Philippines relaxes risk-based capital rules for insurers

Philippines relaxes risk-based capital rules for insurers

Philippines relaxes risk-based capital rules for insurers

The Philippines’ Insurance Commission (IC) has relaxed the rules on net worth and risk-based capital (RBC) requirements to provide relief during the Covid-19 outbreak, according to a report published in newspaper Philstar. According to the paper, insurance commissioner Dennis Funa said: “The insurance industry requests for temporary relief on the implementation of the net-worth requirements and risk-based capital requirements for…

Indonesia’s state-owned insurance holding company to improve corporate governance

Indonesia’s state-owned insurance holding company to improve corporate governance

Indonesia’s state-owned insurance holding company to improve corporate governance

The Indonesian government’s decision to form an insurance holding company is expected to lead to a positive transformation with greater corporate governance of government-owned companies in the local insurance industry, according to AM Best. Indonesia’s Ministry of State-Owned Enterprises (SOE) is in the process of establishing an insurance holding company, to be led by state-owned investment holding company PT Bahana…

Malaysian policyholders told to check for virus BI cover

Malaysian policyholders told to check for virus BI cover

Malaysian policyholders told to check for virus BI cover

The General Insurance Association of Malaysia (PIAM) has advised personal and commercial policyholders to check their property insurance policies to find out whether they are covered for Covid-19 virus claims. PIAM stated that it is aware of the huge uncertainty surrounding the validity of insurance policies and business interruption (BI) cover in particular for virus-linked losses. The association stated that…

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

Risk management and business continuity plans have been shown by the Covid-19 crisis to be absolutely critical in the effort to maintain supply chains in Asia and on a global basis, and need to be improved to protect Asia’s position as a global trade and investment hub, Japan and the Association of Southeast Asian Nations (ASEAN) have formally agreed. The…

Beazley opens service company in Labuan

Beazley opens service company in Labuan

Beazley opens service company in Labuan

Beazley has established a new service company in Labuan, Malaysia to extend its distribution capabilities in Asia-Pacific. The service company, Beazley Labuan Limited, will support Beazley in building its presence in the Malaysian market. It has received authorisation from the Labuan financial regulator. Beazley Labuan will underwrite various classes of business on a reinsurance basis on behalf of Beazley’s Lloyd’s…

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

The Labuan Financial Services Authority (Labuan FSA) has announced temporary regulatory reliefs (TRRs) for Labuan entities, including insurers and captives, to cushion the impact and disruption to business operations caused by the coronavirus pandemic. Labuan FSA said the TRRs “are intended to provide administrative and financial relief to Labuan entities during the Covid-19 crisis and facilitate uninterrupted business and market…

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…

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