Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

The Covid-19 pandemic has clearly dominated the attention of CEOs of all companies across Asia in recent times, but evidence gathered by insurer FM Global has found that climate change risk remains top of mind too. The survey found that 57% of Asia Pacific CEOs and CFOs reported that addressing climate risk is a high priority in their company. The…

Hardening commercial market will offset virus impact on Japanese insurers: Fitch

Hardening commercial market will offset virus impact on Japanese insurers: Fitch

Hardening commercial market will offset virus impact on Japanese insurers: Fitch

Japanese non-life insurers’ premium growth will shrink in the financial year ending March 2021 because of the slowdown in economic activity caused by the Covid-19 virus. At the same time, Japan’s insurers face rising reinsurance costs on the back of two years of substantial catastrophe losses and higher reinsurance coverage, according to credit ratings agency Fitch. But these negative pressures…

IMF calls for working capital bridge loans to stave off collapse of SME sector across Asia

IMF calls for working capital bridge loans to stave off collapse of SME sector across Asia

IMF calls for working capital bridge loans to stave off collapse of SME sector across Asia

The International Monetary Fund (IMF) has called on nations across Asia to introduce “working capital bridge loans” well beyond what is currently on offer, to help smaller businesses across the region deal with serious cashflow problems caused by the Covid-19 pandemic. The IMF’s Kenneth Chang and Chanyong Rhee estimate that there is a massive need for new working capital for…

India and Japan drive SCOR’s 1 April renewals growth

India and Japan drive SCOR’s 1 April renewals growth

India and Japan drive SCOR’s 1 April renewals growth

France-based international reinsurance group SCOR has reported strong growth in India and Japan at 1 April reinsurance renewals, which helped it increase SCOR Global P&C gross premiums by 5.7% overall at constant exchange rates. The group also reported a 6.6% overall increase in pricing as the market continues to harden in Asia and worldwide. Asia-Pacific represents 57% of the portfolio up…

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

Risk management and business continuity plans have been shown by the Covid-19 crisis to be absolutely critical in the effort to maintain supply chains in Asia and on a global basis, and need to be improved to protect Asia’s position as a global trade and investment hub, Japan and the Association of Southeast Asian Nations (ASEAN) have formally agreed. The…

Parima holds first digital ‘huddle’ on risk and insurance lessons from virus

Parima holds first digital ‘huddle’ on risk and insurance lessons from virus

Parima holds first digital ‘huddle’ on risk and insurance lessons from virus

The Pan-Asia Risk & Insurance Management Association (Parima) will host the first of a new series of online conferences for members today, focused on the risk management and insurance matters triggered by the Covid-19 virus. It has also confirmed its new schedule of conferences for the rest of this year and into 2021. Parima said that in such a “dynamic…

South Korea and Taiwan face biggest exposure to Chinese downturn finds Russell Group

South Korea and Taiwan face biggest exposure to Chinese downturn finds Russell Group

South Korea and Taiwan face biggest exposure to Chinese downturn finds Russell Group

South Korea is the country with the highest exposure, of $66bn, from a prolonged slowdown in the Chinese economy caused by the coronavirus, according to analysis from UK-based risk management software and services company Russell Group. The group used a sample of historic first-quarter economic data for imports and exports to and from China and its scenario model outlines the…

Covid-19 to have limited impact on Japanese non-life market – Fitch

Covid-19 to have limited impact on Japanese non-life market – Fitch

Covid-19 to have limited impact on Japanese non-life market – Fitch

Fitch Ratings has said the majority of Japanese insurers’ ratings are unlikely to change under the financial market turmoil resulting from coronavirus (Covid-19). It said insured losses related to the outbreak would have a limited or negligible impact on the profitability of Japanese non-life insurance groups. Fitch said Japanese insurers’ biggest risks from the coronavirus outbreak are likely to result…

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Risk managers should stress test their insurance programmes to see how coverage may be triggered for losses caused by coronavirus (Covid-19), according to Franck Baron, group deputy director, risk management and insurance at International SOS, and chairman of the Pan-Asia Risk & Insurance Management Association (Parima). Key lines that may be triggered by the impact of the virus include business…

AIR repeats warning over ‘significant’ underreporting of official Covid-19 numbers

AIR repeats warning over ‘significant’ underreporting of official Covid-19 numbers

AIR repeats warning over ‘significant’ underreporting of official Covid-19 numbers

AIR Worldwide has again warned that the number of global coronavirus (Covid-19) cases is likely much higher than official figures, due to “significant” underreporting. According to the World Health Organization (WHO), there were90,893 confirmed cases of coronavirus as of 3 March, and 3,111 deaths. But AIR’s models estimate that the actual number of moderately symptomatic cases of Covid-19 in China…

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