Tag Search Result

  • Industry finds hope in the recommendations!

    It looks like happy days are here again for the reinsurance fraternity in India, as the Reinsurance Expert Committee (REC) has recommended that after GIC Re, insurers should be allowed to obtain the best terms simultaneously from Indian reinsurers, foreign reinsurance branches, Lloyds India and cross-border reinsurers that satisfy eligibility criteria.
     

    Source : AIR | 01 Jan 2018
  • JLT Re: Sector's reserves in a "danger phase"

    Weakening reserves are a key risk, says Mr Mike Reynolds, Global CEO of JLT Re, as he shares with us the concerns and priorities of the broker for the year ahead.
     

    Source : AIR | 01 Jan 2018
  • Indian flood: Risk and opportunity

    India is one of the most flood-exposed nations on the planet, and the hazard is increasing year on year. Along with a rise in severity, the frequency of flood events has jumped significantly over the last decade. Mr Vikas Wadhera of RMS discusses this Nat CAT risk in India. 
     

    Source : AIR | 01 Jan 2018
  • New Zealand: Quakes drain disaster fund totally

    New Zealand’s emergency cash stashed away for major natural disasters is forecast to be “fully exhausted” once all of the Canterbury and Kaikoura earthquake claims are settled, according to internal government documents.
     

    Source : AIR | 01 Jan 2018
  • Modelling and data help with risk management

    There is still no way to predict ‘the next big one’, but modelling can help bridge data gaps and improve earthquake risk management, says RMS.
     

    Source : AIR | 01 Jan 2019
  • Global: UN collaborates with major insurers on climate risk-assessment tools

    The UN Environment’s Finance Initiative (UNEP FI) has announced a partnership with 16 of the world’s largest insurers to develop a new generation of risk-assessment tools which aim to enable the insurance industry to understand the impacts of climate change on their business better.
     

    Source : AIR | 01 Jan 2019
  • Asia: Typhoon Talim strikes Japan

    Another major typhoon hit northern Asia last month. Typhoon Talim made landfall in Kagoshima Prefecture on the southern tip of Kyushu Island, Japan, on 17 Sept with maximum sustained winds at 111 km/h (79 mph)—the equivalent of a weak Category 1 hurricane on the Saffir-Simpson Scale, said catastrophe modeling firm AIR Worldwide. It maintained its intensity as it traveled northward across Shikoku, Japan’s main island of Honshu, and Hokkaido through 19 Sept.
     

    Source : AIR | 01 Oct 2017
  • Sri Lanka: Reinsurance cushions insurers from weather losses

    Most Sri Lankan nonlife insurers should be able to absorb near-term volatility and the effects of adverse weather-related events given extensive use of reinsurance, said Fitch Ratings. However, frequent occurrence of major catastrophic floods could affect insurers’ capital. Reinsurance premiums paid by primary insurers are also likely to increase. 
     

    Source : AIR | 01 Oct 2017
  • Hurricanes Harvey and Irma highlight global protection gap

    A significant proportion of the unprecedented flood losses generated by Hurricane Harvey in Texas and Louisiana will be uninsured, again highlighting the existence of a global protection gap. This was stated by Aon Benfield in the September 2017 edition of its Reinsurance Market Outlook report. As a result, those affected will require substantial financial support from the United States 
     

    Source : AIR | 01 Oct 2017
  • Showtime for reinsurance

    Hurricanes Harvey and Irma thrust the perennial global protection gap starkly into the limelight, alongside rising threats from cyber and accumulation risks during the annual global reinsurance mart gathering in Monte Carlo. Asia Insurance Review reports.
     

    Source : AIR | 01 Oct 2017
  • ASEAN disaster management centre to widen its role

    The Association of Southeast Asian Nations (ASEAN) is working on appointing the ASEAN Coordinating Centre for Humanitarian Assistance on Disaster Management (AHA Centre) in Indonesia as the regional body to respond to disasters within and outside of Southeast Asia, said Singapore Minister for Home Affairs and Minister for Law K Shanmugam.
     

    Source : AIR | 01 Oct 2017
  • Engineering first

    Commercial and industrial property insurer FM Global’s approach to business is different, says Mr David Johnson, newly-appointed Vice President, Regional Manager, Asia. Not only is it a mutual company for close to two centuries, in business, it is also very much focused on loss prevention engineering backed by science.
     

