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Key trends driving marine insurance claims activity – from fire to inflation

  • Fire, collision and sinking, and damaged cargo are the top causes of marine insurance losses by value, according to Allianz Global Corporate & Specialty’s analysis of more than 240,000 claims worth €9.2bn in value.
  • Inflation is compounding existing trends driving higher claims severity. Soaring prices for steel and spare parts and rising labor costs are impacting hull repair and machinery breakdown claims.
  • Supply chain issues continue to impact claims, as does climate change through extreme weather events and new exposures linked to the net-zero transition.

MUNICH, GERMANY – Media OutReach – 22 November 2022 Fire and explosion incidents cause the most expensive insurance claims in the marine industry, while at a time of rising exposures and inflation, cargo damage is the most frequent cause of loss, according to Allianz Global Corporate & Specialty (AGCS). The marine and cargo insurer analyzed more than 240,000 marine insurance industry claims worldwide between January 2017 and December 2021, worth approximately €9.2bn in value, and has identified a number of claims and risk trends that are driving major loss activity in the sector. Inflation is another key concern for marine insurers and their policyholders as recent increases in the values of ships and cargos mean losses and repairs are becoming more expensive when things go wrong.

“The number of fires on board large vessels has increased significantly in recent years, with a string of incidents involving cargo, which can easily lead to the total loss of a vessel or environmental damage,” says Régis Broudin, Global Head of Marine Claims at AGCS. “At the same time, the shipping sector is also having to deal with many other challenges including a growing number of disruptive scenarios, supply chain issues, inflation, time-pressured crew members and employees, increasing losses and damages from extreme weather events, implementing new low-carbon technology and fuels, as well as Russia’s invasion of Ukraine.”

Fires accounted for 18% of the value of marine claims analyzed (equivalent to around €1.65bn) compared with 13% for a five-year period ending July 2018. A contributing factor to this increase of fire risk on board vessels is often mis-declared/non-declaration (of) dangerous cargos, while a recent increase in engine room fires may reveal some underlying risk around crew competencies. The potential dangers that the transportation of lithium-ion batteries on vessels pose only add to these concerns, with AGCS having already seen a number of incidents. A report from AGCS highlights a full list of loss prevention measures to consider here[1].

Inflation driving up the values of vessels, cargo and repairs in a time of growing exposures

With many countries seeing rates at or around 10%, inflation is compounding existing trends driving higher claims severity. The rising prices of steel, spare parts and labor are all factors in the increasing cost of hull repair and machinery breakdown claims.

In addition, the value of both vessels and cargo has been increasing at a time of growing exposures associated with bigger ships, the largest of which can carry 20,000 containers at one time. The combined value of the global merchant fleet increased 26% to $1.2trn in 2021[2] while the average value of container shipments has also been rising with more high-value goods such as electronics and pharmaceuticals. It is not unusual to see one container valued at $50mn or more for high-value pharmaceuticals.

Damaged goods, including cargo, is the top cause of marine insurance claims by frequency, and the third largest by value, the AGCS analysis shows. The most common claims are physical damage, typically from poor handling, storage and packing. However, recent years have also seen a number of high-value theft and temperature variation claims – the latter can particularly impact pharmaceuticals. Theft is the third most frequent cause of claims with criminals targeting consumer electronics and high-value commodities such as copper. Cargo is typically stolen from ports, warehouses or during transits. The recent boom in container shipping has also affected cargo claims with a global shortage having resulted in substandard and damaged containers being brought back into use resulting in losses.

“The risk of theft and damage to high-value cargos needs to be addressed with additional risk mitigation measures, such as GPS trackers and sensors that provide real-time monitoring on position, temperature, moisture shock, and light and door openings, for example,” says Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS. “At the same time cargo interests need to keep a close eye on insured values. Clients may need to adjust their insurance and policy limits, or risk being underinsured – we have already seen claims for high value container cargos where the cargo interest was underinsured by as much as $20mn.”

AGCS also identifies a number of risk trends in the analysis that are likely to impact loss activity in the marine sector – both today and in the future:

