Rising reinsurance costs, Japan´s non-life insurers need focus on profitability - AM Best

KUALA LUMPUR, May 23 (Bernama) -- Japan’s non-life insurers are facing pressure to rebuild catastrophe reserves amid rising reinsurance costs that follow a catastrophe loss-heavy year in 2018, according to an AM Best report.

The new Best’s Market Segment Report, ‘Japan Non-Life Insurers Focus on Profitability’, stated that because of the disasters, Japan’s non-life carriers released a sizeable portion of their catastrophe reserves.

The amount of catastrophe reserves released by Japan’s three non-life insurance giants in the third quarter of fiscal-year 2018 (October to December) totalled approximately USD3.07 billion, according to a statement. (1USD = RM 4.19)

These reserves represented a 13 per cent net reduction of the insurers’ overall catastrophe reserve balance. The vast majority of these reserve releases came from the fire and allied line, and as a result, catastrophe reserves for this line declined by nearly 40 per cent.

The report also stated that some insurers’ lower wind/flood catastrophe excess-of-loss layers were exhausted after typhoons Jebi and Trami in 2018. Insurers needed to pay the reinstatement premium for restoring the layer limit after the first loss event.

Some also needed to purchase back-up reinsurance cover after Typhoon Trami to reinforce their lower-layer protection and cover any additional losses from potential winter snowstorms.

AM Best views the capitalisation of Japan’s major non-life insurers as robust and resilient to underwriting or economic challenges. It expects Japan’s domestic insurance companies to remain focused on operating profitability over the medium term.

AM Best is a global rating agency and information provider with unique focus on the insurance industry. For more information, visit www.ambest.com.

-- BERNAMA

NRI FT INDIA AND DIGITAL ASSET TO DELIVER DAML DRIVEN APPLICATIONS TO CAPITAL MARKETS

KOLKATA, India, May 21 (Bernama-BUSINESS WIRE) -- Nomura Research Institute Financial Technologies India Pvt. Ltd. (NRI FT India), a wholly-owned subsidiary of Nomura Research Institute (NRI) (TOKYO: 4307), has partnered with Digital Asset to create innovative capital markets applications using DAML, the open source smart contract language created by Digital Asset to synchronize business processes and make transaction workflow more transparent and efficient.
 
DAML is used to model business processes using smart contracts, capturing the rights and obligations associated with any asset class, business transaction or complex multi-party workflow to drive automation and efficiency. DAML is a core component of a number of Digital Asset projects and proofs of concept, including those with the ASX, HKEX and other market infrastructure providers.
 
Mr. Maulindu Chatterjee, Head of Global Delivery at NRI FT India said, “Our rich domain expertise in capital markets and years of experience delivering mission-critical solutions has helped us rapidly establish competencies with DAML, a technology we find is getting adopted by major markets in the APAC region such as ASX & HKEX.”
 
“Importantly,” Chatterjee added, “DAML has significantly enriched our capabilities as we build out complex enterprise workflows for a range of financial products. NRI FT India was able to develop multiple Proof of Concepts with DAML Smart Contracts within a short span of just five months. NRI FT India is looking forward to expanding the work we’re doing with Digital Asset in the Australian, Hong Kong and Japanese markets. Our collaboration with Digital Asset is a major strategic business opportunity for us.”
 
“We are delighted to partner with NRI FT India - its deep expertise and global delivery capability will help us scale our solutions and meet the rigorous needs of systemically consequential capital market infrastructures and financial institutions in APAC,” said Jon Rout, Business Development Director Asia Pacific for Digital Asset. We look forward to expanding the work we are doing with NRI FT India on significant client engagements and exploring new business opportunities together in the future.”
 
About DAML

DAML is an open source functional programming language designed specifically for use in multi-party business processes. DAML abstracts away the underlying complexities of blockchains and database technologies, allowing developers to focus on the logic of the applications they are building. For more information about DAML, please visit daml.com
 
About Digital Asset

Founded in 2014, Digital Asset is a leading provider of distributed ledger technology (DLT) solutions that solve real-world business challenges. The company combines deep industry expertise with advanced technologies, including DAML, an intuitive smart contract language, to help clients streamline multi-party business processes on distributed platforms. To learn more about Digital Asset, please visit https://www.digitalasset.com. To learn more about DAML, please visit https://www.daml.com.
 
