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…

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

The Global Reinsurance Forum (GRF) is concerned that significant reinsurance trade barriers are still in place worldwide, despite no new major trade barriers having been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list. The GRF says it is a positive development, but it continues to encourage jurisdictions to remove existing and remaining…

Myanmar to open insurance market to foreign insurers in October

Myanmar to open insurance market to foreign insurers in October

Myanmar to open insurance market to foreign insurers in October

Foreign insurance companies will be allowed to do business in Myanmar from October this year, according to the Myanmar Times. The paper said the Insurance Business Regulatory Board (IBRB) will allow foreign insurance companies to provide life and general insurance policies in the new 2018-2019 fiscal year, which will commence on 1 October 2018. The paper quoted U Zaw Naing,…

IMRF to expand search-and-rescue training across Asia on back of Malaysian success

IMRF to expand search-and-rescue training across Asia on back of Malaysian success

IMRF to expand search-and-rescue training across Asia on back of Malaysian success

The International Maritime Rescue Foundation (IMRF), the charity that prevents loss of life in the world’s waters, has held a two-day Inter Regional Mass Rescue Workshop for the Asia-Pacific region in Kuala Lumpur, Malaysia, alongside the seventh International Search and Rescue Conference and Exhibition. The foundation reported a healthy attendance from key Malaysian bodies, representatives of the Korean defence attaché…

Healthy Thai economy boosts non-life premiums, further M&A forecast

Healthy Thai economy boosts non-life premiums, further M&A forecast

Healthy Thai economy boosts non-life premiums, further M&A forecast

Thailand’s non-life insurance premiums expanded by 4% on an annualised basis in the first quarter of this year, driven by the motor and personal accident segments according to a new report from Fitch Ratings. The credit ratings agency expects premium growth to continue, supported by Thailand’s “benign” economic conditions, government stimulus for investment and strong new car sales. The Thailand…

Malaysian central banker calls for more innovative risk management to build a better future

Malaysian central banker calls for more innovative risk management to build a better future

Malaysian central banker calls for more innovative risk management to build a better future

Risk managers need to reassess their role and approach to help companies make better and more innovative risk-based decisions, including taking risks rather than avoiding them, a senior executive of the central bank of Malaysia told the recent annual meeting of the Malaysian Association of Risk and Insurance Managers (MARIM). Puan Jessica Chew Cheng Lian, deputy governor of Bank Negara…

Political tension in South China Sea means Asia bucks global shipping loss trend

Political tension in South China Sea means Asia bucks global shipping loss trend

Political tension in South China Sea means Asia bucks global shipping loss trend

Asia bucked the trend in shipping losses last year as incidents in the south China, Indochina, Indonesia and Philippine maritime region leapt by 25% in 2017, while on a global basis, large shipping losses continued to fall, according to latest numbers from Allianz Global Corporate & Specialty (AGCS). Territorial disputes between China, South Korea and the Philippines involving US naval…

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