Porsche dieselgate recovery marred by another Chinese recall

Porsche dieselgate recovery marred by another Chinese recall

Porsche dieselgate recovery marred by another Chinese recall

German carmaker Porsche has been hit with the third expensive product recall in China within 12 months. This comes only weeks after the Volkswagen-owned sports-carmaker hoped that the payment of a fine of €535m in Germany for its contribution to the ‘dieselgate’ scandal would mark the end of that drawn-out and reputationally damaging affair. The news of the latest recall…

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Steve Tunstall, general secretary of Parima, will represent the association at a conference on captives, organised by Labuan International and Business Financial Centre and Swiss Re Corporate Solutions, as evidence mounts of the increased interest in the self-insurance tools among Asian risk and insurance managers. Mr Tunstall, a founding member of the Parima leadership team, is set to take part…

Risk managers must review supply chains as US-China trade war hots up

Risk managers must review supply chains as US-China trade war hots up

Risk managers must review supply chains as US-China trade war hots up

Risk managers in the Asia-Pacific region and worldwide will need to step up their scenario-planning efforts and review supply chains, as their companies face up to ever-rising levels of political and macroeconomic risk on the back of the mounting US-led trade war with China, academics and political risk experts have warned. Speaking this week to China’s Xinhua news agency, Fu…

Rising demand for credit insurance as economic concerns rise in Asia-Pacific

Rising demand for credit insurance as economic concerns rise in Asia-Pacific

Rising demand for credit insurance as economic concerns rise in Asia-Pacific

There is rising demand for credit insurance in the Asia-Pacific region, as a growing number of economic forecasts warn of slowing growth and rising insolvencies in the region. Businesses in the area are also taking a more strategic approach to credit management as they wake up to the macroeconomic threat, according to credit insurance experts. The latest analysis from credit…

China fears US will wage cyber assault in tandem with trade war

China fears US will wage cyber assault in tandem with trade war

China fears US will wage cyber assault in tandem with trade war

Most cyberattacks on Chinese networks last year originated from the US, according to an annual report released by China’s National Computer Network Emergency Response Technical Team (CNCERT). Xinhua news agency reports that CNCERT, a non-governmental organisation of network security technical coordination, found that 3.34 million computers on the Chinese mainland were controlled by more than 14,000 Trojan or botnet command…

Insurance market in Hong Kong grows 12% in first quarter of 2019

Insurance market in Hong Kong grows 12% in first quarter of 2019

Insurance market in Hong Kong grows 12% in first quarter of 2019

The Hong Kong insurance industry saw a 12.5% increase in total gross premiums to $148.8bn for the first quarter of 2019, an increase of 12.3% compared to the corresponding period in 2018, according to provisional statistics from the Insurance Authority of Hong Kong (IAHK). Gross premiums of general insurance business recorded in the first quarter of 2019 were $16.6bn, an…

Best maintains negative outlook on India’s non-life insurance market

Best maintains negative outlook on India’s non-life insurance market

Best maintains negative outlook on India’s non-life insurance market

India’s non-life insurance market is characterised by continued reliance on realised and unrealised investments gains to offset technical losses, potential short-term disruption from regulatory enhancements, and persistently competitive and underperforming core business lines of motor and agriculture, according to AM Best. As a result, the ratings agency is maintaining a negative segment outlook on the market. According to Best, India’s…

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses were at their lowest level last year since the turn of the 21st century, according to maritime statistics from Allianz Global Corporate & Specialty (AGCS). There were just 45 total losses globally in 2018. This is down from 98 in 2017 and 55% lower than the ten-year average of 104. It is the fourth consecutive year that…

Gallagher completes acquisition of JLT’s aerospace business

Gallagher completes acquisition of JLT’s aerospace business

Gallagher completes acquisition of JLT’s aerospace business

Gallagher has completed its acquisition of JLT’s global aerospace operations. The $5.6bn deal will see all 250 of JLT’s aerospace staff move to Gallagher. The deal enabled Marsh’s acquisition of JLT to go ahead, after concern from the EC’s antitrust authorities. Gallagher’s expanded global aerospace operations will now have a specialist presence and offices in the UK, continental Europe, North…

China pushes ahead with market reforms

China pushes ahead with market reforms

China pushes ahead with market reforms

China’s promise to further liberalise its domestic capital market and open up to foreign investors, in spite of the ongoing trade dispute with the US and structural reforms at home, is good news for global insurers. According to a note from Swiss Re’s economics department, renminbi (RMB) internationalisation is set to continue in spite of US-China trade tensions, as well…