The hostilities in the Middle East have triggered a surge in discussions and notifications regarding Constructive Total Loss (CTL), but these have not yet translated into a material rise in accepted claims. The industry is seeing a trend where assets remain physically undamaged but are effectively "trapped" in conflict zones. In an interview with Middle East Insurance Review, Riyadh Re CUO Belhassen Tonat highlighted the severe operational disruptions currently facing the mar

Philippine President Ferdinand Marcos Jr called on ASEAN bloc members to ensure regional energy security and resilience, as he opened the 48th ASEAN Summit Retreat in Cebu on 8 May. He urged ASEAN members to ensure regional energy security and resilience, saying: “ASEAN must strengthen coordination and reinforce preparedness, [and] pursue practical collective measures to safeguard a stable energy supply and improve interconnectivity, all the while advancing alternative and re

The heads of the International Energy Agency, International Monetary Fund, and World Bank Group have agreed to form a coordination group to maximise their institutions' response to the energy and economic impacts of the war in the Middle East. The institutions said in a joint statement, “At these times of high uncertainty, it is paramount that our institutions join forces to monitor developments, align analysis, and coordinate support to policymakers to navigate this crisis.

The Philippines' insurance regulator, the Insurance Commission (IC), Bureau of the Treasury, Government Service Insurance System, Social Security System, Philippine Deposit Insurance Corporation and the Landbank of the Philippines have signed a Memorandum of Agreement (MOA) on a shared cyber defence solution for the insurance cluster In line with the directives of the Department of Finance, the solution is intended to enhance the agencies’ capability to detect, prevent and re

The real drivers behind coal's decline in the Philippines are expansion of renewable energy and outage of fossil fuel plants according to...

The Insurance Development Forum (IDF) Risk Modelling Steering Group (RMSG) has launched a new IDF web page housing a powerful suite of...

New capital requirements for insurers in Korea, including a lower capital adequacy benchmark, are expected to relieve the insurers'...

According to a new global survey, a large majority of executives in Asia Pacific believe that the current economic climate is making...