    Source : AIR | 01 Oct 2017
  • Cargo still sailing on rough seas - but land ahoy!

    A year ago, the container shipping industry was in the doldrums with oversupply of capacity and lay-up of 7% of the global fleet in capacity terms. Predictions were that the market would only fully recover in 2018. One year on, we speak to some insurance players for their sentiments on the marine cargo market.
     

    Source : AIR | 01 Oct 2017
  • Product Bytes

    Source : AIR | 01 Oct 2017
  • The worst flood in a century

    In August, Kerala was devastated by floods of biblical proportions, caused by torrential rains over a three-week period resulting in close to 500 deaths and economic losses amounting to $5bn. We look at the factors behind this unprecedented natural calamity and how the insurance industry can deal with such events in the future.
     

    Source : AIR | 01 Oct 2018
  • Nat CAT- The 'calm' before the year-end storm

    While the conversation this time last year was about hurricanes Harvey and Irma, Asia at this time is reeling from losses far closer to home. As we go to print, Mother Nature is wreaking havoc across multiple countries - with typhoon Jebi, super typhoon Mangkhut and Kerala grapples with its worst floods in a century. We take stock of the Nat CAT—prior to the upcoming deluge.
     

    Source : AIR | 01 Oct 2018
  • Willis Re: Future-proofing business and society

    Amid a rapidly changing and increasingly volatile world, Willis Re International Chairman James Vickers tells Asia Insurance Review what he figures are the dominant trends to play out, as well as why regulators and industry should not lose sight of the meaning and value of global reinsurance.
     

    Source : AIR | 01 Nov 2017
  • Chinese (re)insurers need focus shift for success

    There is no doubt China’s (re)insurance industry holds abundant potential, especially with strong governmental support. But to continue on the success track, Swiss Re’s President of China, Mr John Chen, says the market also needs a paradigm shift in underwriting.
     

    Source : AIR | 01 Nov 2017
  • ILS in Asia: Action is needed now

    What will it take to expand Asia’s nascent insurance-linked securities (ILS) market? It is a worthwhile goal, and necessary steps towards market maturity are being taken. Interested capital is plentiful, yet despite a 7% growth of third-party reinsurance capital world-wide in 2017 (compared to 2% for reinsurance capital overall, according to Aon Benfield), little ILS capacity is deployed in Asia. Mr Stephen J Moss of RMS gives an overview of the current ILS status in the region.
     

    Source : AIR | 01 Nov 2017
  • Technology and talent can transform FAIR-Land

    The 25th FAIR Conference in Bahrain lists innovative use of technology and development of talent as insurance industry’s top priorities in battling emerging risks.
     

    Source : MEIR | 01 Nov 2017
  • Iran: Biggest local reinsurer seals CAT deal with SCOR

    The Central Insurance of Iran (CII), the insurance regulator and the largest domestic reinsurer, has announced an agreement with France’s SCOR, under which the global reinsurer will cover catastrophe excess of loss reinsurance for Iran.
     

    Source : MEIR | 01 Nov 2017
  • Cutting greenhouse gases, reducing disaster risk, vital for sustainable development - UN envoy

    A new United Nations report has underscored the importance of a “risk-informed” approach to sustainable development and called for integrating global agreements on disaster risk reduction and climate change into national socio-economic planning. 
     

    Source : MEIR | 01 Nov 2017
  • The capital efficiency gap

    Underinsurance is a problem, but not all of it represents a protection gap. Mr Greg Lowe at Aon and Mr George Attard at Aon Benfield Analytics International explain.
     

    Source : AIR | 01 Dec 2017
  • Sustainability a risk & opportunity for business

    PARIMA 2017 conference in Singapore last month highlighted that though sustainability is a growing strategic risk issue that could have financial impact on a business, it could prove to be an avenue of growth and opportunities.

     

    Source : AIR | 01 Dec 2017
  • Echo Re targeting more Asian business

    Dr Peter F Hugger is the man at the helm of Echo Re since February 2012. Having spent a considerable part of his 30-year professional life in Asia, with some of the top names in the reinsurance business, he is now ready to chart a new course for Echo Re in Asia, where the company already has a big presence and where he believes lies the opportunity for international players like his. He speaks to Asia Insurance Review on his new plans and strategy for the region, and the future ahead for his company.
     

