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…

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Leading economies in the Asia-Pacific region are feeling the impact of the coronavirus outbreak, as manufacturing figures in Japan and Australia slumped and South Korea’s exports to China fell – a key bellwether of the health of the regional economy. The gloomy manufacturing and export figures came as the World Health Organization reported on Sunday morning (23 Feb) central European…

Japan’s PPP drive could be worth $1bn in premiums

Japan’s PPP drive could be worth $1bn in premiums

Japan’s PPP drive could be worth $1bn in premiums

Global insurers could benefit from a surge in demand for insurance linked to public-private partnerships (PPP) in Japan. Swiss Re estimates that growth in PPP schemes for public infrastructure could be worth nearly $1bn in annual premiums from 2018 to 2023. The broader adoption of PPP schemes in public assets comes in response to pressure building on stretched public finances…

Asian commercial insurance prices rise by highest level in five years: Marsh

Asian commercial insurance prices rise by highest level in five years: Marsh

Asian commercial insurance prices rise by highest level in five years: Marsh

Commercial insurance pricing in Asia showed the highest increase in five years in the fourth quarter of 2019, according to Marsh’s quarterly Global Insurance Market Index. Double-digit increases in property premiums were, however, compensated by liability prices still falling by up to 10% in some Asian countries. The Pacific region had the largest composite pricing increase in the index at…

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

The coronavirus outbreak provides a critical test of the southeast Asia region’s ability to diversify global supply chains and reduce its dependency on China, according to Sofia Nazayla, analyst at Maplecroft, a UK-based global risk and strategic consulting firm. This ‘black swan’ event has already had a global economic impact that will inevitably intensify. But leading southeast Asian economies such…

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