  • Sources of disruption continue to increase: Recent years have seen a number of maritime incidents, natural catastrophes, cyber-attacks and the Covid-19 pandemic cause major delays to shipping and ports. Further disruption has also been caused by congestion, labor shortages and constrained container capacity. There are also greater concentrations of cargo risk on board large container vessels and in major ports, so any incident has the potential to simultaneously affect large volumes of cargo and companies.
  • Commercial pressures are already a contributing factor in many losses that have resulted from poor decision-making. With the pressure on vessels and crew currently high, the reality is that some may be tempted to ignore issues or take shortcuts, which could result in losses.
  • Climate change is increasingly affecting marine claims: Natural catastrophes is already the fifth biggest cause of marine insurance claims, by frequency and severity according to AGCS analysis. Extreme weather was a contributing factor in at least 25% of the 54 total vessel losses reported in 2021 alone, while drought in Europe during 2022 again caused major disruption to shipping on the Rhine. In the US, it dropped inland waterways around the Mississippi River to levels not seen for decades, impacting global transportation of crops such as grain.
  • A more sustainable, greener approach in shipping sector is needed, but comes with risks: Efforts to decarbonize the shipping industry, which is a major contributor to global greenhouse gas emissions (GHGs) will also impact claims going forward. Reducing GHGs requires the shipping industry to develop more sustainable forms of propulsion and vessel design and use alternative fuels. As much as the introduction of new technology and working practices is needed to move to a low-carbon world, it can result in unexpected consequences – insurers have already seen a number of machinery breakdown and contaminated fuel claims related to the introduction of low sulfur fuel oil in recent years as part of the move to cut sulfur oxide emissions. Machinery breakdown is already the fourth largest cause of claims by frequency and value.
  • Impact of Russia’s invasion of Ukraine: The shipping industry has been affected with the loss of life and vessels in the Black Sea, trapped vessels in blocked Ukrainian harbors and the growing burden of sanctions. Although the signing of the ‘Black Sea Grain’ Initiative in July 2022 enabled some vessels trapped in ports to move out of the conflict zone others remain. The full value of these trapped vessels is unclear, but industry reports have estimated it could be as much as $1bn. Under some marine hull and cargo insurance policies an insured party may be able to claim for a total loss after a specific time has passed since the vessel/cargo became blocked or trapped.


Download the full article:
Global claims trends to watch in marine insurance


[1] Allianz Global Corporate & Specialty, Lithium-ion Batteries: Fire Risks and Loss Prevention Measures in Shipping

[2] Splash 247.com, Value of the Global Merchant Fleet Hits an All-Time High, August 23, 2021

Hashtag: #Allianz

About Allianz Global Corporate & Specialty

is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide , and for a wide spectrum of commercial, corporate and specialty risks across nine and .

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also floating wind farms or Hollywood film productions. They all look to AGCS for smart solutions and to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding .

Worldwide, AGCS operates with its own teams in and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable . In 2021, AGCS generated a total of €9.5 billion gross premium globally.

For more information please visit our website

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

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Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.

A Third of Global Organizations Were Breached Over Seven Times in the Past Year

Cyber Risk Index highlights elevated risk as organizations struggle with visibility

HONG KONG SAR – Media OutReach – 22 November 2022 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced that 32% of global organizations have had customer records compromised multiple times over the past 12 months as they struggle to profile and defend an expanding attack surface. The findings come from Trend Micro’s semi-annual Cyber Risk Index (CRI) report, compiled by the Ponemon Institute from interviews with over 4,100 organizations across North America, Europe, Latin/South America, and Asia-Pacific.

To read a full copy of the latest Cyber Risk Index, please visit: www.trendmicro.com/cyberrisk

Jon Clay, VP of threat intelligence at Trend Micro: “You can’t protect what you can’t see. But with hybrid working ushering in a new era of complex, distributed IT environments, many organizations are finding it difficult to eradicate growing security coverage and visibility gaps. To avoid the attack surface spiraling out of control, they need to combine asset discovery and monitoring with threat detection and response on a single platform.”

The CRI calculates the gap between organizational preparedness and the likelihood of being attacked, with -10 representing the highest level of risk. The global CRI index moved from -0.04 in 2H 2021 to -0.15 in 1H 2022, indicating a surging level of risk over the past six months.

This trend is also reflected elsewhere in the data: the number of global organizations experiencing a “successful” cyber-attack increased from 84% to 90% over the same period. Unsurprisingly, the number now expected to be compromised over the coming year has also increased from 76% to 85%.

Some of the top preparedness risks highlighted by the index report are related to attack surface discovery capabilities. It is often challenging for security professionals to identify the physical location of business-critical data assets and applications.

From the business perspective, the biggest concern is the misalignment between CISOs and business executives. Based on the scores given by the respondents, “My organization’s IT security objectives are aligned with business objectives” only has a score of 4.79 out of 10.

By addressing the shortage of cybersecurity professionals and improving security processes and technology, organizations will significantly reduce their vulnerability to attacks.

Dr. Larry Ponemon, chairman and founder of Ponemon Institute: “The CRI continues to provide a fascinating snapshot of how global organizations perceive their security posture and the likelihood of being attacked. The stakes couldn’t be higher in the face of stiff macroeconomic headwinds. Respondents pointed to the high cost of outside expertise, damage to critical infrastructure, and lost productivity as the main negative consequences of a breach.”

Overall, respondents rated the following as the top cyber threats in 1H 2022:

  1. Business Email Compromise (BEC)
  2. Clickjacking
  3. Fileless attacks
  4. Ransomware
  5. Login attacks (Credential Theft)

Hashtag: #TrendMicro

About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro’s cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world.

US VP Kamala Harris Announces USD 20 Million for Clean Energy in Mekong

Photo Credit: Vice President Kamala Harris on Twitter

The announcement was made last week, on the last day of her tour in Thailand for the 21-member APEC Meeting. 

