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Automotive industry most impacted by product recalls - AGCS
Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased significantly over the past decade. And it is the automotive sector that is most impacted by product recalls, followed by the food and beverage sector and then IT/electronics, said Allianz Global Corporate & Specialty (AGCS) in a recent report, based on analysis of claims.

Source : AIR | 01 Jan 2018
RIMS' inaugural China forum draws government and industry support
RIMS, the risk management society, held its inaugural China forum in Beijing on 22 November. It was attended by an audience of 200 which included Chinese government officials, state-owned enterprises, large private entities, academics and local risk management and insurance professionals.

Source : AIR | 01 Jan 2018
Real estate, real risks
Mr Josh Toh of Global Logistics Properties talks to us about the real estate industry’s technology risks.

Source : AIR | 01 Jan 2018
Cyber gap still prevalent in India
Mr Saurabh Verma of Reliance Industries Limited says cyber is one of the top 3 concerns for him, while lamenting that there are not many insurers are offering cyber protection.

Source : AIR | 01 Jan 2018
GIC Re: Underwriting its future
2017 was an eventful year for GIC Re. In an interview with Asia Insurance Review, Mrs Alice G Vaidyan, Chairman-cum-Managing Director, GIC Re, assesses their achievements during the year and their plans for the years ahead.

Source : AIR | 01 Jan 2018
Which will win, cybercrime or cyber insurance?
Rapid digitalisation and growth of online culture in India has also brought in sophisticated cybercrime. Asia Insurance Review speaks to Mr Sasikumar Adidamu, Chief Technical Officer, Bajaj Allianz General Insurance, to understand how insurers can play an important role in developing a comprehensive cybersecurity framework, including cyber insurance, to tackle cybercrime.

Source : AIR | 01 Jan 2018
Belt and road initiative: Expansion has its challenges
China is expanding into new territories while developing new products and services. We spoke to Mr Wise Xu of Willis Towers Watson, China to understand the changing nature of risk.

Source : AIR | 01 Jan 2019
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: IAIS consults on systemic risk assessment framework
The International Association of Insurance Supervisors (IAIS) has launched a consultation to seek public feedback on a proposed holistic framework for the assessment and mitigation of systemic risk in the insurance sector, a significant component of the post-financial crisis reform agenda.

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
Hong Kong: Federation of Insurers launches anti-fraud AI database
The Hong Kong Federation of Insurers (HKFI) has launched the Insurance Fraud Prevention Claims Database (IFPCD). Featuring state-of-the-art AI technology provided by Shift Technology, a French company, the IFPCD will be able to help detect different types of insurance fraud, particularly those involving multiple claims and syndicates.

Source : AIR | 01 Jan 2019
Is India ready to get 'old'?
As India’s demographic dividend wanes and the nation grows older, the health insurance industry will have an important role in keeping India’s silver generation healthy.

Source : AIR | 01 Jan 2020
When will the woes of Indian farmers end?
Government, insurers and reinsurers need to work out a model that will be sustainable in the long term and also provide solace to farmers in distress.

Source : AIR | 01 Jan 2020
Hong Kong unrest and rising political risks
We spoke with Willis Towers Watson’s Stuart Ashworth about how the insurance sector is responding to the developing political risk scenario in Hong Kong.

Source : AIR | 01 Jan 2020
China: Regulator steps up risk control measures
The insurance regulator CIRC is leaving no stone unturned in its continued drive to reduce risk in the insurance industry since an outcry in February against “financial crocodiles” in the stock market.

Source : AIR | 01 Oct 2017
Taiwan: Japan risk exposure tallied in wake of N Korean missile test
Taiwan’s risk exposure to Japan was tallied at NT$553.2 billion (US$18.4 billion) around the end of August, according to the Financial Supervisory Commission.

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
Higher risk exposure in large container ships
A continual increase in the number of containers on board the new generation of large container vessels, coupled with a rise in the number of containers carrying very high-value goods, has resulted in a significant increase in high-risk exposure that is causing concern in the industry. Mr Michael Hauer of Munich Re discusses these new challenges and measures to mitigate the risks involved.

Source : AIR | 01 Oct 2017
SMEs still mostly an emerging business for insurers
SMEs, still uninsured or underinsured, and with minimal or little risk management strategies, are unaware of how precarious their survival is should the next big risk come along.

Source : AIR | 01 Oct 2017
It's time to join the cyber security conversation
Highly sophisticated cyber criminals are posing an increasing and significant threat to businesses. Mr Chris Moyer of DXC Technology discusses the steps insurers can take to manage these risks.