About Nomura Research Institute Financial Technologies India Pvt. Ltd

Founded in 2001, Nomura Research Institute Financial Technologies India Pvt. Ltd. (NRI FT India) is a wholly-owned subsidiary of Nomura Research Institute (NRI). NRI FT India provides a range of reliable, scalable and adaptable IT Solutions to capital market entities around the world and has established the technical excellence and successful implementation track records in developed markets like Japan, Australia, USA, UK, Hong Kong, Singapore, as well as emerging markets like Thailand, Sri Lanka and Mongolia. To learn more about NRI FT India, please visit www.nrifintech.com.
 
About Nomura Research Institute (NRI)

Founded in 1965, NRI is a leading global provider of system solutions and consulting services, including management consulting, system integration, and IT management and solutions for financial, manufacturing, retail and service industries. Clients partner with NRI to expand businesses, design corporate structures and create new business strategies. NRI has about 13,000 employees in more than 50 offices globally including New York, London, Tokyo, Hong Kong, Singapore, and Australia. NRI reports annual sales above $4.2 billion. For more information, visit www.nri.com/en
 
View source version on businesswire.com: https://www.businesswire.com/news/home/20190520005875/en/
 
Contact
 
Media Contacts
NRI FT India
Paramita Chatterjee
Email: marketing@nrifintech.com
Tel: +91-33-6604-1000
Digital Asset
Email: vera.newhouse@digitalasset.com
Tel: +1-917-602-3922
 
Source : Nomura Research Institute, Ltd.
 
--BERNAMA

FUSIONEX RAMPS UP YIELD FOR MULTINATIONAL MANUFACTURER WITH IR 4.0 SOLUTIONS

KUALA LUMPUR, Malaysia, May 21 (Bernama-BUSINESS WIRE) -- Fusionex, a leading multi-award-winning data technology provider specializing in Big Data Analytics, Artificial Intelligence (AI), and Industrial Revolution (IR) 4.0 has clinched a multimillion-dollar contract to increase the productivity and harvest yield of a large manufacturer through the use of IR 4.0 technologies.
 
Founded 4 decades ago, the client employs 10,000 workers and has a multi-billion dollar annual turnover. In an effort to boost operational productivity and efficiency further, Fusionex will be providing the client with Big Data Analytics, AI and Continuous Intelligence platforms to collect, store, monitor, and take action upon insights gleaned from production data from its factories and plants on a 24/7 basis.
 
By using Fusionex’s cutting-edge solutions, the client will be able to track and analyze parameters such as temperature, humidity, pressure fluidity, and input-output, to derive powerful insights embedded within the client’s intelligent processes. As a result, Fusionex expects to increase the client’s yield by millions of dollars per month.
 
Fusionex will be introducing an AI-powered digital platform to help the client further automate its production processes, maintenance activities, and breakdown prevention.
 
Fusionex Founder & Group CEO Dato’ Seri Ivan Teh said, “Our AI-powered, IR 4.0 technology is poised to help the client make their systems smarter as well as increase their production yield. We are excited to be selected by the client, as they embark on a journey to modernize their operations, while increasing their top-line and bottom-line, as well as future-proofing their business.”
 
About Fusionex
 
Fusionex is an established multi-award winning data technology provider specializing in Analytics, Big Data, IR 4.0, Machine Learning, and Artificial Intelligence. Its offerings are focused on helping clients unlock value and derive insights from data. Featured on Forbes, Bloomberg, Gartner, IDC, Forrester, Edison and Huffington Post, Fusionex is the largest Big Data Analytics company and market leader in ASEAN, bringing state-of-the-art, innovative and breakthrough data-driven platforms to its stable of clientele (including Fortune 500, FTSE companies, large conglomerates as well as a wide array of small and medium enterprises (SMEs)) that spans across the United States, Europe as well as Asia Pacific.
 