Construction Management Awards 2022 honoured over 70 winners for outstanding achievement in construction management

Mr HO Sai Chu, GBM, GBS, JP, Director of Fook Lee Construction, received “HKICM Outstanding Achievement” Award

HONG KONG SAR – Media OutReach – 22 November 2022 – The Hong Kong Institute of Construction Managers (“HKICM”) hosted the “HKICM 25th Anniversary Dinner cum Construction Management Awards 2022 Presentation Ceremony” was commenced on 18 November at Kerry Hotel at the officiation by the Ir LAM Sai Hung, GBS, JP, Secretary for Transport and Logistics, Hong Kong Special Administrative Region, nearly 500 of the leading figures in the construction industry have gathered altogether in this special occasion.

Cr Conrad Fung, President of HKICM expressed, “with this year’s theme “Shape our Future * Cultivate Leaders“, it demonstrates one of HKICM’s greatest value is to cultivate and promote professions, taking the construction management industry to new heights through delivering the younger generation of practitioners with appropriate and professional trainings. The young generations not only have inherited the wealth of expertise from their predecessors, but also keen to revolutionize the way we work by adopting new technologies and bringing in new mindset and innovations.” On this special occasion, the Memorandum of Cooperation between HKICM and Hong Kong Institute of Construction (“HKIC”) was signed. The purpose of this Memorandum of Cooperation is to establish a program to develop a pool of talents and attract more talented and outstanding practitioners, which enhance the mutual benefits for strengthening the sustainability of construction industry.

Ir LAM Sai Hung, GBS, JP, Secretary for Transport and Logistics mentioned, “the HKSAR Government encourages forward looking infrastructures to drive the growth in construction industry through good management in efficiency, quantity and quality, and the industry should make good use of technology to improve safety in construction sites and tackling the challenges of shortage in talents to achieve the abovementioned goals.” He also encourages the HKICM to engage with academic institutions, to inspire, get prepared and cultivate new talents by developing the apprentices’ understanding and interest in the construction industry.

The Construction Management Award (“CMA”) was inaugurated in 2016 and was well received by the construction management sector as one of the most prestigious accolades. The HKICM aims to get the public more familiarize with the profession in construction management with the recognition of construction management team and practitioners outstanding achievements through hosting this Award. Under this fourth edition of the Award, the winning teams are categorized into “Large scale project” and “Medium scale project”, depending on the total contract value to uplift the compatibility of different projects under the stage of nomination. Each category also presents the acknowledgement of the out best-performing team with the Excellent Construction Team Awards, to highlight the divergence in expertise and skills in managing projects of various sizes.

Ms Yu Po Mei, Clarice, JP, our Head Juror of CMA 2022, mentioned, “Every practitioner in the construction industry is an unsung hero in the development of Hong Kong. I am glad to see that many participating teams in the competition comprise young and energetic members. With these new blood joining the construction industry, we will be able to move forward to produce more high-quality buildings.” The Buildings Department will continue to facilitate the industry in adopting innovative technologies to create a safe and sustainable built environment for Hong Kong.

Mr Ho Sai Chu, GBM, GBS, JP nabbed the HKICM Outstanding Achievement Award at the ceremony this year, in recognition for his dedication to driving the industry’s development and whom held countless public offices since 1960s, he has gained over 50 years of experience in the construction industry. On receiving this honour, Mr Ho Sai Chu, GBM, GBS, JP expressed, “we must pay extra attention to the safety concerns in construction sites, to create a worksite free of hazards for site workers well beings.”

The Presentation Ceremony saw over 70 construction teams and individuals receiving commendations, with the most prestigious recognition for the construction management team – the Excellent Construction Team Awards was granted to Gammon Construction Limited’s Advanced Manufacturing Centre (Large Scale Project category) and Hip Hing Construction Company Limited’s “United Court” Transitional Housing Project at Tung Tau, Yuen Long (Medium Scale Project category).

Construction Management Awards 2022 results:

Award Company Project Awardee
Team Awards
Excellent Construction Team – Large Scale Projects
Grand Gammon Construction Limited Advanced Manufacturing Centre /
Merit China State Construction Engineering (Hong Kong) Limited Hong Kong Palace Museum /
Merit Hip Hing Engineering Co., Ltd. Design and Construction of Inland Revenue Tower in Kai Tak Development Area /
Merit Hip Hing Engineering Co., Ltd. Transport Department Vehicle Examination Complex /
Merit Yau Lee Construction Company Limited Disciplined Services Quarters for Fire Services Department at Area 106, Pak Shing Kok, Tseung Kwan O /
Excellent Construction Team – Medium Scale Projects
Grand Hip Hing Engineering Co., Ltd. “United Court” Transitional Housing Project at Tung Tau, Yuen Long /
Merit Cheung Kee Fung Cheung Construction Co., Ltd. 128 WATERLOO /
Merit Chevalier (Construction) Company Limited The Sablier, 8 Fuk Chak Street, Tai Kok Tsui, Kowloon
Merit JL-WS Joint Venture Cheung Sha Wan Catholic Primary School /
Individual Awards
HKICM Outstanding Achievement Award
Grand Fook Lee Group of Companies / Mr HO Sai Chu, GBM, GBS, JP
Young Construction Manager Award
Grand Hip Hing Construction Co., Ltd. / Cr Ir Wong Kam Yuen, Tony
Distinction Chevalier (Construction) Company Limited / Cr Wong Wai Lam
Merit Gammon Construction Limited / Cr Man Ka Chun, Vincent
Merit CR Construction Company Limited / Cr Tang Kai Yiu, Raymond
Construction Manager Award – Large Scale Projects
Grand Hip Hing Engineering Co., Ltd. Transport Department Vehicle Examination Complex Mr Ku Hung Kei
Merit China State Construction Engineering (Hong Kong) Limited Hong Kong Palace Museum Mr Wang Yong
Merit Gammon Construction Limited Advanced Manufacturing Centre Cr Lee Chi Wah, Walter
Merit Yau Lee Construction Company Limited Disciplined Services Quarters for Fire Services Department at Area 106, Pak Shing Kok, Tseung Kwan O Ms Tung Siu Ting