Source : AIR | 01 Oct 2017
Labuan IBFC as Asia's leading captive domicile

A recent survey commissioned by the Labuan International Business and Financial Centre (Labuan IBFC) showed that the risk management and insurance community are confident that the mid-shore centre has the right ingredients for businesses to establish their captive insurance companies.

Source : AIR | 01 Oct 2017
Australia: With the world at tipping point, risk managers hold sway
With increasing risk scenarios in the social, political, and business domains, the world is at a tipping point where people are ready for change, and change is inevitable, said Mr Kevin Bates, President, Risk Management Society’s (RIMS) Australasia Chapter, citing Trumpism, Brexit, and a 21-year-old Singaporean swimmer dethroning all-time most decorated swimming Olympian as almost unpredictable events where the betting world was offering huge odds.

Source : AIR | 01 Oct 2017
Insurance: the future will be transformed by human capital
With lots of technological ‘disruptions’ happening in the insurance industry, it needs to look at how to ‘insure’ its own future. Asia Insurance Review speaks to some insurance HR professionals for their views on how best the industry can marshal its present and future human resource to its best advantage.

Source : AIR | 01 Oct 2018
The new Achilles' heel of the marine industry
Cyber is the insurance class of the moment. Some insurers love it and cannot seem to write enough of it, while others hate it – citing unknown risk and potential aggregations as existential threats to the insurance industry as a whole. What is certain is that it is a very real new risk that all businesses and individuals are now exposed to that did not exist 25 years ago.

Source : AIR | 01 Oct 2018
Risk in Japan
In the run-up to PARIMA’s inaugural Tokyo conference in October, Asia Insurance Review gets an update from one of its Japanese members, Toyota Tsusho Corporation general manager, insurance department, food and consumer services division Takehisa Banno, who joined the risk management body this year.

Source : AIR | 01 Oct 2018
No better time to buy cyber insurance
As ransomware and data breach incidents hit the headlines more frequently, the dangers of ‘silent cyber’ continue to lurk. Yet insurers are starting to get a handle on insuring cyber and are ever more enthusiastic about its potential, while the cyber insurance market continues to grow in tandem with an increasing awareness from clients.

Source : AIR | 01 Oct 2018
Singapore: Identity card number collection and copying to be illegal from Sept 2019
Singapore’s data protection watchdog has issued updated guidelines to enhance consumer protection against the indiscriminate collection, use and disclosure of individuals’ National Registration Identity Card (NRIC) numbers and retention of physical NRICs.

Source : AIR | 01 Oct 2018
Accumulation risk a key concern as cyber insurance market grows - The Geneva Association
Accumulation risks need to be addressed in the context of a hyper connected digital world, as cyber insurance offerings and premium volumes expand sizeably. Sustainable growth in the cyber insurance market should not be taken for granted, says a new report from the Geneva Association called Advancing Accumulation Risk Management in Cyber Insurance.

Source : AIR | 01 Oct 2018
Regulatory changes the way of non-life
China’s non-life insurance industry has traditionally been underpinned by motor insurance, but that is changing. We spoke to Mr Qin Lu, CEO for both Aon Benfield Greater China and Aon Risk Solutions, China at the recent Rendez-vous de Septembre for his perspective on the industry’s new growth opportunities and the impact of regulatory developments on the mainland.

Source : AIR | 01 Nov 2017
Insuring foreign direct investment
Even though the political risks & trade credit insurance is growing in Asia, Mr Alexander Holcroft of Markel says the product is still under-penetrated in the region and insurers need to work closer with clients to ensure their needs are met.

Source : AIR | 01 Nov 2017
Global: COSO updates 2004's ERM framework
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released the highly-anticipated ERM Framework: Enterprise Risk Management-Integrating with Strategy and Performance, an update to a 2004 document which has been one of the most widely-recognised and applied risk management frameworks in the world.

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
RMIA: Australasia's risk expertise aims to sail beyond its shores
Mr Scott Ryrie, as CEO of the Sydney-based Risk Management Institute of Australasia (RMIA), is all set to further develop the risk profession in the region and expand RMIA’s foreign membership. We sat down with him during the recent SIRC to find out more.

Source : AIR | 01 Dec 2017
Thome Group opens state-of-the-art operations hub in Singapore
The Thome Group, a dynamic provider of integrated ship management services, has opened a modern operations hub at its office in Singapore to enhance the quality of its ship management services and reaction times to emergency responses.

