Risk and insurance managers in the Asia-Pacific region will benefit from the decision by giant Japanese insurance group SOMPO to acquire Bermuda-based Endurance Specialty Holdings, because the deal will deliver a “truly integrated” global insurer that is able to challenge the established leaders in the international programmes market, said Kengo Sakurada, president and CEO of SOMPO Holdings, speaking to Commercial Risk Asia after the deal was announced.
Guernsey, the British island captive centre, continues its campaign to promote itself to the Chinese and wider Asian market, by announcing that it will host its first insurance masterclass in Hong Kong on 4 November.
ACR Capital Holdings has confirmed that its major shareholders – 3i Group, Khazanah Nasional Berhad, Temasek Holdings and Japan’s Marubeni Corporation – have agreed to sell the reinsurance group to Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen Investment Holdings (SIHC), reportedly for $1bn.
Singapore has announced a S$10 million programme to increase cyber security know-how among neighbouring Southeast Asian states. The ASEAN Cyber Capacity Programme will use the money to pay for expertise and training in order for the countries to take charge of their respective security agendas, said Singapore’s Minister for Communications and Information Yaacob Ibrahim.
Changes to pollution laws in South Korea could raise awareness of environmental impairment liability (EIL) among corporates in the region. It will also lead to a greater take-up of environment liability insurance (ELI), not least because the new law makes it a mandatory purchase for certain companies.
In County Clare, Ireland there is a place called Lisdoonvarna, which every year holds a match-making festival. The event, which has run for 150 years, was originally designed to help single farmers with limited social skills but acres of land, to find a wife. Both the Irish government and the Catholic church were keen to see these landed singletons married off and starting a family.
Jack Howell has been appointed head of Zurich’s Asia-Pacific operations, as recently hired group CEO Mario Greco [pictured, below] continues his restructuring of the troubled Switzerland-based international insurance group.
The Myanmar government plans to further open the country’s insurance sector to foreign firms early next year. It also plans to lift a range of restrictions placed on local insurers as part of its wider effort to boost the economy, according to local newspaper the Myanmar Times.
The risks posed by cyber attacks and reputational damage are fast rising up the corporate agenda for small and medium-sized enterprises (SMEs) in Asia-Pacific and worldwide, according to Zurich Insurance Group’s (Zurich) third annual global SME survey.
Hough appointed MD for Aspen Re in Asia-Pacific, Pablo Diago appointed claims manager for HDI Global SE in Singapore, XL Catlin appoints Chambers as Hong Kong country manager, PartnerRe appoints Beedle as head of Asia-Pacific, Lloyd’s strengthens Singapore team and expands on plans for Malaysia, Swiss Re Corporate Solutions hires Jonathan Rake as head of Southeast Asia, JBA Group opens APAC hub in Singapore, appoints Ian Willis managing director and Berkshire Hathaway Specialty Insurance appoints head for new Macau office.
Munich Re is closing its operations in Malaysia, Shanghai and Melbourne but will bolster its units in Singapore, Tokyo and Beijing, as the German reinsurer adopts what it describes as a more “local” and “flexible” approach in the Asia-Pacific (APAC) region.
Spanish insurance giant mapfre has announced that it will pay €92m to take control of Indonesian insurer PT Asuransi Bina Dana Arta Tbk (ABDA), to help it tap what it calls the “enormous growth potential” of this underinsured country of some 250 million inhabitants.
Trust and transparency will be key to widening insurance penetration in Asia and tapping the vast potential in the region, according to a new report.
September saw the first InsurTech conference in Asia and the largest gathering to date of insurers and startups. Nicholas Pratt reports.
As more insurers announce new blockchain-based projects on an almost weekly basis, Adrian Ladbury asks whether this new technology could really be the saviour for an insurance industry in dire need of innovation.
The big consulting firms certainly see big potential in the use of blockchain technology by the international insurance market and big potential benefits for risk and insurance managers.
Risk managers of multinationals talk about the supply chain risks when doing business in China. Nicholas Pratt listens in.
Nicholas Pratt talks to Victoria Tan of the Ayala Corporation about her role as group head for risk management and sustainability.