Posts Tagged ‘Hong Kong’

December 12th, 2018

14 Shades of Risks: Navigating the Risk Landscape in Asia-Pacific

Posted at 1:00 AM ET

14shades_thumbnailThe Asia-Pacific region (APAC) has become the world’s primary driver of global economic growth.

While often referred to as one economic bloc, the Asia-Pacific region is home to countries and territories that are vastly different from each other in terms of demographics, economic development stages, political institutions and cultures. This regional heterogeneity translates to a diversified set of risk concerns in different countries and territories.

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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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November 29th, 2017

Guy Carpenter Asia-Pacific Climate Impact Centre Publishes Annual Report

Posted at 1:00 AM ET

gcacic_advThe report, covering the Centre’s activities during 2016, is divided into five sections.

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October 25th, 2016

Super Typhoon Haima, Typhoon Sarika

Posted at 2:41 PM ET

typhoon_haima_typhoon_sarika-smIn the Northwest Pacific Basin, Typhoon Sarika and Super Typhoon Haima have recently affected areas of the Philippines, Vietnam and Mainland China. Both typhoons made landfall in the northern Philippines within a week, as a Category 4 on the Saffir-Simpson scale. Reported impacts in the northern Philippines have been especially severe, with reports of moderate to complete damage over areas of northern Luzon. Damage from wind, flooding and mudslides have been reported, together with reports of downed trees and powerlines.

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January 19th, 2016

Developments in Asia Pacific: Overview, Part I

Posted at 1:00 AM ET

Asia Pacific is a diverse mix of countries encompassing nearly one-third of the earth’s landmass and more than one half of its population. Given the broad spectrum of economic and regulatory sophistication across the region, the approach to insurance regulation has varied on a country-by-country basis as each regime adapts solvency principles to their own needs and political realities.

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November 2nd, 2015

Guy Carpenter Report Evaluates (Re)Insurance Regulatory Advancement in the Asia Pacific Region

Posted at 3:30 PM ET

Guy Carpenter today published an assessment of the development of solvency requirements and regulatory initiatives that are impacting (re)insurers in the Asia Pacific (APAC) region. According to the report, these developments are driven by four key motivators, including the need to improve resiliency post-catastrophic loss; to increase oversight in a post-Great Recession world; to follow best practices from the banking and international insurance sectors; and finally, to satisfy domestic political pressures.

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October 12th, 2015

Regulatory Challenges and Opportunities for (Re)insurers, Part IV: Asia Pacific

Posted at 1:00 AM ET

In Asia, solvency requirements are increasing in many territories. Hong Kong and Singapore are developing new standards around risk and capital regulations. China is developing an approach similar to Solvency II via a three tiered approach like the “three pillars.”

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March 18th, 2015

Guy Carpenter Publishes Scenario Risk Report for Asia Pacific Region

Posted at 12:30 AM ET

Guy Carpenter today released a new scenario risk report titled Tsunami Risk from Magnitude 9.4 Earthquake in Manila Trench. The report provides an in-depth study of the tsunami risk from a moment magnitude 9.4 earthquake along the Manila Trench, including the Hong Kong area, Taiwan, Kota Kinabalu, Macau, Manila and Vietnam. Among the regions studied in the report, the worst case scenario predicts the highest risks in southwest Taiwan, specifically up to 4 meters at the Port of Kaohsiung, Taiwan’s principal port and the sixth largest container port in the world.

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September 30th, 2011

Update: Typhoon Nesat

Posted at 8:57 AM ET

nesat-2-smallTyphoon Nesat developed on September 23 to the east of the Philippines and intensified to become the eighth typhoon of the West Pacific typhoon season two days later. Nesat continued to strengthen as it moved west towards the Philippine coast and the storm subsequently made landfall as a category 3 typhoon in the Philippine province of Aurora on September 26 with sustained winds of around 120 mph (195 kmph), according to reports. Following landfall in the Philippines, Nesat moved through the South China Sea and clipped Hainan Island in southern China on September 29  before passing through the narrow Qiongzhou Strait and making its third and final landfall in northern Vietnam as a tropical storm. Nesat brought severe weather to parts of the Philippines and China but early estimates suggest insured losses in both countries will be less than USD150 million.

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