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…

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

The economic fallout from Covid-19 will increase the risk of modern slavery seeping into supply chains, warned Verisk Maplecroft in the 2020 edition of its Modern Slavery Index. The index specifically flags a “surge” in modern slavery within Asian manufacturing hubs as the pandemic bites. Verisk Maplecroft said workers who have lost their jobs in the pandemic could turn to…

Introduction of coinsurance for interest rate risk in Korea needs to be watched

Introduction of coinsurance for interest rate risk in Korea needs to be watched

Introduction of coinsurance for interest rate risk in Korea needs to be watched

The introduction of new rules to allow South Korean insurers to use coinsurance to cover interest rate risk as well as pure underwriting risk will clearly help alleviate capital pressures on the sector that have been exacerbated by the impact of the Covid-19 pandemic. But credit ratings agencies will monitor how the new rules will be used to make sure…

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Significant catastrophe losses in 2019 and the first half of 2020, together with the impact of the coronavirus pandemic, is expected to see insurers and reinsurers in Asia put renewed emphasis on ensuring the adequacy and appropriateness of their existing (re)insurance protection, according to Fitch Ratings. It said catastrophe losses remain a key concern, noting that Asia accounted for the…

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Global financial institutions have been fined $5.6bn for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations in the first seven months of 2020, according to regulatory technology firm Fenergo. This is down 30% on the same period last year, but the company expects full-year fines to equal or exceed 2019’s $8.4bn total. Fenergo said financial institutions…

Risk management key as Asian economies struggle with pandemic

Risk management key as Asian economies struggle with pandemic

Risk management key as Asian economies struggle with pandemic

Asian businesses need to focus on and invest in risk management now more than ever as the region battles to recover from the dramatic negative impact of the Covid-19 pandemic, says trade credit insurance group Atradius in a new report on five key Asian economies. Business insolvencies are expected to increase by 75% year on year in India in 2020…

Asia-Pacific re/insurance M&A picks up in first half of 2020

Asia-Pacific re/insurance M&A picks up in first half of 2020

Asia-Pacific re/insurance M&A picks up in first half of 2020

Merger and acquisition (M&A) activity in the Asia-Pacific re/insurance market made steady gains in the first six months of this year, with an increase from 31 for the same period last year to 38 deals in the first six months of the year, according to a new report from leading international insurance law firm Clyde & Co. Japanese acquirors once…

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