In the leading insurer's Great KickOff 2020 which happened earlier this month, Mr Khor Hock Seng, its Group Chief Executive Officer, opened the event with a clear message, "This is a new decade, a new era. We need to do things differently to be successful."
The economic cost of natural disasters to global economies reached $2.98tn between 2010 and 2019, which was $1.19tn higher than the previous decade. The Asia Pacific region, unsurprisingly, accounted for almost half of all losses, at 44% or $1.3tn, according to Aon's annual report on natural disasters.
Lloyd's Chairman Bruce Carnegie-Brown has urged the Indian government to increase the limit for foreign direct investment (FDI) in insurance companies to 100%, on par with that for insurance intermediaries. Speaking to Asia Insurance Review, he said recent reforms which has been undertaken by the government and regulator (IRDAI) will put the Indian insurance sector on the right path for growth.
A study by the Zurich Insurance Group (Zurich) and the Smith School of Enterprise and the Environment at the University of Oxford on agile workforce has found that 38% of the respondents in Malaysia who are currently in full-time employment, are looking to enter the gig economy in the next 12 months. This percentage is significantly higher than the global average of 20% recorded in the study.
For the third consecutive year, Business Interruption (30% of responses) ranks as the most important business risk for Chinese companies in the ninth Allianz Risk Barometer 2020. Natural catastrophes remain at (#2 with 26% of responses) while rounding up the top three is cyber incidents and market developments tied at the third spot (24% of responses.) The annual survey on global business risks from Allianz Global Corporate & Specialty (AGCS) incorporates the views of a record 2,718 experts in over 100 countries including CEOs, risk managers, brokers and insurance experts.
The Philippines maintained its second-highest alert for Taal on Sunday (19 January) as the deadly volcano continued to generate weak explosions and earthquakes a week after it started emitting ash and steam.
What drives a young millennial to become one of the top agency leaders in his company and amongst the very best in Asia's insurance industry?
Reasuransi Indonesia Utama (Indonesia Re) CEO Frans Y Sahusilawane passed away at the age of 67 on 21 January in Jakarta. He had played an influential role in the development of insurance and reinsurance in Indonesia.
Prudential has launched SmartAppoint, a free, value-added service offering extra protection in situations when an insured individual is unconscious or otherwise mentally incapacitated by enabling a family member to settle medical and daily life expenses. This new service is the first of its kind in Hong Kong.
A deadly trifecta of soaring temperatures, dry weather, and strong winds has created ideal conditions for what could possibly be one of the worst bushfire catastrophes in Australia's history. And the question on the minds of many right now: Is the climate crisis to blame?