Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…

Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Risk managers must keep close eye on Xinjiang forced labour supply chain risk

Supply chain risks are on the rise for international brands sourced from China, because of the reported expanding use of forced labour in Uyghur detention camps in the Xinjiang Uyghur Autonomous Region on the country’s northwest border. There have been repeated reports that the Chinese administration has detained more than a million muslim Uyghurs and other ethnic minorities in camps…

APAC nations show increasing resilience as global picture worsens: Swiss Re

APAC nations show increasing resilience as global picture worsens: Swiss Re

APAC nations show increasing resilience as global picture worsens: Swiss Re

The world economy is less resilient than it was at the time of the credit crisis and the protection gap has reached a global record high of $1.2trn, according to the latest research from Swiss Re. But there is relatively good news for the Asia-Pacific region. The Swiss reinsurance giant concludes that, in relative terms, the composite insurance resilience index…

Parima teams up with WTW to focus on business risk profile

Parima teams up with WTW to focus on business risk profile

Parima teams up with WTW to focus on business risk profile

Parima will hold its latest Risk Lab seminar with Willis Towers Watson (WTW) on 16 September, at the broker’s offices in Singapore. The latest seminar is designed to help risk managers assess and “future-proof” their company’s business risk profile. The half-day event will be opened by Rob De Jonge, head of international, risk and analytics at WTW. He will be followed…

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG announced yesterday that, as of January 2020, virtually all of its commercial property and casualty policies will begin affirmatively covering or excluding physical and non-physical cyber exposures. The US-based international insurance group said this move will address “market concerns” that traditional commercial insurance policies across the industry – from property to general liability – are often silent about cyber…

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norway’s Wallenius Wilhelmsen Ocean is the latest international shipping firm to be charged with being involved in a cartel operation that fixed prices on the transportation of cars, trucks and buses to Australia between 2009 and 2012. In July 2015, the Australian Competition and Consumer Commission (ACCC), started an investigation into alleged anti-competitive practices in the car-carrying industry during 2009-2012.…

Parima’s Baron supports affirmative cyber but warns insurers on costs

Parima’s Baron supports affirmative cyber but warns insurers on costs

Parima’s Baron supports affirmative cyber but warns insurers on costs

Risk and insurance managers in Asia-Pacific and worldwide are facing tougher renewals with their insurers in coming months than have been seen for a very long time, and can expect serious conversations about cyber cover as the insurers seek to remove it from traditional lines and set up standalone policies instead. Franck Baron, chairman of Parima, told Commercial Risk Asia…

ASEAN disaster risk financing plan moves into phase two

ASEAN disaster risk financing plan moves into phase two

ASEAN disaster risk financing plan moves into phase two

Phase two of the ASEAN Disaster Risk Financing and Insurance (ADFRI) programme will focus on three core elements – risk assessment, risk advisory and capacity building – according to Jacqueline Loh, deputy managing director, Monetary Authority of Singapore (MAS). In a recent speech at the Nanyong Technological University – Institute of Catastrophe Risk Management’s (NTU-ICRM) tenth Annual International Symposium on…

Lloyd’s and Parima attract 50 risk managers to Philippines event

Lloyd’s and Parima attract 50 risk managers to Philippines event

Lloyd’s and Parima attract 50 risk managers to Philippines event

More than 50 risk managers from across Asia attended the latest Lloyd’s-Parima Professional Development Programme at the end of last month in Manila, reports the Asia-Pacific risk management association. Parima executive director Stacey Huang kicked off the session with an interactive risk management game designed to help the participants see how organisations, teams and individuals handle risk. Participants then pinned…

Awareness and demand for compliance driving captive growth in Labuan

Awareness and demand for compliance driving captive growth in Labuan

Awareness and demand for compliance driving captive growth in Labuan

Growing awareness of the benefits of captives among Asian companies, combined with greater scrutiny of how corporations manage their taxation policies, are helping drive strong growth in the captive sector in Labuan, according to Danial Mah, director general, Labuan Financial Services Association (Labuan FSA). Mr Mah revealed first-half 2019 captive numbers that showed a healthy upwards momentum during the recent…