Insights & Impacts

InsuranceAsia News (IAN) recently caught up with Tan Hian Hong, vice president and client service manager – FM Global Asia, to discuss the impact of outlier events like the Ever Given incident on insurance rates. Other topics discussed include loss prevention and resilience in a post-pandemic world and the future of the insurance industry as the region begins a long recovery from Covid-19.

A new balance will have to be struck between efficiency and resilience going forward, thought participants at our virtual roundtable In January, over 20 risk managers based in Singapore and Malaysia and from a variety of different industry sectors,...

China is the only major economy to report positive economic growth in 2020, a year that saw a global recession because of the COVID-19 pandemic. Other regions of Asia are clearly on the right track with a positive outlook for 2021.

The "state of the market" has been a regular agenda item in any broker, insurer or risk manager meeting lately. In the last couple of years, pretty much every industry player has produced reports, articles, or papers to explain why the market has changed, to try to define how long this "hardness" would last and to advise risk managers and insurance buyers on how to react to the new situation.

We hear you loud and clear. Wherever you are and whatever you do, the novel coronavirus threatened your business somehow this year. In fact, 7 of our 10 most-read articles of 2020 relate to various phases of the pandemic.

As the impacts of climate change become more extreme and widespread, FM Global has a message for building owners: Insurance can’t save you. From businesses located in flood zones to property at risk from wildfire or sea level rise, the physical infrastructure holding up many companies is increasingly vulnerable to extreme weather and events driven by the changing climate.

The companies that recover quickly from a crisis most likely have leaders who recognise that resilience is good business. A resilient organisation structures its business to ensure that it can meet its minimum needs to survive if disaster strikes. Such a cultural shift can only succeed if it gets the full support of the board, executive management, and key stakeholders.

Asia was the first region to confront COVID-19 and its businesses the first to confront unparalleled stress on property assets, supply chains, technology infrastructure and people. FM Global’s Mr Nantha Marimuthu and Ms Yong Seek Ying shares on the changing face of property risk, especially in idle facilities.

Businesses need first to adopt a holistic business risk identification process that helps the company identify the most critical part of its business to ensure its continued operation or survival. Tan Hian Hong, vice president, client service manager for FM Global Asia Operations, shares on the critical aspects of an organisation that businesses need to look at to ensure its survival and to manage risks.

Real world property damage and related costs have led to an increasing awareness of climate risk in Asia-Pacific. As economic recovery takes the forefront, it is vital that businesses continue to protect themselves from the ever-present risk of natural catastrophes.