Denise Jagger joins board of Pool Re, Canopius adds to Singapore team as it focuses on specialty insurance and Gard launches ship managers’ liability cover.
The risk transfer industry must establish professionals standards in emerging markets, such as Asia, to ensure that any growth it achieves is sustainable and serves the long-term interests of clients, John Nelson, Chairman of Lloyd’s told delegates at the 12th Singapore International Reinsurance Conference (SIRC) this week.
As insurers look to supply clients with capacity in the Asia Pacific, the amount of catastrophe reinsurance purchased in the region has reached a record high this year, according to a Guy Carpenter report.
AIG extends product recall offering, RFIB opens South African office, JLT acquires Taiwan broker ForVision Risk Services, Swiss Re expands in Asia with $425m investment in FWD and UIB name Barrington as MD of Non-Marine & Energy.
AGCS open Swedish branch, ACE announces key changes to European environmental team, Swiss Re Corporate Solutions sets up branch in Singapore, Faber Global hires Christine Drivas to boost European fac division, Howden takes majority share in Norwegian broker NorthEdge, New IUA group sets up to improve energy claims handling and Lockton REAC focuses on client development with new hire.
Insurer XL Group says that it is to offer Shariah-compliant insurance cover for large corporate and middle market clients. Initially the product will focus on property risks with a maximum capacity of up to $300m.
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.
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 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.