Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

The Covid-19 pandemic has clearly dominated the attention of CEOs of all companies across Asia in recent times, but evidence gathered by insurer FM Global has found that climate change risk remains top of mind too. The survey found that 57% of Asia Pacific CEOs and CFOs reported that addressing climate risk is a high priority in their company. The…

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Strong growth in Vietnam’s non-life sector, stable market outlook – AM Best

Vietnam’s non-life insurance sector grew by 12% in 2019 to VND52.3trn ($2.2bn) in terms of direct premiums written, according to AM Best, which has assigned a stable market segment outlook to the sector. Best noted that the fire and health and personal accident classes of business recorded remarkable growth of 30% and 20%, respectively, in 2019, supporting the sector’s overall…

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Payment delays in Asia caused by the impact of the Covid-19 virus have risen and highlight the need for focused risk management more than ever before, according to new economic research carried out by trade credit insurer Atradius. The Atradius Payments Practices Barometer published this week measures the changing pattern of payment behaviour in B2B trade. The research was conducted…

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan has reported that ten new entities were approved in 2019, comprising one general insurer, five captives, three brokers and one underwriting manager, while seven entities surrendered their licences. This is according to the Labuan International Business and Financial Centre’s (IBFC) Market Report 2019, which notes that 2020 marks the 30th anniversary of the establishment of the Labuan IBFC in…

Philippines relaxes risk-based capital rules for insurers

Philippines relaxes risk-based capital rules for insurers

Philippines relaxes risk-based capital rules for insurers

The Philippines’ Insurance Commission (IC) has relaxed the rules on net worth and risk-based capital (RBC) requirements to provide relief during the Covid-19 outbreak, according to a report published in newspaper Philstar. According to the paper, insurance commissioner Dennis Funa said: “The insurance industry requests for temporary relief on the implementation of the net-worth requirements and risk-based capital requirements for…

Indonesia’s state-owned insurance holding company to improve corporate governance

Indonesia’s state-owned insurance holding company to improve corporate governance

Indonesia’s state-owned insurance holding company to improve corporate governance

The Indonesian government’s decision to form an insurance holding company is expected to lead to a positive transformation with greater corporate governance of government-owned companies in the local insurance industry, according to AM Best. Indonesia’s Ministry of State-Owned Enterprises (SOE) is in the process of establishing an insurance holding company, to be led by state-owned investment holding company PT Bahana…

Malaysian policyholders told to check for virus BI cover

Malaysian policyholders told to check for virus BI cover

Malaysian policyholders told to check for virus BI cover

The General Insurance Association of Malaysia (PIAM) has advised personal and commercial policyholders to check their property insurance policies to find out whether they are covered for Covid-19 virus claims. PIAM stated that it is aware of the huge uncertainty surrounding the validity of insurance policies and business interruption (BI) cover in particular for virus-linked losses. The association stated that…

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

Risk management and business continuity plans have been shown by the Covid-19 crisis to be absolutely critical in the effort to maintain supply chains in Asia and on a global basis, and need to be improved to protect Asia’s position as a global trade and investment hub, Japan and the Association of Southeast Asian Nations (ASEAN) have formally agreed. The…

Beazley opens service company in Labuan

Beazley opens service company in Labuan

Beazley opens service company in Labuan

Beazley has established a new service company in Labuan, Malaysia to extend its distribution capabilities in Asia-Pacific. The service company, Beazley Labuan Limited, will support Beazley in building its presence in the Malaysian market. It has received authorisation from the Labuan financial regulator. Beazley Labuan will underwrite various classes of business on a reinsurance basis on behalf of Beazley’s Lloyd’s…

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

The Labuan Financial Services Authority (Labuan FSA) has announced temporary regulatory reliefs (TRRs) for Labuan entities, including insurers and captives, to cushion the impact and disruption to business operations caused by the coronavirus pandemic. Labuan FSA said the TRRs “are intended to provide administrative and financial relief to Labuan entities during the Covid-19 crisis and facilitate uninterrupted business and market…