Globalization in the insurance industry has historically been characterized by North American companies seeking to expand their business models to Europe, with Asia and South America as their secondary focus. European companies have sought to expand into North America, Asia and Latin America (for Spanish and Portuguese speaking companies).
Posts Tagged ‘Asia’
Here are recent CAT-i stories from the period July to mid-September of 2015.
In the wake of the global financial crisis in 2008, significant regulatory change aimed at preventing/mitigating future crises was implemented. While the U.S. insurance regulatory framework did remarkably well in the protection of insurance consumers and companies in the United States during the financial crisis, it was, and will be affected by these reforms. Today, the results are having a profound impact on companies’ balance sheets and risk management practices. Although primarily aimed at larger, global insurers, the changes are so extensive that they may impact medium and small insurers to some extent. The question that most (re)insurers are asking today is how can they cope with the myriad regulatory, legislative and ratings changes and continue to maximize opportunities and maintain profitable growth.
Focusing on the Asian market, James Nash, CEO of Asia-Pacific Operations, Guy Carpenter, highlighted the increasing flow of capital from the region into Europe, Lloyd’s and the US. He said: “Asia is perceived as a growth opportunity and is attracting capital from mature markets, but it is actually Asian capital seeking opportunities overseas which is the headline story this year. In 2015, Asia-Pacific has been a net exporter of insurance and reinsurance capital through M&A, with Japan and China leading the charge into Europe, Lloyd’s and the US. In the year to September 2015, outbound deals totaled USD20 billion compared with inbound deals of only USD849 million.” Looking ahead, he added: “We expect the M&A trend to continue as insurers, reinsurers and funds in the region pursue growth and diversification by going West, but we also anticipate a larger number of intra-region deals and also capital from the West coming East.”
Port of Tianjin Explosions Set to Become One of Asia’s Largest Insured Man-Made Loss Events: Potential Losses Between USD 1.6 Billion to USD 3.3 Billion
Guy Carpenter today released a report on the Port of Tianjin Explosions. The report provides initial loss estimates and outlines the many variables involved in assessing the losses emanating from the two massive initial explosions that occurred at Tianjin Port on August 12 of this year.
Typhoon Soudelor made landfall in Hualien County, Taiwan at about 05:00 CST Saturday (21:00 UTC Friday), with one-minute sustained winds of 120 mph (195 kilometers per hour) according to the Joint Typhoon Warning Center (JTWC). Soudelor brought excessive rainfall and strong winds to Taiwan, causing inland flooding, mudslides and reports of widespread damage.
Following the 15 UTC update of the Joint Typhoon Warning Center (JTWC) on August 8, Typhoon Soudelor carries one-minute sustained winds of 75 mph (120 kilometers per hour), equivalent to a Category 1 on the Saffir-Simpson Scale. Soudelor has a pressure of 970 millibars according to the Japan Meteorological Agency.
Conditions are already deteriorating over Taiwan as Typhoon Soudelor approaches. Soudelor is forecast to make landfall on the Central East coast of Taiwan early Saturday local time. Expected hazards include excessive rainfall and inland flooding, together with significant winds and storm surge. A second landfall in Mainland China is expected to bring heavy rain and wind over a widespread area.
Typhoon Soudelor is forecast to make landfall on the central east coast of Taiwan late Friday or early Saturday local time. Hazards include excessive rainfall and inland flooding, together with significant winds and storm surge. A second landfall in Mainland China is expected to bring heavy rain and wind over a widespread area.
Typhoon Soudelor continues to threaten Taiwan and Mainland China. The summary below follows the 15 UTC advisory of the Joint Typhoon Warning Center (JTWC), and the 15:45 UTC advisory of the Japan Meteorological Agency (JMA).