New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York is still the leading financial centre in the world, followed by London and Hong Kong, according to the 25th Global Financial Centres Index, published by Z/Yen Partners and the China Development Institute. According to the index, New York remains in first place, just seven points ahead of London, with Hong Kong four points behind London in third. Singapore…

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

The first catastrophe bond has been domiciled in Singapore under its new insurance-linked securities (ILS) laws, sponsored by Insurance Australia Group (IAG). The bond is part of IAG’s 2019 catastrophe aggregate reinsurance cover and represents the first such transaction by the company. GC Securities, the sole structuring and placement agent for the bond issued by Orchard ILS Pte Ltd, said…

Symbo launches digital insurance brokerage in Singapore

Symbo launches digital insurance brokerage in Singapore

Symbo launches digital insurance brokerage in Singapore

Singapore-based insurtech firm Symbo is to launch a digital insurance broking platform for corporate and retail customers in Singapore, after it was granted an insurance brokerage licence by the Monetary Authority of Singapore (MAS). Symbo hopes that its online platform will help to streamline the insurance process, from purchase to claims, by eliminating some of the more painful and longstanding…

Allianz names new head for Asia P&C business

Allianz names new head for Asia P&C business

Allianz names new head for Asia P&C business

Claudia Salem has been named by Allianz as the chief executive of its Asian property and casualty (P&C) business. Ms Salem joins from AIG, where she served as Singapore chief executive and head of southeast Asia. In her new role, she will be responsible for the profit and loss and functional development of the business, as well as overseeing the…

Willis Towers Watson appoints head of broking in Asia

Willis Towers Watson appoints head of broking in Asia

Willis Towers Watson appoints head of broking in Asia

Ben Dunston has been appointed as head of broking in Asia by Willis Towers Watson. He will join the Willis Towers Watson team in March and will be based in Singapore. “After a rigorous search process, we are thrilled to announce Ben Dunston as our Asia head of broking. With Ben’s track record and notable reputation within the broking, underwriting…

Markel bolsters financial lines team

Markel bolsters financial lines team

Markel bolsters financial lines team

Specialist insurer Markel International has strengthened its financial lines team by hiring Gordon Lam as a senior professional and financial risks (PFR) underwriter. Mr Lam is currently based in Singapore, where he was underwriting manager for Beazley. He is expected to relocate to Hong Kong to take up his new position at Markel. He will work alongside Simon Moi, head…

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

The majority of small and medium-sized businesses (SMEs) in Asia-Pacific believe they are in a better position than larger companies to deal with cyber risk, despite having a larger exposure to the risk and fewer resources to manage the exposure. The potential perception gap was uncovered in a survey by insurer Chubb of 1,000 SMEs in the region’s three most-developed…

IRM contracts new training provider in southeast Asia

IRM contracts new training provider in southeast Asia

IRM contracts new training provider in southeast Asia

The UK-based risk management education provider, Institute of Risk Management (IRM), has licensed a new training provider in southeast Asia for its Fundamentals of Risk Management (FoRM) course. JGA Training Services has been accredited as a licensed FoRM provider operating in Malaysia, Singapore, Indonesia, Thailand, the Philippines and Vietnam. The course, according to IRM, is designed to provide an introduction…

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

A review of the Work Injury Compensation Act (WICA) by Singapore’s Ministry of Manpower (MoM) has proposed extending mandatory insurance coverage so that workers have a greater chance of being compensated for workplace accidents and injuries. The review proposes extending both the breadth of coverage and the size of the payouts. At present, WICA requires employers to compensate their employees…

BGC completes Ed Broking buy

BGC completes Ed Broking buy

BGC completes Ed Broking buy

Broker BGC has completed the acquisition of Lloyd’s broker Ed Broking Group, which will now become part of BGC’s insurance division that was formed in 2017 with the acquisition of Besso Insurance Group. CEO of Ed Broking Steve Hearn will become head of BGC’s insurance division and report directly to Shaun Lynn, president of BGC Partners. Ed Broking will add…

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