Labuan reports ‘boon year’ for captives in 2020

Labuan reports ‘boon year’ for captives in 2020

Labuan reports ‘boon year’ for captives in 2020

Last year was a “boon year” for Labuan captive business, according to the Labuan International Business and Financial Centre (Labuan IBFC), with the domicile registering eight captives in 2020, bringing the total to 55. Labuan IBFC is the only jurisdiction in Asia that provides for the formation of protected cell companies and the centre said “this has been the largest…

Malaysia’s general insurance market ‘outperformed GDP’, says Malaysia Re report

Malaysia’s general insurance market ‘outperformed GDP’, says Malaysia Re report

Malaysia’s general insurance market ‘outperformed GDP’, says Malaysia Re report

In 2020, Malaysia’s general insurance market outperformed the country’s overall economy, with general insurance premiums remaining almost stable, while Malaysia’s GDP is forecast to have dropped by 4.5%. This is according to the Malaysian Insurance Highlights, produced by Malaysia Re, which found that general insurers maintained a solid capitalisation in 2020. Malaysia was subject to recurrent Movement Control Orders (MCO)…

Labuan IBFC in ratings service agreement with RAM Rating Services

Labuan IBFC in ratings service agreement with RAM Rating Services

Labuan IBFC in ratings service agreement with RAM Rating Services

The Labuan International Business and Financial Centre (Labuan IBFC) has signed a memorandum of understanding (MoU) with RAM Rating Services, which will provide a bespoke rating service for licensed entities in the centre. RAM Rating Services, a Malaysian ratings agency, will work with Labuan IBFC Inc, the market development agency of the Labuan IBFC, to develop, promote and facilitate the…

Charles Taylor expands into Malaysia with new team

Charles Taylor expands into Malaysia with new team

Charles Taylor expands into Malaysia with new team

Charles Taylor has expanded its adjusting business in Malaysia with a new property and casualty team based in Kuala Lumpur. The new team will be led by SG Bala Subramaniam who becomes managing director, property and casualty, Charles Taylor Adjusting, Malaysia. He will oversee business development, grow the current team of adjusters in Malaysia and service clients of existing projects…

Natividad urges risk managers to take the driving seat in new age of risk management

Natividad urges risk managers to take the driving seat in new age of risk management

Natividad urges risk managers to take the driving seat in new age of risk management

The shock caused by the sudden arrival of the Covid-19 pandemic has highlighted the need for companies to carry out and take more seriously scenario planning and modelling, crisis management planning, business continuity plan development and testing on a regular basis, according to Annacel Natividad, chief finance officer and head of risk management, Pilmico Foods Corporation in the Philippines Speaking to…

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Steve Tunstall is general secretary of the Pan-Asia Risk & Insurance Management Association (Parima) and director of Tunstall Associates, based in Singapore. He was one of the founding members of Parima, along with Franck Baron, Kelvin Wu and the team when it was launched at its first conference in Singapore back in April 2013. Mr Tunstall is a business risk management…

Stable outlook for Indonesia’s non-life insurance sector from Best

Stable outlook for Indonesia’s non-life insurance sector from Best

Stable outlook for Indonesia’s non-life insurance sector from Best

Indonesia’s non-life insurance market is well diversified and underpinned by solid capitalisation, according to AM Best, which has assigned a stable outlook to the sector. Best said this was despite a bleak macroeconomic picture and the social restriction measures that have been in place since April 2020 as a result of the Covid-19 pandemic, which will result in a slowdown…

Cat bonds buoy ILS market, says Aon

Cat bonds buoy ILS market, says Aon

Cat bonds buoy ILS market, says Aon

Insurance-linked securities (ILS) capital shrunk from $93bn to $91bn in the 12 months to 30 June, according to Aon’s annual report on the sector, although cat bond issuance was up by $3.5bn to $9bn. Aon says Q4 2019 and Q1 2020 booked record levels of cat bonds, with issuances worth $2.2bn and $4bn, respectively. Higher levels of activity were recorded…

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

London market broker New Dawn Risk Group is to enter a new partnership with Singapore-based SpecialistRe, which it said will strengthen its reach in China, Japan and southeast Asia. Max Carter, CEO of New Dawn Risk, said it had been looking for opportunities in the region “for some time” and it will now offer treaty reinsurance broker expertise for specialty…

Supply chain de-risking to boost southeast Asian economies

Supply chain de-risking to boost southeast Asian economies

Supply chain de-risking to boost southeast Asian economies

Southeast Asian economies such as Vietnam will gain from the expected de-risking of the global supply chain and creation of parallel chains as multinationals seek to reduce their dependence upon China, according to the latest Sigma report from Swiss Re. The Swiss reinsurer says the development of parallel supply chains to de-risk the global flow of intermediate goods and services is…

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