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…

Insolvencies will rise across key Asian markets: Atradius

Insolvencies will rise across key Asian markets: Atradius

Insolvencies will rise across key Asian markets: Atradius

Global trade credit insurer Atradius has published four new reports, on the markets of China, India, Indonesia and South Korea, and expects rising insolvencies across the region as the impact of the Covid-19 pandemic continues to bite. Atradius points out that the coronavirus outbreak severely hit the Chinese economy in the first quarter of this year, immediately impacting retail and…

Blockchain-based Covid-19 compliance tool used in Singapore to return to work

Blockchain-based Covid-19 compliance tool used in Singapore to return to work

Blockchain-based Covid-19 compliance tool used in Singapore to return to work

International SOS and Singapore company Energy Drilling Management have announced a successful pilot of its ICC AOKpass mobile app, which provides trusted recognition of individuals’ Covid-19 compliance status from Singapore to Thailand. Following the pilot launch of the tool in May, Energy Drilling worked with International SOS to test the app for a ten-strong crew that needed to travel aboard an…

FM Global urges Asia-Pacific leaders to retain focus on climate risks

FM Global urges Asia-Pacific leaders to retain focus on climate risks

FM Global urges Asia-Pacific leaders to retain focus on climate risks

Recovery from the Covid-19 pandemic and preparation for a potential second wave is clearly top of the agenda currently for business leaders across the Asia-Pacific region and worldwide. But leaders in the Asia-Pacific region in particular must continue to focus on the impact of climate change and invest in loss prevention, business continuity and risk management and mitigation measures to…

Thailand’s non-life insurance industry to decline in 2020

Thailand’s non-life insurance industry to decline in 2020

Thailand’s non-life insurance industry to decline in 2020

Thailand’s non-life insurance industry is set to contract by 5.6% in 2020 due to the severe impact of Covid-19 on Thailand’s economy, according to GlobalData. Thailand’s non-life insurance market is forecast to grow at a compound annual growth rate (CAGR) of 4.1% during 2020-2024. GlobalData said Thailand’s non-life insurance industry grew by 4.6% in 2019 (with THB207bn in gross written…

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

More than half of organisations around the world surveyed by the Business Continuity Institute (BCI) intend to diversify their supplier base post-pandemic, with the Far East set to be the biggest casualty. The research also shows that although most organisation did not have a plan in place to deal with Covid-19, the crisis has sparked due diligence further into supply…

South Korea to relax reinsurance rules to promote competition

South Korea to relax reinsurance rules to promote competition

South Korea to relax reinsurance rules to promote competition

The South Korean government has revealed that it will lower reinsurance market entry barriers to promote greater competition for local insurer cessions, according to leading Korean business magazine Business Korea. The current Korean Insurance Business Act defines reinsurance in the same manner as standard non-life insurance such as individual motor and homeowner insurance. As such, reinsurers in South Korea have…