Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Cyber coverage is being extended across Asia-Pacific and big investment is being made in raising awareness of the risk by authorities across the region, but risk and insurance managers still seem unwilling to recognise the need for the cover, according to Franck Baron, chairman of the Pan-Asia Risk Management and Insurance Association (Parima) and group general manager – risk management…

Vietnamese insurance sector continues to grow strongly

Vietnamese insurance sector continues to grow strongly

Vietnamese insurance sector continues to grow strongly

The Vietnamese insurance industry saw premiums increase by nearly 21% in 2019 to VND160.18trn, according to the Ministry of Finance’s Insurance Supervisory Authority (ISA), reported by Việt Nam News. Non-life insurance premiums accounted for VND52.39trn and life insurance premiums for VND107.79trn. Total assets of insurance firms in Vietnam grew by 15.3% in 2019 to VND454.38trn. Việt Nam News reported that…

Risk managers must intensify efforts to identify deforestation liability in supply chain

Risk managers must intensify efforts to identify deforestation liability in supply chain

Risk managers must intensify efforts to identify deforestation liability in supply chain

Companies involved in, or buying from, the $45bn global farmed-shrimp industry, have been warned that a lack of transparency about its role in deforestation, particularly across mangrove forests in southeast Asia, poses a massive financial risk as bodies turn their attention to implementing ecological limits and new rules to stem the destruction and penalise those responsible. The European Union is the…

Gallagher adds to Asian capabilities with stake in leading Malaysian broker

Gallagher adds to Asian capabilities with stake in leading Malaysian broker

Gallagher adds to Asian capabilities with stake in leading Malaysian broker

AJ Gallagher, the global insurance broker, risk management services and consulting firm, has added to its global programme capabilities through the acquisition of a minority stake in specialist Malaysian broker SP&G Insurance Brokers for an undisclosed price. The US-based broking firm now has six operations in the Asia-Pacific region. The Malaysian investment adds to existing operations in Singapore, Australia and…

FWD completes acquisition of Thai insurance group to enter non-life market

FWD completes acquisition of Thai insurance group to enter non-life market

FWD completes acquisition of Thai insurance group to enter non-life market

FWD Group – a Hong Kong-based multi-line insurance group that spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia – has entered the Thai non-life market through the completion of its acquisition of Siam City Insurance (SCI), an insurer that was formed back in 1948. FWD was established in Asia in 2013 as the insurance business…

Philippines Insurance Commission to advise government to ditch minimum capital increase

Philippines Insurance Commission to advise government to ditch minimum capital increase

Philippines Insurance Commission to advise government to ditch minimum capital increase

The Insurance Commission (IC) of the Philippines has decided to advise the government not to raise minimum capital requirements for the country’s insurance companies at the end of 2022 as originally planned, according to local newspaper reports. The IC reportedly intends to advise finance secretary Carlos Dominguez to cap the minimum capital requirement for local insurance companies at PHP900m. The…

Philippines government seeks further cat protection to cover own assets

Philippines government seeks further cat protection to cover own assets

Philippines government seeks further cat protection to cover own assets

The Philippines government has signed a memorandum of understanding with the Government Service Insurance System (GSIS), which provides insurance cover for government assets in 25 provinces in the catastrophe-exposed eastern seaboard of the country. A statement issued by the GSIS confirms that the facility will provide cover for up to PHP1trn ($19.7bn). The Bureau of the Treasury reportedly said it…

Confidence and risk both set to rise sharply in Asia next year

Confidence and risk both set to rise sharply in Asia next year

Confidence and risk both set to rise sharply in Asia next year

Asian companies expect to see a sharp spike in business confidence as they enter 2020, with 76% of firms expecting to be confident by May 2020 despite ongoing political problems in Hong Kong and China’s trade war with the US, according to a survey carried out by insurer CNA Hardy. The insurer said that given the political instability in Hong…

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

Japanese insurer Mitsui Sumitomo Insurance (MSI), a member of MS&AD Insurance Group, has underlined its promise to continue expanding overseas following the recent reorganisation of its international business, by announcing that the insurance supervisor in Myanmar has approved its 10% equity investment in leading local non-life insurer KBZ MS General Insurance. KBZ MS, which recently changed its name from IKBZ…

Philippines government and IBRD forge path ahead for cat risk transfer to capital markets

Philippines government and IBRD forge path ahead for cat risk transfer to capital markets

Philippines government and IBRD forge path ahead for cat risk transfer to capital markets

The World Bank’s International Bank for Reconstruction and Development (IBRD) has issued two tranches of catastrophe-linked bonds (cat bonds) to provide the Republic of the Philippines with financial protection of up to $75m for losses from earthquakes and $150m against losses from tropical cyclones for three years. The bonds, which are the first to be sponsored by an Asian government,…

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