Parima Resilience Week gathers top insurance industry leaders

Parima Resilience Week gathers top insurance industry leaders

Parima Resilience Week gathers top insurance industry leaders

The Pan-Asia Risk and Insurance Management Association (Parima) has gathered an impressive line-up of speakers for its coming Resilience Week (9-13 November) and expects a record number of delegates for one its events. The Singapore-based association moved swiftly to replace its usual physical conference at this time of year with the virtual event. The programme is designed to help risk…

Cat bonds buoy ILS market, says Aon

Cat bonds buoy ILS market, says Aon

Cat bonds buoy ILS market, says Aon

Insurance-linked securities (ILS) capital shrunk from $93bn to $91bn in the 12 months to 30 June, according to Aon’s annual report on the sector, although cat bond issuance was up by $3.5bn to $9bn. Aon says Q4 2019 and Q1 2020 booked record levels of cat bonds, with issuances worth $2.2bn and $4bn, respectively. Higher levels of activity were recorded…

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

London market broker New Dawn Risk Group is to enter a new partnership with Singapore-based SpecialistRe, which it said will strengthen its reach in China, Japan and southeast Asia. Max Carter, CEO of New Dawn Risk, said it had been looking for opportunities in the region “for some time” and it will now offer treaty reinsurance broker expertise for specialty…

Funding boost for parametric insurtech as traditional market enters ‘existential crisis’

Funding boost for parametric insurtech as traditional market enters ‘existential crisis’

Funding boost for parametric insurtech as traditional market enters ‘existential crisis’

Tanguy Touffut, CEO and co-founder of Paris-based insurtech company Descartes Underwriting, said non-life insurance is going through an “existential crisis” because of climate change and the Covid-19 pandemic, and has raised further capital to expand its alternative offering for corporations struggling to find adequate traditional coverage. Descartes, which specialises in climate risk modelling and data-driven risk transfer , announced this…

MAS to withdraw pandemic relief measures but promises ‘well-paced’ exit

MAS to withdraw pandemic relief measures but promises ‘well-paced’ exit

MAS to withdraw pandemic relief measures but promises ‘well-paced’ exit

Tharman Shanmugaratnam, minister-in-charge of the Monetary Authority of Singapore (MAS), used his addendum to last week’s president’s address to reassure the local and international risk and financial markets that it will continue to do all it can to maintain financial stability in the nation and support businesses and individuals as they attempt to ride out the Covid-19 crisis. The package…

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Global financial institutions have been fined $5.6bn for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations in the first seven months of 2020, according to regulatory technology firm Fenergo. This is down 30% on the same period last year, but the company expects full-year fines to equal or exceed 2019’s $8.4bn total. Fenergo said financial institutions…

Singapore faces long and bumpy recovery from pandemic, warns ministry

Singapore faces long and bumpy recovery from pandemic, warns ministry

Singapore faces long and bumpy recovery from pandemic, warns ministry

Singapore’s gross domestic product (GDP) fell a record 42.9% on an annualised basis in the second quarter compared with the previous three months, according to estimates published by the Ministry of Trade and Industry in mid-August. This was worse than previously predicted. “Recovery will be some time yet. And the recovery is not likely to be smooth,” trade and industry…

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…

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