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…

IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

The new International Financial Reporting Standard (IFRS 17) could provide better insight into underwriting performance, according to AM Best. This will provide greater granularity and enable comparisons to be drawn between insurers, said the ratings agency. The new standard was published in May last year, with an effective date of 1 January 2021. However, in AM Best’s opinion, this leaves…

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…

AIR predicts Florence wind and storm losses of between $1.7bn and $4.6bn

AIR predicts Florence wind and storm losses of between $1.7bn and $4.6bn

AIR predicts Florence wind and storm losses of between $1.7bn and $4.6bn

AIR Worldwide has estimated insured losses of between $1.7bn and $4.6bn from Hurricane Florence’s wind and storm surge, as Willis Towers Watson said the insurance market will “easily” absorb such claims. AIR said its estimate does not include the impact of ongoing flooding from Florence’s “unprecedented” rainfall, or claims from the National Flood Insurance Program (NFIP). The cat modelling firm’s…

Sedgwick and Cunningham Lindsey combine marine divisions

Sedgwick and Cunningham Lindsey combine marine divisions

Sedgwick and Cunningham Lindsey combine marine divisions

Sedgwick and Cunningham Lindsey have combined their marine divisions, following completion of Sedgwick’s acquisition of the loss adjuster in April this year. Sedgwick said the combined marine operations will make it the largest global marine practice in the world, and the only global provider of marine claims services. The global marine practice will be staffed by 180 marine experts working…

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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