    Source : AIR | 01 Dec 2017
  • Samsung Re: Expanding beyond group business

    Samsung Re has been keeping a low profile since its inception in 2011 but of late, the reinsurer has adopted a new strategy to expand its operations beyond its group business and into newer territories across Asia. We speak to Mr Tae Y Choi, CEO, Samsung Re at the SIRC, to find out the plans and strategies ahead for the company.
     

    Source : AIR | 01 Dec 2017
  • Nepal: New companies add lustre to market

    The Finance Ministry of the government of Nepal granted operating licences to nine new life insurers and issued letters of intent to three non-life insurers which created a huge buzz in the market. Some of these companies have been waiting for almost a decade for approval from the government and this move has been seen as a bold step which experts believe will increase insurance awareness and penetration across the country. We speak to two senior level executives from the industry on the state of the market and the way ahead for the industry.
     

    Source : AIR | 01 Dec 2017
  • Bangladesh: Insurance industry takes flight

    Regardless of Bangladesh’s political and economic challenges, the insurance industry has huge potential for growth and shows no signs of slowing down in the year ahead. The market currently has two state-owned companies, 45 private non-life and 31 private life insurers.
     

    Source : AIR | 01 Dec 2017
  • New Zealand: Rising seas could render coastal communities uninsurable

    Whole communities on New Zealand’s coasts could become uninsurable no-go zones as rising sea levels cause more frequent coastal flooding and tidal surges.
     

    Source : AIR | 01 Dec 2017
  • Regulator sets in place plans for Singapore to be a global capital for Asian risk transfer

    The Singapore authorities is stepping up the buzz in an already burgeoning insurance industry with a slew of initiatives announced last month, including strategies for the Lion City to be a global capital for Asian risk transfer.
     

    Source : AIR | 01 Dec 2017
  • 53 years, 53 countries, 265 members, 25th Conference - that's FAIR Land!

    Soft insurance markets, low investment returns and rapid advent of digitalisation were some of the issues discussed at the recent 25th FAIR Conference. We bring key highlights.
     

    Source : AIR | 01 Dec 2017
  • High CAT risks, low penetration in Asia - only two ways out

    Despite its continual efforts, Asia’s protection gap continues to stare the industry starkly in the face. Mr Roland Eckl, CEO Asia Pacific (Japan, Korea, India & Southeast Asia) of Munich Re believes there are only two key ways out of this conundrum.
     

    Source : AIR | 01 Dec 2017
  • BI and cyber dominate Asian risk concerns in 2018 - Allianz

    Business interruption (#1 with 42% of responses; #1 in 2017) and cyber incidents (#2 with 38% of responses; #4 in 2017) emerged as the top two risk concerns among corporates in Asia, mirroring the response of businesses globally, according to the Allianz Risk Barometer 2018. 
     

    Source : AIR | 01 Feb 2018
  • 2017 insurance recovery highlights protection gap - Aon Benfield

    Natural catastrophe events caused economic losses of approximately US$320 billion globally last year, of which $128 billion were insured. This is according to estimates by Aon Benfield in its latest Reinsurance Market Outlook report – thus marking 2017 as the third-costliest year after losses in 2011 and 2005. 
     

    Source : AIR | 01 Feb 2018
  • View from India - Advertising campaigns and insurance awareness

    Indian insurance, with a history stretching back 200 years, is like a jigsaw puzzle. But some parts of the puzzle are missing.
     

    Source : AIR | 01 Feb 2019
  • ILS potential within Belt and Road Initiative

    Asia Insurance Review spoke with ECIS-focused Bermudian ILS specialist Phoenix CRetro chief executive Kirill Savrassov about insurance-linked securities as a risk transfer option for BRI.
     

    Source : AIR | 01 Feb 2019
  • Satellite data offers new hope for flood-stricken farmers in India

    Dr Giriraj Amarnath and Dr Alok Sikka of International Water Management Institute (IWMI), explain how satellite images and flood modelling tools can help farmers in India.
     

