A practical overview of the IMO 2020 Sulphur Cap

A practical overview of the IMO 2020 Sulphur Cap

A practical overview of the IMO 2020 Sulphur Cap

With less than 18 months before Regulation 14.1.3 of Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL) comes into effect, there are still numerous challenges surrounding compliance and enforcement, which have cast uncertainty over the effect that the regulation will have on the international maritime industry and on individual shipping companies. This three-part series…

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

A review of the Work Injury Compensation Act (WICA) by Singapore’s Ministry of Manpower (MoM) has proposed extending mandatory insurance coverage so that workers have a greater chance of being compensated for workplace accidents and injuries. The review proposes extending both the breadth of coverage and the size of the payouts. At present, WICA requires employers to compensate their employees…

Royal Commission proposes changes for Australian insurers

Royal Commission proposes changes for Australian insurers

Royal Commission proposes changes for Australian insurers

Insurers in Australia face a number of new regulations and a supervisory shake-up following the completion of a Royal Commission into the banking sector. In total, there were 15 recommendations made in relation to insurers with the most notable being a proposed ban on commissions, a legally enforceable code of conduct and an overhaul of the claims handling process that…

Indian insurance market growth supported by evolving regulatory regime, says Moody’s

Indian insurance market growth supported by evolving regulatory regime, says Moody’s

Indian insurance market growth supported by evolving regulatory regime, says Moody’s

Growth in India’s insurance and reinsurance sectors is continuing to be supported by India’s strong economy and evolving regulatory regime, according to Moody’s Investors Service. The report by Moody’s, titled Insurance – India: Continued Regulatory Evolution is Credit Positive for India’s Insurance Sector, states that robust GDP expansion, coupled with current low insurance penetration, should support double-digit growth for the…

Iran prepares to welcome foreign insurers

Iran prepares to welcome foreign insurers

Iran prepares to welcome foreign insurers

Foreign insurers are reportedly lining up to establish reinsurance operations in Iran, according to the country’s top insurance official. Head of Central Insurance Iran (CII) Gholamreza Soleymani told an insurance and risk management conference that several companies have expressed their readiness to operate in Iran. The country’s insurance industry has been affected by the reimposition of US sanctions by the…

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

In July 2018, news emerged that between 27 June and 4 July, hackers had infiltrated the IT systems of Singapore Health Services (SingHealth), the largest healthcare group in Singapore. The hackers illegally accessed and copied the non-medical personal particulars of 1,495,367 patients to servers hosted overseas. Approximately 159,000 of the affected group, including Prime Minister Lee Hsien Loong and several…

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA has entered into an agreement with the current domestic shareholders of AXA Tianping Property & Casualty Insurance Company Ltd (AXA Tianping) to acquire the remaining 50% stake of the company and give it 100% ownership. The news from AXA comes as Allianz reveals that it has received approval from the China Banking and Insurance Regulatory Commission to create the…

From property surveying to claims assessments: the innovative ways insurers are using drones

From property surveying to claims assessments: the innovative ways insurers are using drones

From property surveying to claims assessments: the innovative ways insurers are using drones

Discussion of the use of drones has predominantly focused on insuring them and the regulations (or lack thereof) relating to their operation. An area of drone use that is starting to be discussed more is their use by insurers to further understand the risks they write and to respond to claims. Pre-loss The use of drones pre-loss could assist insurers…

AIG exits Iran as US sanctions take effect

AIG exits Iran as US sanctions take effect

AIG exits Iran as US sanctions take effect

American International Group (AIG) is shuttering all underwriting activity in Iran due to the reimposition of US sanctions by the Trump administration. The majority of the US insurer’s Iranian activities were inherited from its acquisition of Bermuda-based reinsurer Validus Holdings for $5.56bn in July. Validus’s non-US subsidiaries provide marine hull, war and cargo insurance to shipping companies that transport cargo…

Hopes raised that Malaysia will ease cap on foreign insurers

Hopes raised that Malaysia will ease cap on foreign insurers

Hopes raised that Malaysia will ease cap on foreign insurers

There is an increasing number of reports that the Government of Malaysia is preparing to relax rules on the involvement of international insurers and reinsurers in its market, and thus make life easier for risk and insurance managers with multinationals active in this large and growing Asian market. Local newspapers and Reuters report that the government is preparing to review…

1 2 3 13