AXA plans sale of Singapore business as Buberl sharpens focus on P&C

AXA plans sale of Singapore business as Buberl sharpens focus on P&C

AXA plans sale of Singapore business as Buberl sharpens focus on P&C

AXA is considering the sale of its Singapore business and other operations to help raise funds, sources have reportedly told news agency Bloomberg. Bloomberg reports that the French insurer has appointed an adviser to help with the potential sale, according to an anonymous source. AXA’s Singapore operation offers both life and property and casualty insurance, and secured a reported €615m…

MAS calls on local banks to moderate dividends as economy falters

MAS calls on local banks to moderate dividends as economy falters

MAS calls on local banks to moderate dividends as economy falters

The Monetary Authority of Singapore (MAS) has called on locally incorporated banks headquartered in Singapore to cap their total dividends per share (DPS) for full-year 2020 at 60% of 2019’s DPS, and offer shareholders the option of receiving the dividends to be paid for 2020 ‘in scrip’ in lieu of cash. The announcement follows the recent news issued by the…

Blockchain-based Covid-19 compliance tool used in Singapore to return to work

Blockchain-based Covid-19 compliance tool used in Singapore to return to work

Blockchain-based Covid-19 compliance tool used in Singapore to return to work

International SOS and Singapore company Energy Drilling Management have announced a successful pilot of its ICC AOKpass mobile app, which provides trusted recognition of individuals’ Covid-19 compliance status from Singapore to Thailand. Following the pilot launch of the tool in May, Energy Drilling worked with International SOS to test the app for a ten-strong crew that needed to travel aboard an…

BMS follows new Asia chief with Australian energy expansion

BMS follows new Asia chief with Australian energy expansion

BMS follows new Asia chief with Australian energy expansion

BMS Group, an independent specialist (re)insurance broker, has announced the appointments of Richard Nunny, Ben Humphries and Serai Armstrong to form the energy division of BMS Australia. The three will join BMS on 3 August from Aon and will report to Andrew Godden, CEO of BMS Australia. Mr Nunny brings 20 years’ experience in the Australian and London insurance market…

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

The Covid-19 pandemic has clearly dominated the attention of CEOs of all companies across Asia in recent times, but evidence gathered by insurer FM Global has found that climate change risk remains top of mind too. The survey found that 57% of Asia Pacific CEOs and CFOs reported that addressing climate risk is a high priority in their company. The…

MAS consults on environmental risk for FIs

MAS consults on environmental risk for FIs

MAS consults on environmental risk for FIs

The Monetary Authority of Singapore (MAS) has issued a set of three consultation papers on its proposed Guidelines on Environmental Risk Management for banks, insurers and asset managers. The MAS says the guidelines are designed to enhance financial institutions’ (FI) resilience to environmental risk, and strengthen the financial sector’s role in supporting the transition to an environmentally sustainable economy, in…

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Payment delays in Asia caused by the impact of the Covid-19 virus have risen and highlight the need for focused risk management more than ever before, according to new economic research carried out by trade credit insurer Atradius. The Atradius Payments Practices Barometer published this week measures the changing pattern of payment behaviour in B2B trade. The research was conducted…

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…

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