MAS opens door to gradual reopening of financial services sector as virus eases

MAS opens door to gradual reopening of financial services sector as virus eases

MAS opens door to gradual reopening of financial services sector as virus eases

The Monetary Authority of Singapore (MAS) has announced that financial institutions (FIs) will be allowed to reopen more customer service locations from 2 June 2020, as the country attempts to gradually return to normal as the Covid-19 pandemic eases. But the authority said the move will be controlled by “strict risk management guidelines”. Singapore has suffered a total of 32,343…

Rates up 21% in UK and 8% in Europe with Covid-19 set to impact market for rest of 2020: Marsh

Rates up 21% in UK and 8% in Europe with Covid-19 set to impact market for rest of 2020: Marsh

Rates up 21% in UK and 8% in Europe with Covid-19 set to impact market for rest of 2020: Marsh

Average commercial insurance rates rose by an eye-watering 21% in the UK during the first quarter and were up 8% in continental Europe, according to Marsh’s latest index, which says Covid-19 will likely impact pricing for the remainder of this year. Many of the increases were driven by financial lines, particularly D&O, but property market rises are now significant and…

ICC and International SOS launch app to certify Covid-19 antibodies

ICC and International SOS launch app to certify Covid-19 antibodies

ICC and International SOS launch app to certify Covid-19 antibodies

The International Chamber of Commerce (ICC) has partnered with International SOS to launch a mobile app that will allow users to certify they have Covid-19 antibodies and help consumers, workers and businesses resume commercial activity. The ICC AOKpass mobile app uses blockchain technology to enable individuals to store copies of medical certificates, for example evidence of having Covid-19 antibodies. This information can then…

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

The Covid-19 pandemic will deliver insured losses in the trade credit market, mainly from falling commodity prices, increased governmental intervention and rising insolvencies of businesses that do not have enough capital to withstand enforced closedowns or supply chain disruptions, according to the insurance team at law firm Kennedys in Singapore. The team, led by Julian Wallace, warns insurance company claims…

Marsh JLT boosts renewable energy team

Marsh JLT boosts renewable energy team

Marsh JLT boosts renewable energy team

Marsh JLT Specialty has boosted its renewable energy team with the creation of new regional roles. Oliver Holme has been appointed to the newly created role of UK and US offshore wind leader. Mr Holme previously worked as lead risk and insurance specialist for a Danish utility. He will relocate to Boston from London early in 2021 and he will…

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…

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…

Singapore government extends tax break for captives

Singapore government extends tax break for captives

Singapore government extends tax break for captives

The Singapore government has extended the tax break granted to captive insurance companies domiciled in the territory for another five years. Singapore is already the biggest captive centre in the Asia-Pacific region, with some S$1.1bn in premiums and more than S$4.5bn in captive assets under management. As part of its latest budget, the Singapore government revealed that the Insurance Business…

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…

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