Asian and international risk and insurance managers need to cooperate more effectively to sell the real value of insurance and holistic risk management to their board members, according to Parima president Franck Baron.
The insurance industry continues to grow impressively in the Asia-Pacific region, especially when compared with the mature markets of Europe and the US. But the international reinsurance market is decidedly cautious about the region from a growth perspective, based on interviews and presentations by the big reinsurers held at this year’s Rendez-Vous de Septembre in Monte Carlo.
The Pan-Asia Risk and Insurance Management Association (Parima) has enlisted the help of Lloyd’s as part of its mission to develop the risk management profession in the region. The inaugural Lloyd’s-Parima Professional Development Programme took place at the end of August in Singapore.
Shenzhenqianhai Financial Holdings is reportedly close to acquiring Singapore-based Asia Capital Re (ACR) for $1bn in an all-cash deal, according to the UK-based Insurance Insider magazine.
Captives and mutuals are set to flourish in China as a result of ambitious growth targets set by the authorities. The Chinese Insurance Regulatory Committee (CIRC) wants to increase premiums by 20% every year and this is likely to lead to an increase in the number of companies establishing captives and mutuals.
There is a growing recognition among local risk managers of the benefits that captives could provide to Chinese companies. According to Keith Xia, head of risk management, business reputation & responsibility, global risk management, InterContinental Hotels Group, this recognition could in turn help to turn China into an important domicile for Asian captives.
Later this month there are a number of events that will showcase the use of technology in the risk and insurance world, not least the Insuretech event run by the Pan-Asia Risk and Insurance Management Association (Parima) in Singapore on 27-28 September.
Corporate risk managers in Hong Kong will have one more insurer to enter into their beauty parades following the news that European reinsurer Swiss Re has been given the regulatory go-ahead to offer general insurance in the special administrative region. Swiss Re Corporate Solutions’ wholly owned Luxembourg subsidiary, Swiss Re International SE, was granted formal authorisation from the Office of the Commissioner of Insurance Hong Kong on 1 September.
Recent high profile corporate crises, such as BP’s Deepwater Horizon and Malaysia Airlines’ flight MH370, have highlighted the importance of having a well-planned crisis management response. Here we examine new insurance products hitting the market, with the aim of protecting company reputations.
Asia’s reinsurance market could be set for revolutionary change, thanks to a series of regulatory reforms and a number of initiatives designed to increase the adoption of insurance for natural catastrophe cover.
Commercial Risk Asia talks to Stefano Tranquillo, FM Global senior vice-president, Asia-Pacific division, about the insurer’s new Singapore training facility and its strategy for the region.
The use of parametric insurance products is on the increase in Asia, as insurers and reinsurers strike deals with not just corporates but also public bodies and municipalities.
India may be on the brink of becoming an economic superpower, with continued high annual growth rates, a thriving manufacturing industry and a young population. But it is still way behind in terms of risk management.
International insurers are heading for the Indian market but risk managers are advised to tread carefully under new rules.
As part of the Risk Frontiers survey, Adrian Ladbury talked to Keith Xia, head of risk management, business reputation and responsibility, global risk management, InterContinental Hotels Group, about his own career development and the rise of risk management in China.