Posts Tagged ‘Asia Pacific’



September 18th, 2018

Super Typhoon Mangkhut

Posted at 4:20 PM ET

mangkhutsmallIn the West Pacific Basin, Super Typhoon Mangkhut made landfall in Northern Luzon as a Category-5 on the Saffir-Simpson Scale just after 18 UTC September 14, according to advisories of the Joint Typhoon Warning Center (JTWC). Significant impacts have been reported by media including severe damage due to wind and flooding as well as mudslides. Impacts to agricultural interests in the area have also been reported. After some weakening, Mangkhut then made final landfall just west of Hong Kong as a Category-1 on the Saffir-Simpson Scale just after 06 UTC September 16 in Taishan, according to JTWC and media reports. Considerable impacts due to wind and flooding were reported in Hong Kong, Macau and Guangdong. Media reports indicate at least 70 fatalities as a result of Mangkhut, and our thoughts and concerns are with those lost and affected by this event.

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September 13th, 2018

Managing Catastrophe Model Change

Posted at 1:00 AM ET

powers_imelda_71x88Imelda Powers, Senior Cat Management Advisor, Asia Pacific, Global Strategic Advisory

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Incorporating new hazard and claims insights can improve the estimates derived from catastrophe models. By re-analyzing historical events using the latest scientific methods or refining claims with more granular geographical and line of business breakdowns, we can update models with the latest expertise and data. But model changes that yield large swings in loss estimates for frequent events must be carefully scrutinized to understand assumptions and processes in order to truly support ownership of risk. Continue reading…

September 9th, 2018

Mw 6.6 Earthquake – Iburi, Hokkaido

Posted at 8:48 PM ET

hokaido-earthquake-smallA magnitude (Mw) 6.6 earthquake struck the island of Hokkaido in northern Japan at 18:07 UTC on  September 5 (03.07 JST on September 6), according to the U.S. Geological Survey (USGS). The epicenter was located at a depth of 33.4 km in the Iburi Subprefecture, about 20 km east of the coastal city of Tomakomai and 62 km southeast of Sapporo. No tsunami warning was issued. The event triggered significant landsliding causing damage to buildings and vehicles, as well as widespread power outages. Reports indicate nearly three million households without power, affecting about half of the 5.3 million residents of the Island. Media reports indicate at least sixteen fatalities and over 150 injured, with 26 others still missing. It will take time to fully assess the scope and severity of this event, and our first thoughts and concerns are with those affected.

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September 6th, 2018

Super Typhoon Jebi

Posted at 7:22 PM ET

jebi-2-200-x-150

In the West Pacific Basin, Typhoon Jebi made first landfall on Shikoku (Tokushima Prefecture) at around 03 UTC on 4 September, and then second landfall near Kobe (Hyōgo Prefecture) at around 05 UTC on the same day. The storm brought reports of damaging wind gusts in excess of 160 km/hr (100 mph), flooding due to storm surge and heavy rainfall and mudslides. Widespread damage and power outages have been reported by media across southern Japan. Flood impacts have been especially severe in the Osaka Prefecture, where the Kansai International Airport was affected by storm surge, with disruption also to transportation links. Media reports indicate at least eleven fatalities and 400 injured. It will take time to fully assess the full scope and severity of this ongoing event, and our first thoughts and concerns are with those directly affected.

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August 20th, 2018

Does Asset Recycling Actually Work?

Posted at 1:00 AM ET

blair-3Blair Chalmers, Director, Marsh and McLennan Companies’ Asia Pacific Risk Center

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Global infrastructure investment needs between now and 2040 are likely to top USD 94 trillion. While governments must take the lead to meet this massive infrastructure need, they cannot fund this level of infrastructure investment alone.

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July 18th, 2018

Guy Carpenter Appoints President and Head of South East Asia and Korea

Posted at 9:55 PM ET

Guy Carpenter announced the appointment of Bengt Johnsen as President and Head of the South East Asia and Korea (SEAK) region, effective Jan. 18, 2019. He will succeed Richard Jones, who was promoted to Chairman of the Asia Pacific region in August 2017. Mr. Johnsen will be based in Singapore and will report to Tony Gallagher, CEO of Asia Pacific.

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June 25th, 2018

Volcanic Eruptions: A Complex and Largely Overlooked Risk

Posted at 1:00 AM ET

Delioma Oramas-Dorta, Catastrophe Risk Analyst

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Volcanic eruptions are complex phenomena that may affect populations and economies in ways we may not be familiar with. Large volcanic eruptions can spew ash spreading hundreds or even thousands of kilometers; and deposited ash may damage buildings at different levels, from catastrophic structural damage in extreme cases of significant ash fall accumulation, to abrasion or corrosion of nonstructural elements such as roofs, gutters and cladding.

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March 7th, 2018

Takaful and the Opportunity for Peer-To-Peer Insurance; Part II

Posted at 1:00 AM ET

justinJustin Lee, Senior Vice President

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“Takaful”- an Islamic alternative to conventional insurance that has been around since 622 CE - shares several similarities with P2P insurance, and for Malaysia, which is one of the world’s largest Takaful markets, there are opportunities aplenty if the country can ride the growth in the popularity of P2P insurance.

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March 6th, 2018

Takaful and the Opportunity for Peer-To-Peer Insurance; Part I

Posted at 1:00 AM ET

justinJustin Lee, Senior Vice President

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There has been much talk about peer-to-peer (P2P) insurance, and a number of startups in this space are emerging globally and in Asia. But while P2P insurance is a new disruptor in the insurance market, it is not a new concept. “Takaful”— an Islamic alternative to conventional insurance that’s been around since 622 CE – shares several similarities with P2P insurance, and for Malaysia, which is one of the world’s largest Takaful markets, there are opportunities aplenty if the country can ride the growth in the popularity of P2P insurance.

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