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…

Political risk capacity rides high at more than $3bn

Political risk capacity rides high at more than $3bn

Political risk capacity rides high at more than $3bn

Capacity for political risks is riding close to an “all-time high” at $3.09bn and is also strong for buyers in the credit insurance market, according to analysis from broker Gallagher. It said that trade and secured non-trade government counterparty capacity stands at $3.12bn, with a further $2.48bn for trade and secured non-trade private counterparty risks. Capacity for unsecured non-trade stands…

Malaysian general insurance sees fall in premium for first-half 2019

Malaysian general insurance sees fall in premium for first-half 2019

Malaysian general insurance sees fall in premium for first-half 2019

Malaysia’s general insurance industry recorded MYR8.92bn in gross direct premiums for the first six months of 2019, a 1.4% fall compared to the same period last year, according to the General Insurance Association of Malaysia (PIAM). The main class of insurance, motor, was relatively flat with a marginal decline of 0.2% at MYR4.18bn, while fire insurance grew 2.5% to MYR1.73bn.…

Lloyd’s and Parima attract 50 risk managers to Philippines event

Lloyd’s and Parima attract 50 risk managers to Philippines event

Lloyd’s and Parima attract 50 risk managers to Philippines event

More than 50 risk managers from across Asia attended the latest Lloyd’s-Parima Professional Development Programme at the end of last month in Manila, reports the Asia-Pacific risk management association. Parima executive director Stacey Huang kicked off the session with an interactive risk management game designed to help the participants see how organisations, teams and individuals handle risk. Participants then pinned…

IAG reports 6% rate increase in Australia and confirms potential Indian sale

IAG reports 6% rate increase in Australia and confirms potential Indian sale

IAG reports 6% rate increase in Australia and confirms potential Indian sale

Insurance Australia Group (IAG) has reported a significantly improved net profit after tax of just over $1bn for full-year 2019 ending 30 June. This is up more than 16% over the prior year, partly driven by further price strengthening in its commercial insurance book, particularly in Australia. Commercial insurance prices written by IAG in Australia rose by 6% during the year…

Risk managers need to check supply chains as South Korea-Japan spat hots up

Risk managers need to check supply chains as South Korea-Japan spat hots up

Risk managers need to check supply chains as South Korea-Japan spat hots up

Japan’s decision at the end of July to drop South Korea from its whitelist of countries with approved export status will only intensify the ongoing trade war between the two nations, and will likely persuade the Korean government to accelerate its recently announced investments to protect supply chains for key national industries. Risk and supply chain managers with Asian and…

Aviva under pressure to reveal plans for Asian business in half-year results

Aviva under pressure to reveal plans for Asian business in half-year results

Aviva under pressure to reveal plans for Asian business in half-year results

Investors and analysts are putting pressure on Aviva, the UK multi-line insurer, to provide confirmation during its quarterly results statement on 8 August that it is planning to sell its Asian business. The insurer has allegedly valued the business at more than $2bn, according to news agency Reuters. Aviva has six Asian businesses – based in China, Hong Kong, India,…

Insurers report further market hardening in early results

Insurers report further market hardening in early results

Insurers report further market hardening in early results

The first insurers reporting second-quarter and half-year results say rate increases are on the rise, with hardening conditions spreading to further lines and regions. The changing market in favour of insurers is helping many to deliver decent numbers. The firming market enabled Chubb to report another excellent set of quarterly and half-year results as it benefited from a “flight to…

Brokerslink expands in Asia with three new affiliates

Brokerslink expands in Asia with three new affiliates

Brokerslink expands in Asia with three new affiliates

Brokerslink has partnered with three new affiliates in Asia to boost its local expertise in the region. The affiliates are LK Insurance Services in South Korea, Malaysia’s State Insurance Services and John Foord in Singapore. LK Insurance Services specialises in oil and gas, telecommunications, chemicals and logistics. John Foord is a global specialist valuation and appraisal practice headquartered in Singapore,…

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