Insolvencies will rise across key Asian markets: Atradius

Insolvencies will rise across key Asian markets: Atradius

Insolvencies will rise across key Asian markets: Atradius

Global trade credit insurer Atradius has published four new reports, on the markets of China, India, Indonesia and South Korea, and expects rising insolvencies across the region as the impact of the Covid-19 pandemic continues to bite. Atradius points out that the coronavirus outbreak severely hit the Chinese economy in the first quarter of this year, immediately impacting retail and…

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…

FM Global urges Asia-Pacific leaders to retain focus on climate risks

FM Global urges Asia-Pacific leaders to retain focus on climate risks

FM Global urges Asia-Pacific leaders to retain focus on climate risks

Recovery from the Covid-19 pandemic and preparation for a potential second wave is clearly top of the agenda currently for business leaders across the Asia-Pacific region and worldwide. But leaders in the Asia-Pacific region in particular must continue to focus on the impact of climate change and invest in loss prevention, business continuity and risk management and mitigation measures to…

Thailand’s non-life insurance industry to decline in 2020

Thailand’s non-life insurance industry to decline in 2020

Thailand’s non-life insurance industry to decline in 2020

Thailand’s non-life insurance industry is set to contract by 5.6% in 2020 due to the severe impact of Covid-19 on Thailand’s economy, according to GlobalData. Thailand’s non-life insurance market is forecast to grow at a compound annual growth rate (CAGR) of 4.1% during 2020-2024. GlobalData said Thailand’s non-life insurance industry grew by 4.6% in 2019 (with THB207bn in gross written…

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

More than half of organisations around the world surveyed by the Business Continuity Institute (BCI) intend to diversify their supplier base post-pandemic, with the Far East set to be the biggest casualty. The research also shows that although most organisation did not have a plan in place to deal with Covid-19, the crisis has sparked due diligence further into supply…

South Korea to relax reinsurance rules to promote competition

South Korea to relax reinsurance rules to promote competition

South Korea to relax reinsurance rules to promote competition

The South Korean government has revealed that it will lower reinsurance market entry barriers to promote greater competition for local insurer cessions, according to leading Korean business magazine Business Korea. The current Korean Insurance Business Act defines reinsurance in the same manner as standard non-life insurance such as individual motor and homeowner insurance. As such, reinsurers in South Korea have…

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

The Covid-19 pandemic has clearly dominated the attention of CEOs of all companies across Asia in recent times, but evidence gathered by insurer FM Global has found that climate change risk remains top of mind too. The survey found that 57% of Asia Pacific CEOs and CFOs reported that addressing climate risk is a high priority in their company. The…

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Vietnam’s non-life insurance sector grew by 12% in 2019 to VND52.3trn ($2.2bn) in terms of direct premiums written, according to AM Best, which has assigned a stable market segment outlook to the sector. Best noted that the fire and health and personal accident classes of business recorded remarkable growth of 30% and 20%, respectively, in 2019, supporting the sector’s overall…

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Payment delays in Asia caused by the impact of the Covid-19 virus have risen and highlight the need for focused risk management more than ever before, according to new economic research carried out by trade credit insurer Atradius. The Atradius Payments Practices Barometer published this week measures the changing pattern of payment behaviour in B2B trade. The research was conducted…

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan has reported that ten new entities were approved in 2019, comprising one general insurer, five captives, three brokers and one underwriting manager, while seven entities surrendered their licences. This is according to the Labuan International Business and Financial Centre’s (IBFC) Market Report 2019, which notes that 2020 marks the 30th anniversary of the establishment of the Labuan IBFC in…

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