in Chinese insurance market

Motor premium deregulation to narrow margins further in Chinese insurance market

Ongoing commercial motor insurance pricing deregulation in China is likely to damage motor insurers’ ability to improve underwriting margins, according to credit ratings agency Fitch. Scale advantage, however, will still enable major insurers to remain profitable, it adds in its latest report on the Chinese non-life insurance sector, produced by analysts Terence Wong and Mia Yang. The China Banking and…

Former Anbang boss jailed for 18 years

Former Anbang boss jailed for 18 years

Former Anbang boss jailed for 18 years

A Shanghai court has sentenced the former chief executive of Anbang Insurance company to 18 years in jail. The sentence completes a spectacular fall from grace for Wu Xiaohui, a once-prominent figure in China’s insurance sector, who was accused of orchestrating a $10bn (CNY65.2bn) fraud earlier this year by the Chinese authorities. In addition to the custodial sentence, he will…

Bridging the protection gap with novel forms of risk transfer

Bridging the protection gap with novel forms of risk transfer

Bridging the protection gap with novel forms of risk transfer

Parametric insurance is insurance in which the payment is triggered by reference to a pre-determined parameter or ‘index’ that stands as a proxy for loss. For example, a policy designed to provide funding to a policyholder in flood or drought conditions could be triggered by excess or insufficient rainfall measured by a local weather station. Parametric insurance has wide-ranging applications,…

Managing the risks associated with workplace sexual harassment and misconduct around the world

Managing the risks associated with workplace sexual harassment and misconduct around the world

Managing the risks associated with workplace sexual harassment and misconduct around the world

Sexual abuse, harassment and misconduct continue to place higher up the political and social agenda globally, following a raft of allegations in ever-widening high-profile sectors. Increasing public awareness has burst the dam of secrecy, resulting in a tsunami of calls for greater transparency across many organisations and industries. As a consequence, corporate cultures must change to ensure appropriate safeguards are…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

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