Source : AIR | 01 Dec 2017
Japan: Regulator warns of Initial Coin Offering risks
Japan’s Financial Services Agency (FSA) has issued an advisory warning to users and business operators about the risks of Initial Coin Offerings (ICOs), or digital token sales.

Source : AIR | 01 Dec 2017
Regional risk management associations to mutually recognise certifications

Five of the world’s largest risk management associations, including the Pan-Asia Risk and Insurance Management Association (PARIMA), have agreed to work together towards mutual recognition of their respective risk management designations and certification programmes.

Source : AIR | 01 Dec 2017
AI and machine learning bring benefits to financial services, but also risks
Financial institutions are increasingly using AI and machine learning in a range of applications across the financial system and while this brings benefits, there are also risks, said a report published by the Financial Stability Board (FSB).
Source : AIR | 01 Dec 2017
Insurance industry joins new WEF-led coalition to tackle innovation risks
The insurance industry has joined forces with technology companies and governments in a new initiative led by the World Economic Forum that will work on avoiding catastrophic levels of uninsured risks in the innovation economy.

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
Taiwan: Insurers' international bond holdings under scrutiny
The Financial Supervisory Commission (FSC) said it will curb foreign exchange risk in insurers’ international bond holdings and study whether or not to tighten supervision over the investments.

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
Banking crisis and insurance industry - view from India
Minor aberrations apart, the recent crisis in India’s banking industry does not appear to have impacted the Indian insurance industry.

Source : AIR | 01 Dec 2019
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
Firms will make enterprise-wide changes to address cyber risk - Aon
As cyber attacks grow in volume and scale, companies will be compelled to address cybersecurity risk holistically by integrating it more aggressively into their enterprise risk management (ERM), said Aon’s latest 2018 Cybersecurity Predictions report.

Source : AIR | 01 Feb 2018
Bridgestone executive Robert Cartwright Jr appointed RIMS' 2018 president
The Risk & Insurance Management Society Inc (RIMS) has appointed Mr Robert Cartwright Jr, an executive at leading tyre company Bridgestone, as its president for the 2018 term.

Source : AIR | 01 Feb 2018
Institute of Risk Management expands footprint to Asia
The London-headquartered Institute of Risk Management has appointed its first “ambassadors” in India, as it seeks to expand its international footprint into Asia. It comes on the back of the organisation’s inaugural visit to China last month.

Source : AIR | 01 Feb 2018
Insuring Live Sporting Events: An Olympic-sized risk?
In the lead up to the Winter Olympics in Pyeongchang later this month, we speak to Mr Michael Furtschegger from AGCS on the risks and exposure of hosting live sporting events and the important role insurance can play.

Source : AIR | 01 Feb 2018
Insuring battleships is no child's play
Ms Melody Caffin, the first Pan-Asia Risk and Insurance Management Association (PARIMA) Australia board member, oversees what is believed to be the largest-ever maritime construction insurance programme in Australia. We speak to her on what her role entails.

Source : AIR | 01 Feb 2018
Australia - Changes to traffic laws and insurance needed for self-driving vehicles
Legislative action and changes to motor insurance are needed in order to accommodate a “high level” of automation on Australian roads in the next five years, according to a report “Transforming Mobility”, a joint initiative from NRMA, PricewaterhouseCoopers (PwC) and transport company Keolis Downer.

Source : AIR | 01 Feb 2018
Indonesia: Shortage of actuaries keenly felt
The increase in the number of actuaries has failed to keep pace with the growth of the insurance industry in Indonesia, according to the Chairman of the Society of Actuaries of Indonesia (Persatuan Aktuaris Indonesia, PAI), Mr Rianto Ahmadi Djojosugito.

Source : AIR | 01 Feb 2018
Japan: Insurers launching more offerings to safe drivers
Insurers are offering lower premiums on an increasing number of new auto insurance products, in cases where the driver meets certain safety criteria.

Source : AIR | 01 Feb 2018
Philippines: Insurer works with IFC to reach out to women
Insular Life, the first and largest Filipino life insurer, and the World Bank’s International Finance Corporation (IFC) have entered into a partnership to educate and offer risk-mitigating solutions for women in the Philippines.

Source : AIR | 01 Feb 2018
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
South Korea: Local insurers to play bigger role in corporate plans
The domestic insurance market is expected to continue to play an increasingly important role in large corporate insurance programmes, says Aon in its annual Asia Market Review.