    Source : AIR | 01 Mar 2018
  • Macau: Most of Typhoon Hato losses were reinsured

    The Macau non-life insurance industry’s ability to withstand 2017’s Typhoon Hato (Hato) shows that despite the market’s small size, it remains a healthy one, helped by strong capitalisation and earning capabilities as well as reinsurance plans, according to an A.M. Best briefing.
     

    Source : AIR | 01 Mar 2018
  • A record-breaking earthquake CAT bond for World Bank

    Aon Securities has assisted the World Bank in structuring the largest-ever catastrophe bond covering earthquakes, providing the organisation with US$1.36 billion of capital markets protection. 
     

    Source : AIR | 01 Mar 2018
  • Severe Thunderstorm Megadisaster Year in Australia - Are you prepared?

    Mr Christopher Bednarczyk of AIR Worldwide explains that when it comes to rare but potentially devastating events, examining a wide range of scenarios can help risk managers assess the possible impact to their portfolios and prepare for the unexpected.

     

    Source : AIR | 01 Apr 2018
  • Severe cold weather and Storm Emma cause extensive impacts across Europe - Aon

    The outbreak of cold, arctic air and Storm Emma affected a large area of Europe during the second half of February and into early March with temperatures falling to some of their coldest levels in decades, causing thousands of flights to be cancelled or delayed and many different sectors were closed due to inclement conditions. Local governments also reported that at least 88 fatalities had occurred due to hypothermia and other incidents.
     

    Source : AIR | 01 Apr 2018
  • CAT bonds can bridge the protection gap

    Asia Insurance Review spoke with two insurance-linked securities experts to discuss the feasibility of CAT bonds as a risk transfer mechanism in China.
     

    Source : AIR | 01 Apr 2019
  • Actuaries - time to chart a new path

    Revealing insights from the Institute and Faculty of Actuaries immediate past president Marjorie Ngwenya. 
     

    Source : AIR | 01 Apr 2019
  • Understanding and addressing global insurance protection gaps

    The Geneva Association’s Kai-Uwe Schanz provides an updated quantification of protection gaps in the areas of natural catastrophe, cyber and healthcare risk.
     

    Source : AIR | 01 May 2018
  • Japan: MS&AD issues first CAT bond against flood and typhoon risks

    Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, which are subsidiaries of MS&AD Insurance Group Holdings, have jointly sponsored the first catastrophe bond in the non-life insurance industry to provide protection against flood risks as well as typhoon risks in Japan, according to a corporate statement.
     

    Source : AIR | 01 May 2018
  • From perilous cyclones to pervasive iPhones - a market to be tapped

    The Philippine’s insurance commissioner Mr Dennis Funa talks frankly about the challenges facing the industry as well as the tremendous growth opportunity it faces.
     

    Source : AIR | 01 May 2018
  • There's more to be done

    A look at how the insurance industry is responding to the growing spectre of climate change as it brings in more devastating natural catastrophes.
     

    Source : AIR | 01 Jun 2018
  • Study says insurance industry dangerously unprepared for extreme weather

    As historic flooding caused by climate change devastated communities in Canadian states of New Brunswick and British Columbia, new research from the University of Waterloo revealed that the insurance industry has not considered a changing climate in their practices, putting homeowners at financial risk.
     

    Source : AIR | 01 Jun 2018
  • A new paradigm in CAT Modelling for Indian crops

    JBA Risk Management’s Iain Willis explains how modellers can overcome the challenge of developing probabilistic solutions for Indian crops.
     

    Source : AIR | 01 Jun 2018
  • Windstorms - A shifting threat?

    Research shows that tropical storms from the Pacific Ocean may be shifting further north, and that the storms of the future that make landfall could be even stronger and more devastating. Mr Markus Stowasser of Allianz Re elaborates.
     

    Source : AIR | 01 Jul 2017
  • Managing flood risks and sustainable development go hand in hand

    Floods in China continue to be a regular occurrence. Dr Wolfgang Kron of Munich Re discusses the flood situations there and looks at the need for sustainable development of cities as crucial to manag-ing flood risks. 
     