Construction Manager Award – Medium Scale Projects
Grand Hip Hing Engineering Co., Ltd. “United Court” Transitional Housing Project at Tung Tau, Yuen Long Mr Leung Yu Kit
Merit Cheung Kee Fung Cheung Construction Co., Ltd. 128 WATERLOO Mr Tsang Hin Chung, Eddie
Merit Chevalier (Construction) Company Limited The Sablier, 8 Fuk Chak Street, Tai Kok Tsui, Kowloon Cr Wong Wai Lam
Merit Paul Y. Builders Limited The Hari Hotel Mr Keung Yau Fai
Site Manager Award – Large Scale Projects
Grand Gammon Construction Limited Advanced Manufacturing Centre Cr Lo Bing Fun, Felix
Merit China State Construction Engineering (Hong Kong) Limited Hong Kong Palace Museum Mr Yung Ka Chun, Herman
Merit Hip Hing Engineering Co., Ltd. Transport Department Vehicle Examination Complex Mr Woo Tsz Ching
Merit Hip Hing Engineering Co., Ltd. Design and Construction of Inland Revenue Centre in Kai Tak Development Area Mr Kwok Chun You
Merit Yau Lee Construction Company Limited Disciplined Services Quarters for Fire Services Department at Area 106, Pak Shing Kok, Tseung Kwan O Mr Lee Chung Chien
Site Manager Award – Medium Scale Projects
Grand Hip Hing Engineering Co., Ltd. “United Court” Transitional Housing Project at Tung Tau, Yuen Long Mr Tam Chak Luen
Distinction Cheung Kee Fung Cheung Construction Co., Ltd. 128 WATERLOO Cr Lai Man Kiu, Duncan
Distinction Chevalier (Construction) Company Limited The Sablier, 8 Fuk Chak Street, Tai Kok Tsui, Kowloon Cr Wu Kai Chung, Kenneth
Merit JL-WS Joint Venture Cheung Sha Wan Catholic Primary School Mr Chan Chung Yin, Eric

Building Services Coordinator Award – Large Scale Projects
Grand Gammon Construction Limited Advanced Manufacturing Centre Mr Li Ching Tin, James
Distinction China State Construction Engineering (Hong Kong) Limited Hong Kong Palace Museum Mr Cheung Hok Fan
Merit Hip Hing Engineering Co., Ltd. Design and Construction of Inland Revenue Tower in Kai Tak Development Area Mr Wong Ki Fung, Mike
Merit Hip Hing Engineering Co., Ltd. Transport Department Vehicle Examination Complex Mr Lee Hoi You