Source : AIR | 01 Mar 2018
Pakistan: Infrastructure projects to generate additional premiums of up to US$600 mln
The China Pakistan Economic Corridor (CPEC), established in 2017, with a number of significant projects starting to kick off, is expected to generate up to US$600 million in additional insurance premiums in the coming years as China invests billions of dollars in creating new motor, rail, power, and energy infrastructure in the country. This estimate is provided by Aon in its Asia Market Review 2018.

Source : AIR | 01 Mar 2018
Insurance CROs under pressure from digital risks
Mr Sumit Narayanan of EY, who led EY’s APAC Insurance CRO survey 2017–2018: Empowering for transformation which interviewed the region’s leading insurers and reinsurers, looks at the biggest challenges facing chief risk officers (CROs) in managing radically different risks in a digital world.

Source : AIR | 01 Mar 2018
Look out for these what-if scenarios - WEF's 10 potential future shocks
The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.

Source : AIR | 01 Mar 2018
Top connected risks trends in 2018 - Russell Group
The relationship between public capital and private capital, macroeconomic risks and protectionism and data privacy are among the key connected risks trends that corporates need to be aware of in 2018, says a white paper from risk management and services software company Russell Group.

Source : AIR | 01 Mar 2018
India's budget conundrum - Insuring 500 million
The world’s largest government funded healthcare programme which is expected to benefit 500 million beneficiaries was announced by the Indian Finance Minister Arun Jaitley in his Budget proposal presented in February for the 2018-19 fiscal year (FY2019). We look at the challenges before the government in getting this programme off the ground and running.

Source : AIR | 01 Mar 2018
RIMS' President Robert Cartwright, Jr: Attracting the next generation
Mr Robert Cartwright, Jr is the 2018 President of RIMS, the risk management society™, and the Division Manager –Environmental, Health, Safety & Sustainability – Northeast Division at Bridgestone Retail Operations.

Source : AIR | 01 Mar 2018
Defective building products store up trouble for insurers
Flammable and leaky cladding, sub-standard steel, toxic plasterboard and exploding glass. Emerging construction risks can have a big impact across insurance classes. Mr Nicholas Murphy of Gen Re elaborates.

Source : AIR | 01 Apr 2018
Updated ISO 31000 risk management standard keeps things simple
The International Organization for Standardization (ISO) has issued a newly revised version of the ISO 31000, Risk management – Guidelines. The updated ISO 31000:2018 is a clearer, shorter and more concise guide to help organisations improve planning and decision-making through the use of risk management principles.

Source : AIR | 01 Apr 2018
Political risk landscape to remain turbulent in 2018 - Marsh
Political risk will remain a major concern for multinational businesses in 2018, driven by events including the North Korea missile crisis, ongoing Brexit negotiations, and trade protectionism, according to Marsh’s Political Risk Map 2018.

Source : AIR | 01 Apr 2018
Enhancing the risk management function in Asia
Mr Shoaib Javed Hussain of Milliman shares key findings from their study, which maps the journeys taken by leading multinational life insurers operating in Asia as they seek to make risk management a strategic partner to the business.

Source : AIR | 01 Apr 2018
Risk managers' perspective on the great leap forward
Risk management has been gaining wider visibility and appreciation in Asia. We speak to five risk managers – winners and finalists in the Corporate Risk Manager of the Year category of the Asia Insurance Industry Awards over the years – to get tips on making risk management a cutting edge and be a strategic difference to organisational success.

Source : AIR | 01 Apr 2018
Singapore: University students get a taste of real-world risk management

Source : AIR | 01 May 2018
Insurance literacy: Mind the gap
Philippine Insurers and Reinsurers Association chairperson, Ms Rebecca B Dela Cruz, on the importance of insurance literacy, microinsurance and crop insurance.

Source : AIR | 01 May 2018
Marine risk engineers face a more demanding future
XL Catlin’s Jarek Klimczak argues that as technology develops, marine risk engineers will have to become more versatile and technologically astute - expertise in automation/robotics, cybersecurity, asset tracking, advanced materials and building/ship design and construction will become more important.

Source : AIR | 01 May 2018
News - Cyber risk management will be a major challenge in 'smart cities' of the future
Cities in Asia Pacific are getting smarter, but they must be ready for the cyber security risks that accompany the growing adoption of tech-enabled real estate and infrastructure, according to the Clicks and Mortar: The Growing Influence of Proptech study by real estate services company JLL and start-up community Tech in Asia.

Source : AIR | 01 May 2018
Dancing in the dark - AI fights the unknown unknowns
Darktrace’s Mr Sanjay Aurora digs deep into the use of artificial intelligence and machine learning to combat cyber threats that could have applications in the insurance sector.

