Good news for risk managers came last year as Ravi Menon, managing director at the Monetary Authority of Singapore (MAS), gave a speech entitled Smart Regulation and Sustainable Insurance Growth at the Insurance Institute of London.
The Labuan International Business and Financial Centre claims that it provides an “ideal ecosystem” for global companies to house their international dealings and transactions.
Marsh Captive Management Solutions is the captive arm of the global broker and is the market leader with more than 1,200 captives under management worldwide, for which it manages managing premiums in excess of $40bn.
Hong Kong insurance market faces up to competition & low interest rates, Insurance sector needs to bridge talent gap and New regulator to usher in era of risk-based regulation.
It perhaps will come as no surprise to readers of Commercial Risk Asia that business leaders in the region focused on economic risks in the annual risk report published by the World Economic Forum (WEF) earlier this month.
Economists at Standard and Poor’s (S&P) are optimistic about the prospects for Europe and the US, despite fears over the Chinese economy and a rough ride for the world’s financial markets.
Parima has extended its reach to three new Asian countries in recent weeks with the appointment of new board members in Japan, Thailand and Myanmar.
Asian risk managers need to use Parima and team up with other international risk management associations such as Ferma and ECIROA in Europe and the leading insurance associations to try and stem the rise of protectionism among national insurance supervisors and help them structure more effective and efficient cross-border coverages.
Asian risk and insurance managers can look forward to another year of abundant capacity and soft insurance terms and conditions in 2016 as the international insurers and reinsurers fiercely battle for growth in the region just as the big Japanese groups join other players such as China Re and Asia Capital Re in the search for a wider regional presence.
It is a sad but irrefutable fact that one of the best ways of raising awareness of the value and need for a formal and structured approach to risk and insurance management among business leaders is a big loss.