Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

The Japanese government is set to fund the launch of a parametric disaster insurance pool designed to provide Asean nations with easily distributable recovery funds following natural catastrophes. According to a report in the Nikkei Asian Review, the Southeast Asia Disaster Risk Insurance Facility (Seadrif) will be formally announced later in May at the annual meeting of the Asian Development…

Parima recruits EB provider Maxis as a partner

Parima recruits EB provider Maxis as a partner

Parima recruits EB provider Maxis as a partner

The Pan-Asia Risk and Insurance Managers Association (Parima) has announced a partnership with employee benefits provider Maxis GBN that will see the two collaborate on a series of events as Maxis looks to expand its captives business across Asia. Under the terms of the partnership, Maxis will be present at Parima’s two regional conferences in 2018, in Bangkok in May…

CNA Hardy establishes presence in Labuan, Malaysia

CNA Hardy establishes presence in Labuan, Malaysia

CNA Hardy establishes presence in Labuan, Malaysia

CNA Hardy has received an enhanced licence to transact business in Labuan, Malaysia. The insurer said the move continues its expansion in Asia. The initial focus in Malaysia will be on the same classes of business that CNA Hardy offers through its Singapore office: property direct and facultative and treaty, construction, marine, power generation, healthcare, financial lines and casualty. “This…

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Indonesia’s national oil company Petramina has stated that a ruptured undersea pipe was the cause of an oil spill on the island of Borneo that forced the local authorities to declare a state of emergency in the area. The spill started on Saturday in the port city of Balikpapan and claimed the lives of five fisherman when it ignited. Since…

EU speeds up completion of free trade agreements – Atradius

EU speeds up completion of free trade agreements – Atradius

EU speeds up completion of free trade agreements – Atradius

The European Union and trading partners are speeding up the completion of free trade agreement negotiations, driven by the growing insecurity over US trade policy, according to credit insurer Atradius. “Many say that the growing insecurity over the direction of US trade policy is a curse for international trade; however, it could turn out to be a boon for the…

Insurance Europe highlights global protectionist measures

Insurance Europe highlights global protectionist measures

Insurance Europe highlights global protectionist measures

Insurance Europe has highlighted a number of protectionist measures in Argentina, Brazil, India, Indonesia and Turkey, in a series of updated country factsheets for these jurisdictions. Insurance Europe said it strongly believes the removal of trade barriers, together with addressing unjustified, often discriminatory, regulatory provisions affecting European (re)insurers, would help enhance trading relationships and support business in third countries. It…

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Global trade credit insurer Atraidus has given a moderate and stable forecast for the economic prospects within Asia-Pacific in its latest report, which examines the political and economic risks in the region’s 11 major economies. And while no major risks are highlighted in the report, it does warn of an expected increase in the number of insolvencies in the region,…

Regulator shuts down five Philippine insurers

Regulator shuts down five Philippine insurers

Regulator shuts down five Philippine insurers

Risk managers in the Philippines may find there are fewer insurers able to take their business after five non-life insurers were temporarily shut down by the regulator for falling foul of its capital requirements rule. According to a statement from the Philippine Insurance Commission (PIC), the five firms – First Integrated Bonding and Insurance, Investors Assurance, Metropolitan Insurance, Plaridel Surety…

Global insurance sector M&As pick up in second half of 2017

Global insurance sector M&As pick up in second half of 2017

Global insurance sector M&As pick up in second half of 2017

Merger and acquisition (M&A) activity in the global insurance sector fell in 2017, according to Clyde & Co’s latest annual Insurance Growth Report, but the second half of the year showed an increase in deals for the first time since 2015. There were 350 completed M&As in the global insurance sector in 2017, down from 387 in the previous year.…

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