Source : AIR | 01 May 2018
Japan: Insurers consider backing off from loans and investments to coal sector
Japanese insurance companies are mulling limits on coal-fired power financing, reported Bloomberg.

Source : AIR | 01 Jun 2018
Belt and Road Initiative challenges the insurance profession
As more details emerge about the Belt and Road Initiative it has quickly garnered interest and become one of the most exciting global trade developments of recent times.

Source : AIR | 01 Jun 2018
International Maritime Organization adopts climate change strategy for shipping
The United Nations International Maritime Organization (IMO), which comprises over 170 member nations has adopted an initial strategy on the reduction of greenhouse gas (GHG) emissions from ships.

Source : AIR | 01 Jun 2018
Risk management not keeping pace with tech advances - Marsh/RIMS
Emerging technologies continue to change rapidly the way businesses operate and interact with customers, but risk management processes are not keeping pace with the associated risks from these disruptive technologies, said a recent report published by Marsh and RIMS, the risk management society.

Source : AIR | 01 Jun 2018
How blockchain could revolutionise the insurance industry
It seems clear that there are many applications for the use of blockchain technologies in the insurance sector. Mr Faisal Siddiqi of DXC Technology outlines some of the potential benefits - and looks at what the future might hold in store.

Source : AIR | 01 Jun 2018
Singapore: RIMAS highlights importance of global communication in cyber attack defence

Source : AIR | 01 Jul 2017
Indonesia: Higher concentration risk for insurers
Recent regulations requiring insurers to cede risks to domestic reinsurers has led to a change in the counterparty risk landscape for a number of insurers, said reinsurance advisory firm JLT Re.

Source : AIR | 01 Jul 2017
The Executive view of general insurance in Asia: It's happening. Belt up for bigger changes
The growth lure of Asia, cyber panic, disruptive forces and technology-driven innovation and the need to spur risk management awareness were some of the hot issues at Asia Insurance Review’s Executive Roundtable on general insurance. Held in Singapore, it offers a regional perspective of the issues in-volved in the lead up to the IIS’ Global Insurance Forum this month.

Source : AIR | 01 Jul 2017
Bangladesh farmers can now breathe easy
Bangladesh suffers largely from the vagaries of nature with frequent droughts, flooding and storms that take a heavy toll on the farming community, whose livelihood is affected causing extreme distress and social unrest. We speak to Messrs Arup Chatterjee and Md Mortaza Golam from ADB on the impact of the crop insurance scheme and the experiences from the market.

Source : AIR | 01 Jul 2018
New Zealand: Lloyd's says man-made threats pose biggest risk to largest cities
Man-made threats account for over half (53%) of the risk to the annual economic output (GDP@Risk) of New Zealand’s largest cities, according to Lloyd’s.

Source : AIR | 01 Jul 2018
Tax risk management with a lens on transfer pricing
The Asia Pacific region embodies a multitude of different tax systems, ranging from the highly sophisticated to the less developed. Nevertheless, it is possible to discern trends as countries modernise their tax structures and defend their fiscal borders through a combination of base erosion and profit shifting-inspired developments and unilateral actions. EY APAC insurance tax leader Dale Judd provides some insights.

Source : AIR | 01 Jul 2018
The new world order of risk
The business of insurance and risk is facing a new world order. In our globalised world, wealth is concentrated, borders have blurred and systems of finance and governance are more interconnected than ever. Mr Iain Ferguson of Lloyd’s Asia Pacific provides some insights from the City Risk Index.

Source : AIR | 01 Jul 2018
Supply chain from a risk engineering perspective
There has been increasingly serious business interruption experienced by large industrial companies globally, according to industrial insurer HDI Global SE. Singapore-based senior risk engineer Moey Park Moon provides a perspective of how the global supply chain has evolved.

Source : AIR | 01 Jul 2018
Emerging geopolitical risks a top threat to financial markets - Swiss Re
Emerging geopolitical risks are the top threat to financial markets, and one of five top emerging risk themes identified as posing the largest challenges globally in this year’s Swiss Re SONAR report.

Source : AIR | 01 Jul 2018
Global: World's first threat-information sharing group for regulators established
The Financial Services Information Sharing and Analysis Center (FS-ISAC) has announced the upcoming launch of the world-first CERES (CEntral banks, REgulators and Supervisory entities) Forum, a new information sharing group for central banks, regulators and supervisors to share information impacting global security and resiliency.

