Hong Kong strengthens bid as insurance and risk management hub

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Hong Kong is bolstering its capabilities and pursuinging new opportunities as it seeks to become a global hub for insurance, risk management and asset management as part of China’s 14th Five-Year Plan, according to chief executive Carrie Lam Cheng Yuet-ngor.

Lam, who spoke virtually at the opening of the 15th Asian Financial Forum, held in Hong Kong on Monday, said that Hong Kong is offering tax incentives to select insurance businesses and has expanded the scope of insurable risk for Hong Kong-based captive insurers. In October, Hong Kong issued its first insurance-linked securities.

The city is also working

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AXA XL names aerospace appointments

Dixie



AXA XL has announced the appointment of Thisiani Matsumura-Martins as global chief underwriting officer for aerospace, effective April 01. Matsumura-Martins will be based in Sao Paulo, Brazil, and will work closely with the regional business units to develop and assess underwriting strategic direction and profitability for aerospace. She will report to Nancy Bewlay, global chief underwriting officer.

“Thisiani brings a wealth of technical and market-facing experience,” Bewlay said. “She is a seasoned regional leader prepared to support the aerospace team in product development, innovation and client and broker relations across all geographies and markets.”

Matsumura-Martins has 27 years

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PayPal confirms reports it is “exploring” stablecoin launch

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PayPal has confirmed numerous reports that it is working on a stablecoin.

PayPal confirms reports it is “exploring” stablecoin

Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, confirmed: “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”

The reports first surfaced last May. At the time, sources said that the PayPal was holding talks with third-party start-ups in the crypto space as part of this process.

A spokesperson had said that the firm was exploring applications of digital currency as part

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CyberCube provides risk scenarios for Lloyd’s market

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Cyber analytics firm CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise.

The scenarios include a cyber power outage, a widespread malware event and a cloud outage event. They will allow Lloyd’s managing agents and syndicates to stress-test their portfolios against the risk of these events, CyberCube said.

Syndicates and managing agents using CyberCube’s Portfolio Manager will be able to run the scenarios and generate loss details for Lloyd’s. For cyber-specific RDS, CyberCube models can be used in the RDS data-gathering exercise, CyberCube said.

“This is

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