Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Asian commercial insurance prices rose by 3.5% in the second quarter of this year, following a 4% increase in the first quarter and the highest increase in five years, according to global broker Marsh. The broker says the recent traction by Lloyd’s has had an impact in both regions. Commercial insurance prices rocketed in the Pacific region by 18% in…

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

The Australian Federal Court has ordered Japanese shipping company, Kawasaki Kisen Kaisha Ltd (K-Line), to pay a fine of $35.5m for criminal cartel conduct. This follows fines already imposed by Japan, the US, China and the European Commission, with others in the pipeline. In a note issued by Australian law firm Nathan Holding Redlich, the criminal conduct for which K-Line…

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Indian companies that import crude oil, petroleum products, chemicals and fertilisers from the Arabian Gulf and through the Strait of Hormuz are paying “phenomenally higher” cargo insurance premiums to cover war and strikes, an Indian broker has told newspaper Hindu Business Line. Standard Cargo insurance clauses exclude war and strikes. To acquire the cover, buyers need to attach the war…

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

The Pan-Asia Risk & Insurance Management Association (Parima) is this week supporting an event focused on employee benefits for risk managers in Beijing, organised by MAXIS Global Benefits Network (Maxis GBN) and its local partner ICBC AXA. Risk and insurance managers in Europe and North America are becoming increasingly involved in the management and transfer of employee benefits, as multinationals…

Corporate debt dynamics increase risk of hard landing for China’s economy

Corporate debt dynamics increase risk of hard landing for China’s economy

Corporate debt dynamics increase risk of hard landing for China’s economy

Recent efforts by the Chinese government to cushion its economic slowdown, partly sparked by the trade dispute with the US, by cutting taxes and easing monetary policy, are forcing corporate debt levels up again and will make it more difficult to avoid an economic hard landing in the medium term, according to trade credit insurer Atradius. The has insurer published…

Risk managers need to check supply chains as South Korea-Japan spat hots up

Risk managers need to check supply chains as South Korea-Japan spat hots up

Risk managers need to check supply chains as South Korea-Japan spat hots up

Japan’s decision at the end of July to drop South Korea from its whitelist of countries with approved export status will only intensify the ongoing trade war between the two nations, and will likely persuade the Korean government to accelerate its recently announced investments to protect supply chains for key national industries. Risk and supply chain managers with Asian and…

Aviva under pressure to reveal plans for Asian business in half-year results

Aviva under pressure to reveal plans for Asian business in half-year results

Aviva under pressure to reveal plans for Asian business in half-year results

Investors and analysts are putting pressure on Aviva, the UK multi-line insurer, to provide confirmation during its quarterly results statement on 8 August that it is planning to sell its Asian business. The insurer has allegedly valued the business at more than $2bn, according to news agency Reuters. Aviva has six Asian businesses – based in China, Hong Kong, India,…

RIMS continues Indian expansion with launch of certification programme with Tata AIG

RIMS continues Indian expansion with launch of certification programme with Tata AIG

RIMS continues Indian expansion with launch of certification programme with Tata AIG

US risk management society RIMS and Indian insurer Tata AIG General Insurance, the joint venture between Tata Group and AIG, have agreed to jointly develop a RIMS-CRMP Certification prep course to offer risk management training in India. The move forms part of a wider effort by RIMS to expand into the Asia-Pacific region, notably so far focused on India, China,…

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong is to continue to receive preferential treatment under the China Risk Oriented Solvency System (C-ROSS), allowing lower capital requirements for mainland insurers that cede business to qualified Hong Kong professional reinsurers. The China Banking and Insurance Regulatory Commission (CBIRC) said the continuation of the preferential treatment “has played a positive role in promoting the prosperous development of, and…