    Source : AIR | 01 Jul 2017
  • Disrupting catastrophe modelling

    Risk Spatial founder Nick Hassam says Open Modelling and Big Data can disrupt the catastrophe modelling process – but who will implement it? founder Nick Hassam says Open Modelling and Big Data can disrupt the catastrophe modelling process – but who will implement it?
     

    Source : AIR | 01 Jul 2017
  • Japan: Insurers' operations take off with drones

    Non-life insurance companies are adding drones to their damage evaluation repertoire that will give them a bird’s-eye view of accidents and disasters.
     

    Source : AIR | 01 Jul 2018
  • 2017 was the costliest year on record for the UK specialty insurance market

    The UK specialty insurance market suffered the costliest year on record in 2017, according to EY’s Annual Specialty Results analysis, due to a combination of natural and man-made catastrophes including hurricanes Harvey, Irma and Maria and the Californian wildfires.
     

    Source : AIR | 01 Jul 2018
  • Nat CAT: The worst is yet to come

    With climate change bringing unprecedented Nat CAT intensity, the recent 16th Conference on Catastrophe Insurance in Asia organised by Asia Insurance Review was a stark reminder that the (re)insurance industry needs to stay vigilant and improve its offerings to combat Nat CAT risks.
     

    Source : AIR | 01 Jul 2018
  • CAT resilience: Cementing the cornerstones

    Experts and regulators at the 15th Conference on Catastrophe Insurance in Asia exhorted the industry and countries alike to collaborate and beef up disaster risk management in the face of increasingly volatile risks. 
     

    Source : AIR | 01 Aug 2017
  • Sri Lanka: World Bank calls for national disaster risk funding strategy

    Sri Lanka should develop a national disaster risk financing strategy and explore catastrophe risk insurance options for public assets given losses caused by recent natural disasters whose frequency is increasing, said the World Bank in its latest development update.
     

    Source : AIR | 01 Aug 2017
  • Global: Inaugural pandemic bonds launched to support $500 million Pandemic Emergency Financing Facility - World Bank

    The World Bank has launched specialised bonds aimed at providing financial support to the Pandemic Emergency Financing Facility (PEF), the insurance mechanism it introduced a year ago to rapidly disburse funding to developing countries facing pandemic risks.
     

    Source : AIR | 01 Aug 2017
  • Teutonic order: Partnerships to step up protection against climate risk

    The theme of this year’s Global Insurance Forum, held in Berlin and hosted by the International Insur-ance Society (IIS) and The Institutes, was the ‘Innovation Transformation’.
     

    Source : AIR | 01 Aug 2018
  • Philippines: Agri insurance is a national issue, says insurance commissioner

    Agricultural insurance is no longer only a problem for farmers but has become a national issue that needs to be addressed, insurance commissioner Dennis Funa has said.
     

    Source : AIR | 01 Aug 2018
  • Environmental risks may not be covered by general liability insurance: Chubb

    Risk managers operating without a specific environmental risk policy should not assume that their environmental exposures would be picked up by general liability insurance, warns a new report.
     

    Source : AIR | 01 Aug 2018
  • CAT bond market hits series of historical highs - Aon

    Aon Securities reported that catastrophe bond issuance during 2Q 2017 stood at US$6.38 billion across 20 transactions – a new record for quarterly issuance that easily surpassed the previous record of $4.49 billion set in 2Q 2014.
     

    Source : AIR | 01 Sep 2017
  • Asia: Towards regional disaster risk management

    The four key enablers of technology and data; product innovation; research and development; and an integrated ASEAN market, can be deployed to put Asia in a strong position to address the challenges of effective assessment, management and transfer of disaster risks, said Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, who spoke at the recent 8th Institute of Catastrophe Risk Management (ICRM) Symposium held in Singapore.
     

    Source : AIR | 01 Sep 2017
  • Global: 2017 third-warmest year ever

    2017 was the third-warmest year on record for the globe, behind 2016 (first) and 2015, according to the 28th State of the Climate report released recently.
     

    Source : AIR | 01 Sep 2018
  • Indonesia: Green financing gets leg up via IFC's Bank OCBC NISP investment

    Green financing in Indonesia to combat climate change has received a boost, with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, committing $150m in a green bond issued by Bank OCBC NISP.
     

    Source : AIR | 01 Sep 2018