Gartner’s 2018 report on Modern Analytics and Business Intelligence shortlisted and commended Fusionex’s data technology platform. In addition, Fusionex has been as identified as a Major Player in IDC’s MarketScape Report for Big Data & Analytics. Fusionex is the only ASEAN-based company to be featured in both reports, cementing its credentials in the data technology market for this region.
 
To learn more about Fusionex, visit www.fusionex-international.com.
 
View source version on businesswire.com: http://www.businesswire.com/news/home/20190520005026/en
 
Contact
 
Angie Lim
angie@adv-fusionex.com
 
Source : Fusionex
 
--BERNAMA

Hong Kong´s health insurance sector needs further development - AM Best

KUALA LUMPUR, May 21 (Bernama) -- High out-of-pocket payments by patients at private hospitals and overwhelming demand for public health care underscore the need for further development of Hong Kong´s health insurance sector, according to AM Best.

Titled ´Growth Opportunities Abound in Hong Kong´s Health Insurance Market´, the Best´s Market Segment Report noted that while insurers were aware and keen to leverage the growth potential, they were also mindful of challenges affecting profitability and sustainability of the health insurance business.

With the recently launched Voluntary Health Insurance Scheme (VHIS) which encourages individuals to utilise insurance protection, and the subsequent regulatory approval for more than two dozen insurers to launch VHIS insurance products, the uptake of health insurance in Hong Kong should grow significantly.

The VHIS plan presents market players with an opportunity to strengthen their customer base, while gradually paving the way to up-sell more profitable products, according to a statement.

As direct medical products account for approximately three-quarters of the accident and health (A&H) line, the business now represents the largest share of domestic non-life gross premiums written, at 33 per cent, as of 2017.

Intense competition on A&H business, along with rising demands for greater transparency and standardised product designs will continue to exert pressure on underwriting profitability.

AM Best considers it important for the industry to embrace a lean structure and adjust marketing and distribution strategies to lower acquisition and operational costs as insurers will pay close attention to consumer sentiment towards VHIS, and adjust their strategies accordingly.

AM Best is a global rating agency and information provider with unique focus on the insurance industry. For more information, contact www.ambest.com.

-- BERNAMA

24 per cent global consumers reduce meat intake - survey

KUALA LUMPUR, May 17 (Bernama) -- A total of 24 per cent of global consumers are trying to cut down their meat intake, driving sales of global meat substitutes to reach US$19.5 billion last year. (US$1 = RM4.17)

This is according to global market research company, Euromonitor International which unveiled new research on the impact of climate concerns on dietary habits.

Euromonitor International consultant, David Hedin said according to it’s Lifestyles survey, 41.9 per cent of respondents thought climate change would increasingly impact their life from 2019 to 2024.

The United States, United Kingdom and Russia show the highest increases in the share of consumers worrying about climate change.

In India (77 per cent), Brazil (72 per cent) and China (66 per cent) of respondents try to have a positive environmental impact via their daily chores.

Hedin said despite the global growth of meat substitute sales and consumption, the meat industry was still expected to grow at a faster rate by 2023.

“Pricing and availability of meat substitutes are two key factors that currently hold back its penetration worldwide.”

-- BERNAMA

PureCircle sweetens renewal agreement with Merisant over stevia supply

KUALA LUMPUR, May 17 (Bernama) -- PureCircle, the world’s leading producer and innovator of stevia sweeteners has entered into a new stevia supply agreement with Merisant, to ensure its long-term supply of the best-tasting stevia ingredients.

“This new agreement will benefit both companies, assuring Merisant an expanded supply of next generation stevia sweeteners and assuring PureCircle a growing stream of sales to Merisant for its great-tasting stevia ingredients,” said PureCircle chief executive officer, Maga Malsagov.

It focuses on the supply to Merisant of PureCircle’s next generation stevia sweetener ingredients like Reb M. PureCircle’s Reb M is a next generation zero-calorie sweetener from the stevia leaf with sugar-like taste.

