Philippines government seeks further cat protection to cover own assets

Philippines government seeks further cat protection to cover own assets

Philippines government seeks further cat protection to cover own assets

The Philippines government has signed a memorandum of understanding with the Government Service Insurance System (GSIS), which provides insurance cover for government assets in 25 provinces in the catastrophe-exposed eastern seaboard of the country. A statement issued by the GSIS confirms that the facility will provide cover for up to PHP1trn ($19.7bn). The Bureau of the Treasury reportedly said it…

Confidence and risk both set to rise sharply in Asia next year

Confidence and risk both set to rise sharply in Asia next year

Confidence and risk both set to rise sharply in Asia next year

Asian companies expect to see a sharp spike in business confidence as they enter 2020, with 76% of firms expecting to be confident by May 2020 despite ongoing political problems in Hong Kong and China’s trade war with the US, according to a survey carried out by insurer CNA Hardy. The insurer said that given the political instability in Hong…

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

Japanese insurer Mitsui Sumitomo Insurance (MSI), a member of MS&AD Insurance Group, has underlined its promise to continue expanding overseas following the recent reorganisation of its international business, by announcing that the insurance supervisor in Myanmar has approved its 10% equity investment in leading local non-life insurer KBZ MS General Insurance. KBZ MS, which recently changed its name from IKBZ…

Philippines government and IBRD forge path ahead for cat risk transfer to capital markets

Philippines government and IBRD forge path ahead for cat risk transfer to capital markets

Philippines government and IBRD forge path ahead for cat risk transfer to capital markets

The World Bank’s International Bank for Reconstruction and Development (IBRD) has issued two tranches of catastrophe-linked bonds (cat bonds) to provide the Republic of the Philippines with financial protection of up to $75m for losses from earthquakes and $150m against losses from tropical cyclones for three years. The bonds, which are the first to be sponsored by an Asian government,…

Thai general insurance market set for growth

Thai general insurance market set for growth

Thai general insurance market set for growth

Thailand’s general insurance business is predicted to grow from THB247.6bn ($7.7bn) in 2018 to THB285.5bn ($9.1bn) in 2023, according to data and analytics company GlobalData. A report from GlobalData, Thailand General Insurance: Key Trends and Opportunities to 2023, reveals that gross written premium in Thailand’s general insurance market registered a compound annual growth rate 3.1% between 2014 and 2018. Motor,…

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Insurance market liberalisation continues to accelerate across Asia-Pacific, with cross-jurisdiction collaboration further developing and solvency requirements being enhanced across the region. This is according to a new report from Aon, which summarises the key global ratings agency criteria developments and regulatory changes across Asia-Pacific during the past 12 months. Aon said that as the insurance and reinsurance industry continues to…

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business has again produced an underwriting profit in 2018, with a combined ratio of 98.9%, according to Aon. Europe averaged a 96.0% combined ratio, while Asia-Pacific averaged 100.8% and the Americas hit 97.9%. In its 14th edition of the Insurance Risk Study: Global Risk, Profitability, and Growth Metrics, Aon notes that in 24 of the top 50 markets,…

Philippines general insurance market to reach $2bn by 2022

Philippines general insurance market to reach $2bn by 2022

Philippines general insurance market to reach $2bn by 2022

The general insurance market in the Philippines is expected to reach $2bn by 2022, according to data and analytics company GlobalData. It said this would be driven by susceptibility to natural calamities, combined with the government’s push towards infrastructural investments and related insurance coverage. GlobalData said gross written premium in the Philippines’ general insurance market registered a compound annual growth…

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…

Bank Negara delays removal of tariffs for Malaysian fire insurance market by a year

Bank Negara delays removal of tariffs for Malaysian fire insurance market by a year

Bank Negara delays removal of tariffs for Malaysian fire insurance market by a year

Bank Negara Malaysia has extended the timeline for the removal of fire insurance tariffs to next year at the earliest, industry sources have told Malaysian online news service Edge Weekly. The bank announced formally in June 2016 that it would deregulate the pricing of motor and fire products through the gradual disapplication of requirements under the Motor Tariff and Revised…

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