Merit Yau Lee Construction Company Limited Disciplined Services Quarters for Fire Services Department at Area 106, Pak Shing Kok, Tseung Kwan O Mr Wong Yat Sing
Building Services Coordinator Award – Medium Scale Projects
Grand Chevalier (Construction) Company Limited The Sablier, 8 Fuk Chak Street, Tai Kok Tsui, Kowloon Mr Fung Chin Pang
Distinction Cheung Kee Fung Cheung Construction Co., Ltd. 128 WATERLOO Ms Ng Mo Yiu, Kim
Distinction Hip Hing Engineering Company Limited United Court – Transitional Housing Project at Tung Tau, Yuen Long Mr Choy Man Fai
Merit CR Construction Company Limited The Open University Jockey Club Institute of Healthcare Mr Chung Yiu Ping, Philip
Merit JL-WS Joint Venture Cheung Sha Wan Catholic Primary School Mr Wong Chun Yin, Kelvin
Engineer Award – Large Scale Projects
Grand Gammon Construction Limited Advanced Manufacturing Centre Mr Po Man Yuen, Issac
Merit China State Construction Engineering (Hong Kong) Limited Hong Kong Palace Museum Mr Cheuk Wing Tat
Merit CR Construction Company Ltd. The Proposed Composite Development at N.K.I.L. 6514 Kwun Tong Town Centre (Development Areas 2 & 3) Ir Sin Ka Ku, KK
Merit Hip Hing Engineering Company Limited Design and Construction of Inland Revenue Tower in Kai Tak Development Area Mr Cheng Chun Ming, Jimmy
Merit Yau Lee Construction Company Limited Construction of Public Housing Developments at North West Kowloon Reclamation Site 6 and Fat Tseung Street West Mr Ng Ka Ming
Engineer Award – Medium Scale Projects
Grand CR Construction Company Limited The Open University Jockey Club Institute of Healthcare Mr Chung Chi Ho, Billy
Distinction Hip Hing Engineering Company Limited United Court – Transitional Housing Project at Tung Tau, Yuen Long Ms Sum Ming Yee
Merit Cheung Kee Fung Cheung Construction Co., Ltd. 128 WATERLOO Mr Choi Long Yin, Johnny
Merit Chevalier (Construction) Company Limited The Sablier, 8 Fuk Chak Street, Tai Kok Tsui, Kowloon Mr Chan Chi Wai
Quantity Surveyor Award – Large Scale Projects
Grand Gammon Construction Limited Advanced Manufacturing Centre Mr Kwok Long Kan, Ken
Distinction Hip Hing Engineering Co., Ltd. Transport Department Vehicle Examination Complex Mr Chan On Tik
Merit Hip Hing Engineering Company Limited Design and Construction of Inland Revenue Tower in Kai Tak Development Area Sr Man Ka Ming, Will
Merit Yau Lee Construction Company Limited Disciplined Services Quarters for Fire Services Department at Area 106, Pak Shing Kok, Tseung Kwan O Ms Chung Po Yee, Polly
Quantity Surveyor Award – Medium Scale Projects
Grand Hip Hing Engineering Company Limited United Court – Transitional Housing Project at Tung Tau, Yuen Long Mr Wong Chun Kit
Distinction Cheung Kee Fung Cheung Construction Co., Ltd. 128 WATERLOO Ms Ng Yu Sin, Rain
Distinction Chevalier (Construction) Company Limited The Sablier, 8 Fuk Chak Street, Tai Kok Tsui, Kowloon Ms Lam Pui Yan
Merit CR Construction Company Limited Proposed Industrial Redevelopment At. No.99 Pui To Road, Tuen Mun, Hong Kong Sr Wong Ho Lam, Pius
EHS Officer Award – Large Scale Projects
Grand Hip Hing Engineering Co., Ltd. Transport Department Vehicle Examination Complex Mr Lee Ping Yung
Distinction Yau Lee Construction Company Limited Disciplined Services Quarters for Fire Services Department at Area 106, Pak Shing Kok, Tseung Kwan O Mr Ho Tsz Ho, Desmond
Merit Gammon Construction Limited Advanced Manufacturing Centre Mr Law Ka Yan, Sam
Merit Hip Hing Engineering Company Limited Design and Construction of Inland Revenue Tower in Kai Tak Development Area Ms Chan Chui Ping, Mandy
Merit Yau Lee Construction Company Limited Construction of Public Housing Developments at North West Kowloon Reclamation Site 6 and Fat Tseung Street West Mr So Kam Kei
EHS Officer Award – Medium Scale Projects
Grand Cheung Kee Fung Cheung Construction Co., Ltd. 128 WATERLOO Ms Choi Hiu Yan, Melody
Merit Chevalier (Construction) Company Limited The Sablier, 8 Fuk Chak Street, Tai Kok Tsui, Kowloon Ms Fung Tsz Shun
Merit Hip Hing Engineering Co., Ltd. “United Court” Transitional Housing Project at Tung Tau, Yuen Long Mr Wong Chun Kit
Merit JL-WS Joint Venture Cheung Sha Wan Catholic Primary School Mr Tong King Hang, Cyril
Construction Supervisor Award – Large Scale Projects
Grand Gammon Construction Limited Advanced Manufacturing Centre Mr Ng Wai Ming
Merit China State Construction Engineering (Hong Kong) Limited Hong Kong Palace Museum Mr Tony Wong
Merit Hip Hing Engineering Company Limited Design and Construction of Inland Revenue Tower in Kai Tak Development Area Mr Fu Ka Kit
Merit Hip Hing Engineering Co., Ltd. Transport Department Vehicle Examination Complex Mr Ting Wai Kwan
Merit Yau Lee Construction Company Limited Disciplined Services Quarters for Fire Services Department at Area 106, Pak Shing Kok, Tseung Kwan O Mr Chan Chi Hung
Construction Supervisor Award – Medium Scale Projects
Grand Hip Hing Engineering Co., Ltd. “United Court” Transitional Housing Project at Tung Tau, Yuen Long Mr Tse Sing Yun
Distinction JL-WS Joint Venture Cheung Sha Wan Catholic Primary School Mr Kong Ching Hong, Jan
Merit Cheung Kee Fung Cheung Construction Co., Ltd. 128 WATERLOO Mr Cheung Oi Sun, Tenny
Merit Chevalier (Construction) Company Limited The Sablier, 8 Fuk Chak Street, Tai Kok Tsui, Kowloon Mr Wu Ming Sang

*In alphabetical order of company names, followed by project name if under same company name

Construction Management Awards 2022 Jury Panel

We thank the following industry leaders for being the jurors of Construction Management Awards 2022.

