Annual trade worth an estimated $5tn is under threat as a dispute over China’s recent aggressive expansion into the South China Sea hots up.
A strong push by the IC to rebuild confidence among policyholders is expected to lead to M&A.
Taiwan and mainland China are counting the cost of Typhoon Nepartak, which struck in early July. Meanwhile, the reinsurance industry is also feeling the impact of a rise in natural disasters that has produced a 42% rise in losses for the first half of 2016, compared to the first half of the previous year.
Asia’s share of global premiums has risen strongly in the past decade from 22% to 30% and is expected to increase further, according to Swiss Re.
The Hong Kong non-life insurance market currently faces strong headwinds from slowing domestic economic growth and the ongoing correction in the real estate market, according to David Alexander, head of property and casualty reinsurance at Swiss Re Hong Kong.
This month we are pleased to announce the launch of the inaugural Commercial Risk Asia Risk Frontiers survey, in partnership with Generali and Parima . This comprehensive and unique research has proved very successful with our sister publications Commercial Risk Europe and Commercial Risk Africa and we hope to emulate this success in the survey’s latest regional iteration.
The World Bank’s latest economic report for east Asia and the Pacific region shows that growth is estimated to have slowed to 6.5% in 2015, from 6.8% in 2014, broadly in line with its January projections.
Risk managers with exposures in the Philippines should feel more confident about the security of their insurance coverage, based on a number of recent announcements made by the national insurance regulator.
Recently installed Philippines President Duterte is reportedly coming under rising pressure to give his stamp of approval to the long-awaited natural catastrophe pool, which will probably be part funded by the World Bank along with international reinsurance and insurance-linked securities capital.
The Philippines Insurance Commission (IC) informed the national Department of Finance at the end of June that it had decided to postpone the introduction of its planned new risk-based capital adequacy and reporting framework, because of a number of matters that need to be clarified.
The captive is a powerful risk and insurance management tool that is both underappreciated and underused in the Asia-Pacific region, currently. There are big regulatory hurdles to overcome but participants in the Kuala Lumpur leg of the Risk Frontiers Asia survey agreed that the potential is rich and urged fellow risk managers to include employee benefits sooner rather than later.
The Asian risk managers who were gathered for the Malaysian leg of the Asia Risk Frontiers project were asked whether it made sense for risk and insurance management to be combined or carried out separately.
The asian risk and insurance management community may well be at a relatively early stage of development and still, far too often, the job is carried out by legal or procurement people who are focused simply on price and little else. But Pan-Asia Risk and Insurance Management Association (Parima) members tend to be experienced and sophisticated risk and insurance professionals, who are in a position to hire staff and advise peers on what to look for in the aspiring next generation.
Raziyah Yahya, general manager, risk and insurance at Petronas, the Malaysian state-owned oil and gas firm, has been a risk manager with the firm for more than 30 years and will retire this year. She shared her wealth of experience, knowledge and views on the risk and insurance management market with Commercial Risk Asia editor Adrian Ladbury during the Risk Frontiers Asia roundtable in Kuala Lumpur.
The global insurance industry convened in Singapore for the annual IIS congress. Nicholas Pratt was there.
The keynote speaker at the IIS Global Insurance Forum 2016 in Singapore was the country’s senior financial official – deputy prime minister and chairman of the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam. He emphasised that these are “interesting times” for the insurance industry, equally full of challenges and opportunities.
Nicholas Pratt talks to Dr Guan Seng Khoo, director of risk management at Changi Airports International, about what a true enterprise risk management framework should look like and his hopes for the future of the industry.
Asian companies and their risk and insurance managers need to pay more attention to the fast-rising risk of extortion and malicious threats as well as terrorism, particularly as they expand to new territories in search of growth.
The Pan-Asia Risk and Insurance Management Association (Parima) has been invited to participate on the Insurance Development Forum (IDF).
Credit rating agency AM Best has said the Chinese risk and insurance market needs the Chinese government and its insurance regulator – the China Insurance Regulatory Commission (CIRC) – to speed up the introduction of its licensing system for the mutual insurance sector, or face potentially calamitous consequences.
A panel of risk managers has spoken out about the lack of understanding and organisation among insurer counterparts during a major international conference in Singapore.
The ever growing threats of terrorism, natural disasters and social unrest have made physical security one of the biggest concerns for corporate India, according to a survey carried out by PwC India and the American Society for Industrial Security (ASIS).
Fosun International, the Chinese conglomerate that has recently built a strong position in the international insurance and reinsurance market, is said to be at the head of a pack of investors looking at a $1bn acquisition of Singapore-based ACR Capital Holdings.
A new report from Swiss Re on emerging risks has called for more collaboration between insurers and their corporate buyers. While many of the highlighted risks may only be fully revealed to future generations, a more active approach to their management will alleviate the future burden and make for a more resilient society and a more sustainable insurance business, argues Swiss Re.