With pollution concerns leading to China’s earlier than expected introduction of a compulsory environmental pollution liability regime, a leading broker has warned that for such schemes to succeed there must be sufficient state support for insurers to enforce risk management standards and markets sufficiently sophisticated to provide coverage at sustainable prices.
The level of insurable risk is definitely falling as business becomes ever more complex and insurers are reacting with exclusions, according to leading risk managers who took part in a debate at the launch conference of the Pan-Asia Risk and Insurance Management Association (PARIMA) in Singapore this week.
The purchase of environmental liability insurance is set to become mandatory for a number of industrial sectors in China as the government tries to cope with the consequences of more frequent and increasingly unpopular cases of pollution in the country. Multinational companies operating in China will not be excluded from the regime.
René Germann named as Technical Lines Manager for ACE Switzerland, Hyperion names Bloomer as CRO and General Council, Elite Insurance rejoins the ABI and JLT Re appoints CEO for China and Hong Kong.
Marsh today announced the appointment of Flavio Piccolomini as leader of a new Continental Europe, Commonwealth of Independent States (CIS) and Turkey region and that it is to combine its Asia and Pacific operations.
Willis rolls out all risk D&O cover in Asia Pacific
The insurance industry this week stepped up its efforts to help identify, evaluate and mitigate risk in the growing Asian hubs with the launch of a database covering industrial parks in the region and a new flood model for Thailand.
This year’s Risk Frontiers survey of a sample of leading European risk managers has underlined the fact that emerging markets are the focus for managers of risk who work for big corporations that are desperately seeking new growth and not least in Asia. To find out more about the developing Asian insurance market, CRE editor Adrian Ladbury met John Tan, Chief Executive of ACR Capital Holdings and Asia Capital Reinsurance, to discuss latest developments in the Asian market and what European buyers can expect in the region in the coming years.
Reinsurance rates rose at the April 1 renewals with the first critical test of the Asia Pacific market since last year’s spate of catastrophes revealing an increase in terms and conditions, according to Guy Carp. But, on the whole, the risk transfer industry did not vacate the stricken region.
Telecommunications, energy and petrochemical companies are underinsuring their industrial assets in Asia by an average of 30%, and by up to 60%, warns a report published by Marsh and John Foord, an industrial asset valuation firm. This is significantly reducing the ability of these companies to recover in the event of a large loss, it adds.