Head Juror Ms YU Po Mei, Clarice, JP

Director of Buildings, Buildings Department, Hong Kong SAR Government

Juror Members Mr CHAN Ka-Kui, GBS, JP

Honorary Supervisor, The Hong Kong Construction Association

Sr CHIU Kam Kuen

President, The Hong Kong Institute of Surveyors

Mr CHONG Kin Lit Paul, BBS MH

Life President, The Hong Kong Federation of Electrical and Mechanical Contractors Limited

Ir Edwin CHUNG Kwok-fai

Immediate Past President, The Hong Kong Institution of Engineers

Cr FUNG Kwok Keung, Conrad
President, Hong Kong Institute of Construction Managers
Ir Thomas HO On-sing, JP
Chairman, Construction Industry Council
Sr Eddie LAM Kin-wing
President, The Hong Kong Construction Association
Mr TSE Cheong Wo, Edward, JP
Director of Architectural Services Department, Architectural Services Department, Hong Kong SAR Government
Prof WONG Kelvin S.K.
Head of Department of Real Estate and Construction, The University of Hong Kong

*In alphabetical order of surnames

Photo captions

Photo 1: Guest of Honor – Ir LAM Sai Hung, GBS, JP, Secretary for Transport and Logistics deliver a speech.

Photo 2:The Excellent Construction Team (Large Scale Project) Awards was given to the construction team of Gammon Construction Limited’s Advanced Manufacturing Centre.

Photo 3: The Excellent Construction Team (Medium Scale Project) Award was given to the construction team of Hip Hing Engineering Co., Ltd.’s “United Court” Transitional Housing Project at Tung Tau, Yuen Long.

Photo 4: Mr Ho Sai Chu, GBM, GBS, JP received HKICM Outstanding Achievement Award from Ir Lam Sai Hung, GBS, JP, Ms Yu Po Mei Clarice, JP and Cr Conrad Fung.

Photo 5: Cr Ir Wong Kam Yuen Tony received Young Construction Manager Award from Ir Lam Sai Hung, GBS, JP, Ms Yu Po Mei Clarice, JP and Cr Conrad Fung.

Photo 6: Group Photo of Construction Management Awards 2022 Jury Panel

Photo 7: Signature of Memorandum of Cooperation By HKICM and HKIC

Download pictures of the Construction Management Awards Presentation Ceremony from below:
https://drive.google.com/drive/folders/1moVs3pXtW3IXYvDKKdWpWMwUr9uJlt12?usp=sharing

For more information about Construction Management Awards 2022 please visit http://www.hkicm-cma.com/

Hashtag: #HKICM

About Hong Kong Institute of Construction Managers

Established in 1997, Hong Kong Institute of Construction Managers is the only local professional institution representing the construction management profession in Hong Kong. The number of HKICM members reached 3,329, of which 1,216 were Corporate Members (including Fellows and Members).

Our objectives are to secure the advancement and facilitate the acquisition of knowledge and expertise which constitutes and promotes the practice of and professionalism in construction management. The works of the Institute include setting standards for professional services and performance, establishing rules of conduct, promoting Registered Construction Managers and Construction Supervisors and promulgating the recognition of professional site supervisors. We believe that all construction sites need to be managed by registered professional construction managers to ensure compliance of operation with government laws, safety and environmental protection requirements. In order to improve the professional standard of technical personnel in an orderly manner, the government needs to register and recognize the professional qualifications of site supervisors.

New Cambodian Banknotes Raise Questions Among Lao Citizens

Cambodia's new KHR 200, with the Three-headed elephant from Laos's former flag.

People from Laos expressed their confusion after the official release of KHR 200 banknotes as they contained a similar motif to Laos’s erstwhile flag.

Herbalife Nutrition and the Herbalife Nutrition Foundation Join The Global FoodBanking Network to Battle Food Insecurity

A US$300,000 Grant Will Fund Food Bank Incubator Program in Southeast Asia

HONG KONG SAR – Media OutReach – 22 November 2022 – Herbalife Nutrition, a premier global nutrition company, together with the Herbalife Nutrition Foundation (HNF), through their Nutrition for Zero Hunger (NFZH) initiative, have joined forces with The Global FoodBanking Network (GFN), an international nonprofit that works to alleviate hunger in nearly 50 countries. This new partnership aims to address the global challenges of hunger, food insecurity, and malnutrition. Over a two-year period, GFN will receive a US$300,000 grant from HNF to address these issues in regions with the most urgent needs, specifically the Food Bank Incubator Program in Southeast Asia.

According to the World Health Organization, more than half of all undernourished people live in Asia, and the number of people facing hunger globally continues to increase, exacerbated by the lasting effects of the pandemic, current inflation, and ongoing environmental challenges. This global issue cannot be tackled without sustainable practices and a network of local organizations and food banks to support these communities.

“Our partnership with Herbalife Nutrition and the Herbalife Nutrition Foundation is built on a shared understanding of the severity of the global hunger crisis and a common purpose– to nourish our communities and achieve Zero Hunger,” said Lisa Moon, Global FoodBanking Network president and CEO. “With the support from the Nutrition for Zero Hunger initiative, we can ensure we have the capabilities, food, staff and equipment we need to continue supporting and expanding the network that serves so many.”