Source : AIR | 01 Jul 2018
Could some Asian cities end up underwater soon?
Several Asian coastal cities face the twin threats of rising sea levels and land subsidence due to over-exploitation of groundwater. Plans are afoot to relocate fast-sinking cities like Jakarta.

Source : AIR | 01 Jul 2019
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
IIS designates 20 universities as GCIE
Twenty universities from around the world have been designated by the International Insurance Society (IIS) as Global Centers of Insurance Excellence (GCIE) in the programme’s inaugural year. The certification programme recognises outstanding risk management and insurance programmes that play an integral role in promoting insurance knowledge and research.

Source : AIR | 01 Aug 2017
PARIMA Shanghai 2017 highlights risk management concerns in China
The Pan-Asia Risk and Insurance Management Association (PARIMA) hosted its second regional conference of 2017 in Shanghai recently. Topics including China’s cyber regulation, captives, supply chain risks, project risks related to international expansion, product recall and safety management in construction projects were discussed.

Source : AIR | 01 Aug 2017
Businesses need to prepare for full costs of cyber attacks: Lloyd's
Businesses could face a much higher bill than they expect or are prepared for after falling victim to a cyber-attack, according to new research from Lloyd’s.

Source : AIR | 01 Aug 2017
Risk management across supply chain vital to cyber defence
The interconnected and unbounded nature of the cyber means that each company is vulnerable to risks from each partner in the ecosystem. Cyber security requires a collaborative effort supported by information sharing, said speakers at the 2nd Asia Cyber Risk Summit.

Source : AIR | 01 Aug 2017
Home insurance: Indians are not at home with it!
In India, many are still ignoring issues pertaining to safety and security of their homes. Could the new Real Estate Regulatory Authority Act (RERA Act) be a game-changer?

Source : AIR | 01 Aug 2017
View from India: Hotspots will be hot to handle
Eight hundred million people in South Asia are at risk since the areas in which they live are projected to become ‘moderate’ to ‘severe’ hotspots by 2050 according to a World Bank study ‘South Asia’s Hotspots’. Six hundred million of these live in India.

Source : AIR | 01 Aug 2018
Belt and Road Initiative: Opportunities and risks
China’s Belt and Road Initiative will bring the global economy enormous growth and investment opportunities, estimated by Swiss Re to be worth an additional $23bn in commercial insurance premiums by 2030. However, BRI projects also bring with them risks. The first-ever Insurance Summit on BRI organised by Asia Insurance Review saw experts discuss these issues.

Source : AIR | 01 Aug 2018
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
Hong Kong: Regulator plans to introduce ERM rules in 2020
The Hong Kong Insurance Authority (IA) recently released a draft guideline on enterprise risk management (ERM) as part of Hong Kong’s move towards a risk-based capital regime.

Source : AIR | 01 Aug 2018
Insurance industry's first standard for global cyber data breach released
ACORD, the global standards-setting body for the insurance industry, has announced what is said to be an industry-first standard for cyber data breach. The new ACORD cyber data breach standard was developed in collaboration with Aon and specialist insurer Beazley.

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
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
Is your agent a rogue?
Insurance fraud risk abounds and there are many perpetrators. Messrs Reuben Khoo and Saket Bhartia of Ernst & Young Advisory Pte Ltd, focus on the role of agents and zoom in on the ways agents can commit fraud.

Source : AIR | 01 Sep 2017
Re-imagining risk
Emerging threats such as cyber, climate change, health and urbanisation, are challenging businesses and insurers. Mr Peter Cheesman of Aon Benfield Australia discusses the changing risk landscape from an insurance perspective.

Source : AIR | 01 Sep 2017
Mark Mitchell: Navigating risk with tailored solutions
We live in a world today that is more connected than ever before. Similarly, the interdependency of global businesses today brings about unique challenges for insurers. It is no longer enough to develop generic solutions. Instead, we must be able to offer our clients tailored and relevant solutions that can adapt to global developments within a local context.

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
Singapore: 11 critical sectors told to step up cyber security measures

Source : AIR | 01 Sep 2018
Four reasons insurers need AI to fight fraud proactively
The insurance industry has 7,000 companies that collect more than $1tn in premiums, providing criminals with opportunities to commit fraud.

Source : AIR | 01 Sep 2018
Cyber risks still confound - but opportunities abound
The recent Singapore Actuarial Society ERM-ESSEC CREAR Cyber Risk Conference 2018 provided some remarkable insights on this growing segment.

Source : AIR | 01 Sep 2018

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