Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Good growth prospects for ASEAN insurance markets, says Moody’s

Good growth prospects for ASEAN insurance markets, says Moody’s

Good growth prospects for ASEAN insurance markets, says Moody’s

Strong socioeconomic fundamentals are supporting growth prospects for insurance in six major Association of Southeast Asian Nations (ASEAN) markets, according to Moody’s Investors Service. However, it stresses that the pace and quality of growth will vary by geography. In a new report, Insurers – ASEAN: Growth comes through new policies and innovations, Moody’s looks at six ASEAN markets: Singapore, Thailand,…

Hopes raised that Malaysia will ease cap on foreign insurers

Hopes raised that Malaysia will ease cap on foreign insurers

Hopes raised that Malaysia will ease cap on foreign insurers

There is an increasing number of reports that the Government of Malaysia is preparing to relax rules on the involvement of international insurers and reinsurers in its market, and thus make life easier for risk and insurance managers with multinationals active in this large and growing Asian market. Local newspapers and Reuters report that the government is preparing to review…

Vietnamese non-life insurers need to focus on profit as margins shrink

Vietnamese non-life insurers need to focus on profit as margins shrink

Vietnamese non-life insurers need to focus on profit as margins shrink

Non-life insurance companies that operate in Vietnam are still struggling to make decent profits because of high competition and falling interest rates, despite strong-to-moderate growth, solid balance sheet strength and improving profitability, according to credit ratings agency AM Best. In 2017, total direct premium underwritten by Vietnamese non-life insurers reached VND41trn (roughly $1.8bn), according to the credit ratings agency. The…

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

Risk modelling firm RMS has compiled a list of ten ‘one in a 100-year’ natural catastrophes that could hit the Asia-Pacific region, highlighting the region’s vulnerability to environmental disasters. The region has already suffered a number of catastrophes in 2018, including Typhoons Jebi and Mangkhut, and the Palu earthquake in Indonesia. However, RMS believes there is a likely expectation of…

New chairman of Labuan Financial Services Authority

New chairman of Labuan Financial Services Authority

New chairman of Labuan Financial Services Authority

The Labuan Financial Services Authority has a new chairman, with the appointment of Datuk Oh Chong Peng. The appointment, which began on 16 October 2018 and runs until 15 February 2020, has been approved by the minister of finance. The Labuan Financial Services Authority said that Mr Datuk Oh has wide experience in financial and other business sectors. He is…

Asia suffers huge September cat losses but protection gap persists

Asia suffers huge September cat losses but protection gap persists

Asia suffers huge September cat losses but protection gap persists

September saw Asia suffer thousands of fatalities and billions of dollars in insurance losses in the costliest month of natural disasters so far in 2018. Yet despite the high number of claims, insured losses will be relatively lower than in the US despite more severe damage to property, more instances of business interruption and a significantly higher number of deaths.…

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Social fragilities and a proliferation of autocratic governance in Asia have led to a rise in political risk that could cloud the continent’s dynamic economic growth, according to credit insurer Coface. Asia scored 45% on Coface’s latest political risk ranking, which put the continent behind Sub Saharan Africa, the Middle East and North Africa, and Latin America, but well ahead…

Zurich acquires top ten insurer in Indonesia

Zurich acquires top ten insurer in Indonesia

Zurich acquires top ten insurer in Indonesia

Zurich Insurance Group is to acquire a leading insurer in Indonesia, which will make it the largest foreign property and casualty insurer in the country. Zurich has entered into agreements to acquire 80% of PT Asuransi Adira Dinamika from PT Bank Danamon Indonesia and a minority investor. Adira Insurance is a top ten property and casualty insurer in Indonesia. Zurich…

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

The clean-up from Typhoon Mangkhut has begun as the devastated areas of the Philippines, China and Hong Kong assess the loss of life and long-lasting damage that resulted from the most severe storm of the year so far. The super typhoon is also likely to raise the issue of the insurance gap in the region, given that insured losses in…

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