This new partnership, under the global Nutrition for Zero Hunger initiative, will primarily support GFN’s Southeast Asia Food Bank Incubator program, a campaign focused on eliminating hunger and food waste in local communities through food bank development and capacity building. The program demonstrates that food banks are important components to solving hunger that are rooted in the communities they serve and essential to resilient food systems. This program will be funded with a specific focus on Indonesia and Vietnam.

“Partnering with The Global FoodBanking Network marks an important step for us to help address hunger and malnutrition in the Asia Pacific region, which saw an estimated 375.8 million people face hunger in 2020,” added Stephen Conchie, Regional President of Herbalife Nutrition for Asia Pacific and China. “This grant and partnership will not only help people who are most in need of nutrition, but will also strengthen The Global FoodBanking Network’s ability to respond to the hunger crisis in the years to come.”

The GFN’s Food Bank Incubator Program started in 2019 and builds on the valuable lessons the organization has learned through its more than 15 years of operation. By providing technical support, mentoring, best practices, and partnership opportunities to new food banks in high-need areas, the program sets food banks up for success as they seek to serve people facing hunger.

This collaboration exemplifies Herbalife Nutrition’s commitment to nourishing healthy communities through its Nutrition for Zero Hunger campaign, a global initiative that is aligned with the United Nations’ Sustainable Development Goal 2, which seeks to end hunger in all its forms by 2030 and to achieve food security and improved nutrition. To drive further progress, Herbalife Nutrition has set a goal to achieve 50 million positive impacts across its global responsibility programs by 2030, the company’s 50th anniversary.

For more information on Herbalife Nutrition’s corporate responsibility progress, please visit https://iamherbalifenutrition.com/global-responsibility/.

Hashtag: #HerbalifeNutrition

About Herbalife Nutrition

Herbalife Nutrition (NYSE: HLF) is a global nutrition company that has been changing people’s lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in 95 markets by entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle. Through the Company’s commitment to nourish people, communities and our planet, Herbalife Nutrition pledges to achieve 50 million positive impacts – tangible acts of good – by 2030, its 50th anniversary.

For more information, please visit and follow us .

About Nutrition for Zero Hunger
Through Nutrition for Zero Hunger, Herbalife Nutrition is helping tackle rising global hunger, food insecurity and malnutrition. As a leader in the nutrition industry, we are committed to addressing this need through combined efforts for access to healthy nutrition and nutrition education. Nutrition for Zero Hunger aligns with the United Nations’ Sustainable Development Goal 2, which calls for bold action to end malnutrition in all its forms by 2030, as well as solutions to end global hunger and improve nutrition worldwide. The initiative addresses global hunger, food security and malnutrition through key commitments to ensure greater access, education and empowerment of healthy nutrition worldwide.

About the Herbalife Nutrition Foundation
Herbalife Nutrition Foundation (“HNF”) is devoted to improving lives and communities around the world. With a focus on making nutrition more accessible, eradicating hunger, and promoting economic opportunities, HNF works with leading local and global organizations, ensuring that we are nourishing people and the planet, because both together, lead to a healthier world. For more information about HNF and how you can support the Foundation’s important work, visit .

About The Global FoodBanking Network:
The Global FoodBanking Network supports community-driven solutions to alleviate hunger in nearly 50 countries. While millions struggle to access enough safe and nutritious food, nearly a third of all food produced is lost or wasted. We’re changing that. We believe food banks directed by local leaders are key to achieving Zero Hunger and building resilient food systems. For more information, visit .

Amazon Singapore Unveils Sneak Peek into Top Black Friday 2022 Deals

Amazon Singapore will kick off its Black Friday sales from November 25 to 28, by offering customers more deals and deep discounts on must-have items for the gifting season

For the first time ever, Amazon Singapore is bringing the celebrations of Black Friday by hosting Amazon.sg House at Suntec City, an interactive and fun-filled event for all visitors from November 24 to 28

In the spirit of giving during the holiday season, Amazon is also donating S$100,000 in total to four local non-profits, helping vulnerable children and youths in Singapore

SINGAPORE – Media OutReach – 22 November 2022 – (NASDAQ: AMZN) – Mark your calendars for a weekend of savings as Amazon Singapore today revealed a sneak peek of the thousands of deals customers can shop during its Black Friday weekend, which kicks off on Friday, November 25, and runs through Monday, November 28. Shoppers who still have gifts to check off the lists can score incredible savings across various categories, as well as deep discounts on popular products and must-have items across health and personal care, beauty, toys, books, baby, electronics, household, and more, including Olay, Bose, Sennheiser, Tefal, Philips Avent, and more.

In addition, customers can also shop exciting deals from local and small and medium-sized businesses (SMBs), such as bedding company, Epitex, boutique home fragrance studio, Hush Candle, and consumer electronic brand, PRISM+, and more. Plus, Prime members can enjoy unlimited, free local and international delivery with no minimum spend on eligible orders, just in time for the holiday celebrations.

Black Friday Deals Preview

Below is a sneak peek into the top deals and products that will be available at various dates and times between November 25 and November 28, while supplies last. Customers can shop for Black Friday deals at amazon.sg/blackfriday.

