Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong is looking to boost its position as an insurance and risk management hub, and is considering tax incentives to encourage captives. In particular, Hong Kong is looking at the opportunities arising from the Belt and Road Initiative. In a speech to the 2018 Asian Actuarial Conference in Hong Kong, Carrie Lam, chief executive, Hong Kong Special Administrative Region…

Richard Turner named as new IUMI president

Richard Turner named as new IUMI president

Richard Turner named as new IUMI president

Richard Turner has been formally appointed as the first British president of the International Union of Marine Insurance (IUMI). Mr Turner was on the executive committee of IUMI from 2011 to 2015 but, in a rare move, is now coming to the presidency from outside the executive group. He replaces Dieter Berg, of Munich Re, who was president for the…

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

The clean-up from Typhoon Mangkhut has begun as the devastated areas of the Philippines, China and Hong Kong assess the loss of life and long-lasting damage that resulted from the most severe storm of the year so far. The super typhoon is also likely to raise the issue of the insurance gap in the region, given that insured losses in…

Solid first-half results for Hong Kong-listed insurers, says Moody’s

Solid first-half results for Hong Kong-listed insurers, says Moody’s

Solid first-half results for Hong Kong-listed insurers, says Moody’s

Hong Kong-listed insurers’ first-half 2018 results are solid, despite the fact that the sector faces various challenges, according to Moody’s Investors Service. On the property and casualty (P&C) side, the listed Chinese insurers reported total premium growth of 15% in the first six months of 2018 from a year ago, driven by a 38% surge in non-motor premiums, which more…

Insurers will cover autonomous vessel risks but want safety guaranteed

Insurers will cover autonomous vessel risks but want safety guaranteed

Insurers will cover autonomous vessel risks but want safety guaranteed

In a straw-poll of marine insurers, some 54% said they would provide cyber cover for autonomous vessels, but only in the case that safety could be guaranteed. In the same poll, conducted among delegates at the recent International Union of Marine Insurance annual conference in Cape Town, 10% of underwriters said they would provide cover, regardless of concerns about safety.…

Marsh & McLennan to buy JLT for $5.6bn

Marsh & McLennan to buy JLT for $5.6bn

Marsh & McLennan to buy JLT for $5.6bn

Marsh & McLennan Companies (MMC) is set to buy rival Jardine Lloyd Thompson (JLT) in a $5.6bn cash deal. The parent company of Marsh and Guy Carpenter said the deal for London-listed JLT has been approved by boards on both sides of the transaction. The bid amounts to $5.6bn in fully diluted equity value, or an estimated enterprise value of…

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