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Archive for February 2nd, 2012

Marsh: Asia Property Insurance Rates to Climb in 2012 for Disaster-Hit Areas

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Other Lines Flat or Decreasing as Competition and Capacity Remain

SINGAPORE, Feb. 2, 2012 /PRNewswire-Asia/ — Commercial insurance rates in Asia are expected to climb in regions affected by natural disasters following record insurance losses in 2011, according to a comprehensive report published today by Marsh. The report also predicts that as competition among insurers for market share in many other lines of insurance remains strong, rates will continue to decline.

Substantial catastrophe losses prompted many insurers to seek rate increases in 2011, most notably in the property market, Marsh said in its report, Navigating the Risk and Insurance Landscape: Asia Insurance Market Report 2012. In disaster-hit regions, rate increases of over 30 percent are being experienced for natural catastrophe and some property risks, especially flood risk.

The report notes that the continued inflow of insurance capital, as underwriters seek to grow their Asian business, is preventing any across-the-board increases in premium rates. Local and regional insurers remain competitive, as the indigenous industry continues to become more sophisticated.

“Although reinsurance costs have risen following last year’s record losses, they are not being passed on to most insureds,” said Alan Cheah, Marsh’s CEO for Asia. “In addition, capital inflow, continued growth in the construction sector, and a heightened awareness of insurance and risk management have combined to lessen the effects of last year’s catastrophes on the broader market.

“Aside from increased property insurance rate increases — especially for those insureds with significant loss histories or catastrophe exposures — rate reductions for risks such as construction, general liability, professional indemnity and financial institutions are still achievable.”

Directors’ and officers’ (D&O) liability for U.S.-listed Asian companies are still rising, continuing a trend that began in 2010 with a spike in U.S. Securities Class Action lawsuits against Chinese companies. Despite some recent data suggesting the volume of lawsuits has peaked, rates are still expected to rise in 2012.

Rates in Japan have stabilised following capacity withdrawal and rate rises for businesses with operations in areas affected by last year’s earthquake and tsunami. In Thailand, rates for property insurance increased in flood-affected areas but have remained stable for other lines of insurance.

Major findings of Marsh’s report include the following:

— Underwriters are taking a more cautious approach to
business interruption, contingent business interruption
and supply chain insurance following large losses after
the Japan earthquake and Thailand floods.
— Rate reductions of between 5 percent and 20 percent for
general liability classes are almost universal across
the region as ample capacity and competition persist.
— There is increased interest in trade credit insurance,
as Asian suppliers become increasingly wary of their
trading partners’ credit worthiness in Europe and the
U.S.

Marsh’s annual Asia Insurance Market Report, which provides detailed information on commercial insurance market trends and conditions for all major classes of business across eleven countries in Asia, including mainland China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam is available at http://www.insurancemarketreport.com. Clients can also use this link to access Marsh reports for other regions and for multinational companies globally.

About Marsh

Marsh( http://usa.marsh.com ), a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 25,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies( http://www.mmc.com ) (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 52,000 employees worldwide and annual revenue exceeding US$10 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter( http://www.guycarp.com ), a global leader in providing risk and reinsurance intermediary services; Mercer( http://www.mercer.com/home ), a global leader in human resource consulting and related services; and Oliver Wyman( http://www.oliverwyman.com/index.html ), a global leader in management consulting. Follow Marsh on Twitter @Marsh_Inc( http://twitter.com/@Marsh_Inc ).

SOURCE: Marsh

Written by asiafreshnews

February 2, 2012 at 3:40 pm

Posted in Uncategorized

In a Difficult Job Market, EF Opens New Schools to Respond to Demand for Multilingual Professionals

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ZURICH, Feb. 1, 2012 /PRNewswire-Asia/ —

New trend: Multilingualism

For young people today, it’s more and more common to study multiple languages, as many careers require not just one foreign language, but two or even more. In an increasingly difficult job market, speaking two foreign languages may not only get you a job, but can alsosubstantially increase your salary.EF Education First is responding to this multilingual trend by opening four new language schools across Europe and EF is also offering a special study program for accelerated multilingual learning.

To view the Multimedia News Release, please click:

http://www.multivu.com/mnr/53751-ef-education

The EU has recognized multilingualism as such an important factor in the competitiveness of European employees and companies, that in 2007 they appointed an EU Commissioner devoted to promoting multilingualism in Europe. EF Education First( http://www.ef.com ), the world’s largest private language education company, has also taken note: “In Europe, employers often ask for English plus either Spanish, French, German or Italian, and we see more and more companies asking for Chinese,” explains Mats Ulenius, Vice President at EF. “Young people realize what becoming multilingual will do for their careers and their salary potential. As a result, we see a higher demand from students for courses in all the popular third languages.”

EF has responded to the multilingual trend by opening four new language schools in Europe: Paris, Madrid, Rome and Munich. Their doors will be open by February 2012 and students can apply online at http://www.ef.com/centers.

The company’s new flagship French school, EF Paris, is in its own palace-like building just steps from the Opera and the fashionable boutiques of the 9th arrondissement. “EF offers a wider range of special interest classes than any other French school in Paris, including a popular French Cuisine course taught in the school*s custom-built professional kitchen,” says Alix Lallement, the director of the school.

