Franck Baron, chairman of the Pan-Asia Risk and Insurance Management Association (Parima), has joined fellow risk management leaders across the globe and issued a warning to insurers not to cease investment in service and innovation as they seek to cut costs as margins tighten.
China adopted a controversial cyber security law earlier this month, to counter what Beijing says are growing threats such as hacking and terrorism. The law requires internet operators to cooperate with investigations involving crime and national security, and imposes mandatory testing and certification of computer equipment. Companies must also give government investigators full access to their data if demanded.
More than half of Asian risk managers either use a captive or are planning to, according to Commercial Risk Asia’s Risk Frontiers survey. But while the interest in captives is growing, more work is needed to promote the risk management benefits and to create a suitable regulatory framework and market structure.
The arrival of Donald Trump at the White House as the 45th President of the US means that risk managers in Asia and the world over have another complex political and business risk to add to their ever-expanding risk registers, according to Pan-Asia Risk and Insurance Management Association (Parima) chairman Franck Baron.
Credit rating agency AM Best has published its latest report on the Asian insurance and reinsurance market. The sector can look forward to growth rates that are the envy of the mature markets of Europe and North America. But rising protectionism, tighter regulation and intense competition all pose major challenges.
SCOR has become the latest international reinsurer to be granted approval to open a branch in India, following the introduction of new rules by the national regulator.
Swiss Re announced late last month that it had created a pilot insurance programme that covers Guangdong province, China’s leading economic hub, against losses of up to $350m from tropical cyclone and excessive rainfall.
Australian institutions ‘unwilling or unable’ to address risk failings face supervisory action: APRA
The Australian Prudential Regulation Authority (APRA) will apply “greater supervisory intensity” to those institutions under its supervision that are either “unwilling or unable” to address behaviours that are inconsistent with “prudent risk management practices”, according to a recent report and statement that the supervisor published on risk culture.
The Australian Prudential Regulation Authority (APRA) has written to general insurers, asking for feedback on the treatment of Australian Reinsurance Pool Corporation (ARPC) reinsurance recoverables.
The Insurance Act 2015 shakes up insurance law in the UK. While the Marine Insurance Act 1906 (on which many common law countries in the Asia-Pacific region originally based their insurance law) has not been repealed, risk managers in the region should be aware that the new Act will apply to all (re)insurance contracts written on or after 12 August 2016, which are governed by English law.
This month, we publish our first Risk Frontiers Asia survey, in partnership with Generali and Parima. The research is a comprehensive study of the latest developments in risk and insurance management. The release of our report also marks the one-year anniversary of our publication. It was 12 months ago that we launched at the Parima annual conference in Singapore, so it is fitting that the report is published at this year’s Parima gathering in Hong Kong.
Insurers and reinsurers that are keen to expand into the huge Asia-Pacific market need to be aware of the rapid evolution in the regulatory environment across the region and of the significant differences that exist between the various countries, according to reinsurance broker Aon Benfield.
The inaugural Risk Frontiers Asia survey has been completed. Nicholas Pratt presents a summary of the findings.
As the Pan-Asia Risk and Insurance Management Association (Parima) prepared for its big conference in Hong Kong 16-17 November, the Association was delighted to announce the appointment of three new board members to bolster its expanding operations in the Philippines and Malaysia and expansion to Australia for the first time.
Franck Baron, chairman of the Pan-Asia Risk and Insurance Management Association (Parima), told Commercial Risk Asia that the Association will extend the depth and breadth of its partnerships next year, as it seeks to improve and extend its services to its growing membership across the Asia-Pacific region.
The Pan-Asia Risk and Insurance Management Association (Parima) will announce its concrete plans for the delivery of the rimap risk management certification scheme for the Asia-Pacific risk and insurance management community during its conference in Hong Kong, to be held on 16-17 November.
The ongoing efforts by Lloyd’s to reach out to customers and brokers around the world, and not just wait for the business to flow into London, received a boost in Asia last month. The Indian insurance supervisor approved its application for an onshore reinsurance licence and a memorandum of understanding (MoU) was signed with leading Chinese insurer, China Taiping Insurance Group.
Validus Holdings, the Bermuda-based specialty insurance and reinsurance group with a strong presence at Lloyd’s, has announced that its Lloyd’s subsidiary Talbot Underwriting will join Lloyd’s Insurance Company (China), the Lloyd’s China platform in Shanghai, where it will establish an underwriting division focused on reinsurance.
Commercial Risk Asia talks to David Piesse about the best way to manage cyber risk, the potential of insurtech and the lessons that Asia can learn from Estonia.
Nicholas Pratt talks to AXA Corporate Solutions’ Etienne Champion about the insurer’s One AXA Asia initiative and its plans for the region.
Guillaume Parard, P&C underwriting manager for AXA CS APAC and Asia practice leader for special risks, tells Commercial Risk Asia about the benefits and challenges of using an international programme.