According to a statement, Merisant, one of the world’s leading producers of low- and zero-calorie tabletop sweeteners has been a partner and customer of PureCircle for the last 10 years. Its sweetener products are sold in more than 90 countries worldwide.

Merisant’s new and innovative tabletop sweeteners include Canderel and Equal with Stevia, PureVia and Whole Earth. Both PureVia and Whole Earth use PureCircle’s next generation stevia.

Tabletop sweeteners also sold broadly in supermarkets and other retail stores where Whole Earth, PureVia, and Canderel and Equal with Stevia are posting double-digit sales gains.

For more information, contact https://purecircle.com.

-- BERNAMA

DR. DEEP SAINI APPOINTED AS DALHOUSIE UNIVERSITY'S 12TH PRESIDENT

Halifax, NS, May 17 (Bernama-GLOBE NEWSWIRE) -- Dalhousie University’s Board of Governors announced today that Dr. Deep Saini has been appointed as the university’s 12th President and Vice-Chancellor.

Dr. Saini, who is currently Vice-Chancellor and President of the University of Canberra in Australia, was the unanimous choice of the search committee. He is an accomplished leader who combines significant Canadian post-secondary experience with a global outlook; a distinguished scientist whose belief in the transformative power of education has defined his life’s journey; and a warm, genuine and inspiring individual ready to build on Dal’s 200 years of achievement and chart a course towards even greater success in our third century ahead.

“I am honoured and humbled by the opportunity to serve as the 12th President and Vice-Chancellor of Dalhousie University,” says Dr. Saini. “The university’s singular commitment to its anchor role in the region’s economic and social development is fittingly matched to its lofty national and global aspirations — a balance that I have espoused throughout my career and will form the cornerstone of my leadership at Dal.”

“My sincere congratulations to Dr. Saini on his appointment. He joins Dalhousie at a time of tremendous momentum: record enrolment and fundraising, significant renewal of our campuses, and a strong leadership team in place across the university,” says Larry Stordy, Chair of Dalhousie’s Board of Governors. “Under Dr. Saini’s leadership, I’m certain these successes will be just the beginning of what Dalhousie’s third century has in store. The search committee was thoroughly impressed by the quality of candidates from around the world, who were interested in this opportunity. Even among this competition, however, Deep truly stood apart.”

Dr. Saini will begin his five-year term on January 1, 2020, and plans are underway for his first campus visit as President-Elect in early June. He follows Dalhousie’s 11th President and Vice-Chancellor Dr. Richard Florizone, who served from 2013 until 2018, and Mr. Peter MacKinnon, presently serving in an interim capacity. With Mr. MacKinnon’s term set to conclude at the end of June, the Board of Governors will review options for interim leadership for the remainder of 2019 in the coming weeks.

Born and raised in India, Dr. Saini earned his PhD in Plant Physiology from the University of Adelaide in Australia. Dr. Saini is multilingual, fluent in English, French and three South Asian languages. He has worked at four different U15 universities in Canada, beginning his academic career at the University of Alberta before becoming a leading researcher in plant biology at the Université de Montréal’s Plant Biology Research Institute. In 2006, he became Dean of the Faculty of Environment at the University of Waterloo, launching several new programs and increasing both operating and facilities funding during his term.

For most of the past decade, Dr. Saini has been either President or Principal of a major university campus, with transformative results. First, as a Vice-President at the University of Toronto and Principal of University of Toronto Mississauga, he led major internationalization efforts, oversaw a significant facilities expansion and increased faculty complement by nearly 100 professors. Then, as President of the University of Canberra he led the development and implementation of a new strategic plan which positions the school as a national leader in professional education and experiential learning, as well as in equity, diversity, inclusion and access.
 

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Attachments

• Dal Press Release
• Dr. Deep Saini 1

Brian Leadbetter
Director of Communications, Dalhousie University
902-225-9698
brian.leadbetter@dal.ca

Source: Dalhousie University
 
--BERNAMA