Like Paris, EF’s other new continental schools are also opening in the heart of exciting cities. “Students want to experience the sights and sounds of the local culture after class, so the location of the school is important,” says Jurgen Oehler, director of EF Munich, which is based in a stunning glass building in the hip Lehel district. Similarly, the EF Madrid school is in a landmark building in the vibrant Salamanca neighborhood, and EF Rome, perhaps the most impressive, is housed in a patrician mansion with frescoed ceilings, just around the corner from the famous Piazza Navona.

EF has also introduced a special program, called the EF Multi-LanguageYear( http://www.ef.com/multilanguage ), for students determined to become multilingual quickly. Participants choose two or three of EF’s 41 International Language Centers worldwide to create their own tailor-made, nine-month study tour, learning up to three languages plus the invaluable experience of cultural immersion in multiple countries.

Photos of the new EF schools on their Facebook pages:

— EFParis:
http://www.facebook.com/media/set/?set=a.10150626120428084.473629.195151008083&type=3
— EF Rome:
http://www.facebook.com/media/set/?set=a.10150716719533902.498099.197815713901&type=3
— EF Madrid:
http://www.facebook.com/media/set/?set=a.349875875024757.94219.295991390413206&type=3
— EF Munich:
http://www.facebook.com/media/set/?set=a.10150510786681716.357607.173995931715&type=3

About EF

Established in 1965 with the mission to ※break down barriers in language, culture, and geography§, EF Education First (EF) is the world*s leading international education company. EF has helped over 15 million students to learn a new language and travel abroad. With a network of 400 schools and offices worldwide, EF specializes in language training, educational travel, academic degrees, and cultural exchange programs. EF is a partner of Erasmus Student Network, the Official Language Supplier of the XXII Olympic Winter Games in Sochi 2014 and is also working with Ola Turista to help prepare Brazil for the 2014 World Cup. EF published the ground-breaking English Proficiency Index( http://www.ef.com/epi ) which measures the English ability of adults in different countries across the world.

Links:

http://www.ef.com
http://www.ef.com/centers http://www.ef.com/multilanguage

SOURCE﹛EF Education First Ltd.

Written by asiafreshnews

February 2, 2012 at 2:14 pm

Posted in Uncategorized

Deloitte Announces Opening of Deloitte Onch LLC – A New Member Firm in Mongolia, One of the World’s Fastest-growing Economies

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Mongolian office will extend expertise and client engagement in key growth areas such as energy and natural resources

NEW YORK, Jan. 31, 2012 /PRNewswire-Asia/ — Deloitte Touche Tohmatsu Limited (DTTL) announced today it has established a new member firm in Mongolia after reaching an agreement with leading local Mongolian professional services firm, Onch Audit. The new firm, Deloitte Onch LLC( http://www.deloitte.com/view/en_MN/mn/index.htm ), will offer a full range of professional services, including audit, tax, consulting, and financial advisory to clients in one of the world’s fastest growing economies.

Mongolia is a fast-growing market in the Asia Pacific region, with its significant natural resources and growing number of domestic enterprises requiring top-quality professional services. Deloitte Onch LLC is poised to leverage the increased opportunities in the region, particularly in the energy and resources sector. For example, the Deloitte Global Mining Industry team, an established network of experienced Deloitte member firm professionals in every country that has significant mining activity, will add great value to its services to mining clients operating in Mongolia.

“In addition to adding a new firm to our vast global network, we are delighted to be expanding in what is fast becoming a critical market for the Asia Pacific region and the global economy as a whole,” said Barry Salzberg, Global CEO, DTTL. “By combining the deep local knowledge of Onch Audit with specialist expertise from Deloitte member firms, the network is well-positioned to help new and existing clients in Mongolia become leaders in their market or advance their existing market leadership.”

The agreement will connect the newly formed Deloitte Onch LLC with support from a globally connected network of professionals in more than 150 countries. The new member firm will continue to be led by founder Onchinsuren (Onch) Dendevsambuu, a former senior auditor at Arthur Andersen and Ernst & Young in Ulaanbaatar and Moscow. Onchinsuren has 15 years of experience in audit, tax, and advisory, serving both multi-national companies and local clients.

“This is a very exciting time for the new Deloitte member firm in Mongolia,” said Onchinsuren. “We are proud to be joining a network so respected for its world-class service, innovation, and ethics. With the support of a global network of member firm specialists, I am confident that Deloitte member firms can continue to exceed clients’ expectations.”

Onch Audit LLC (Onch Audit) was founded in January 2004 and has since become a leading firm in the region. The Deloitte Onch LLC office currently employs a staff of 50 with plans to recruit an additional 15 over the coming months.

“We are delighted to have such dedicated professionals join Deloitte member firms in the Asia Pacific region,” said Chaly Mah, Regional Managing Director, DTTL Asia Pacific. “I look forward to working closely with Onch and her colleagues to develop business in Ulaanbaatar, delivering exemplary services to existing clients, and furthering Deloitte member firms’ local and international client base in the region.”

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see http://www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s approximately 182,000 professionals are committed to becoming the standard of excellence.

SOURCE﹛Deloitte Touche Tohmatsu Limited

Written by asiafreshnews

February 2, 2012 at 12:17 pm

Posted in Uncategorized