Amazon.sg

  • Buy 2 get 5% off, buy 3 get 10% off across items from Amazon US or Amazon Japan


Health & Personal Care

  • Buy 4 get 30% off selected items from health and personal care category
  • Buy 3 get extra 25% off selected items from health and personal care category
  • Get S$22 off S$100 from selected items from health and personal care category
  • Up to 57% off selected items from Oral-B
  • Up to 49% off selected items from Tide
  • Up to 40% off selected items from Renpho
  • Up to 40% off selected items from Finish
  • Up to 37% off selected items from ECOVER
  • Up to 30% off selected items from Wes Medical Care

Beauty

  • Up to 50% off selected items from Sukin
  • Up to 50% off selected items from Gillette
  • Up to 50% off selected items from BULK HOMME
  • Up to 50% off selected items from Olay
  • Up to 45% off selected items from La Roche Posay
  • Up to 40% off selected items from VICHY
  • Up to 30% off selected items from FOREO
  • Up to 15% off selected items from Paula’s Choice

Toys, Books, and Baby

  • Save S$20 when spending S$80 or more from Toys category
  • Get S$25 off S$80 across Hasbro items
  • Up to 60% off Barbie, Fisher-Price and other Mattel products
  • Free Lego City GWP LEGO CITY Fire Patrol Vehicle (45 pieces) with min spend of $79
  • Buy 2 get 10% for Tayo, Pororo
  • Up to 51% off selected items from MONOPOLY Games
  • Up to 49% off selected items from Transformers Action Figures
  • Up to 41% off selected items from Play-Doh
  • Up to 30% off selected items from LEGO
  • Buy 2 get 35% off selected items from Books category
  • Up to 49% off selected items from Philips Avent
  • Up to 30% off selected items from Silverette

PC, Gaming & Electronics

  • Up to 41% off on mouse and keyboards from selected brands – Razer, Logitech, and more
  • Up to 30% off wearables from selected brands – Garmin, Samsung, and more
  • Up to 40% off selected items from Bose Audio and Entertainment
  • Up to 50% off selected items from Sennheiser
  • Up to 44% off selected items from Yamaha
  • Up to 43% off selected items from Jabra
  • Up to 36% off selected items from Sony
  • Up to 30% off selected items from Spigen
  • Up to 25% off selected items from Lenovo, Asus, Acer, HP

Household, Kitchen, Home Improvement & Smart Home

  • Get S$15 off S$75 from selected Home & Kitchen products
  • Get S$15 off S$150 across Tefal items
  • Buy 3 get 20% off for selected Home & Kitchen products
  • Free Muji bundle with min spend $70
  • S$5 off min spend S$50 on Muji
  • S$50 off min spend S$500 on Dyson, Sharp and more
  • Buy $100, get $11 off for SharkNinja
  • 15% off no min spend on Philips Home & Kitchen products
  • $10 off min $200 spend on Bodum
  • $50 off min $399 spend on SodaStream, with Gift with purchase (SodaStream Carbonating Bottles Twin Pack Fuse Black, 1L)
  • $20 off min $100 spend on Table Matters, with Gift with purchase (Table Matters SB80001 Starry Blue Spoon, Small /Table Matters SB10045 Starry Blue Rice Bowl, 4.5″ / Table Matters SB01002 Starry Blue Lotus Leaf Saucer)
  • $30 off min $200 spend on Weavve Home, with Gift with purchase (Weavve Home Eye Mask)
  • $15 off min $150 spend on Scanpan, Bee’s Wrap, Stasher, PackIt, W&P and Monbento

Support local brands and small businesses at amazon.sg/smallbusinesses

In support of local brands and small businesses, Amazon Singapore will also be featuring special Black Friday promotions from brands such as Hush Candles, Epitex, PRISM+ and more. Enjoy discounts on: amazon.sg/smallbusinesses.

    Amazon Singapore’s First-Ever Amazon.sg House

    Amazon Singapore will also bring Black Friday celebrations to members of the public for the first-time ever, through an interactive event showcase at Suntec City Mall, Atrium (Convention Centre) from 24 to 28 November.

    All visitors can experience and celebrate the joy Amazon Singapore brings to the holiday shopping experience through the Amazon.sg House. From playing the latest Nintendo Switch games at the gaming room, exploring beauty, health, and personal care trends at the beauty room, or letting your little ones’ creativity run free at the coloring wall and Lego station, there will be something for everyone to enjoy along with the preview of the wide range of deals and products available during Black Friday sales.

    Looking to save more? Visitors can also try their hands at engaging games, such as a word hunt with amazing prizes to be won. In addition, Amazon Singapore is partnering with Huggs Coffee this Black Friday and will be providing free coffee at the Amazon.sg House. More details below.

    More Ways to Shop This Season

    • Amazon.sg House: Amazon Singapore is partnering with Huggs for Amazon.sg House, happening at Suntec City, Atrium (Convention Centre) from 24 to 28 November. Customers can also get a S$5 off S$40 Amazon.sg voucher with every purchase in participating Huggs outlets, while stocks last (T&Cs apply).

    • Holiday Gift Guides: Find the perfect gifts for your loved ones with Amazon’s selection of holiday gift guides available at amazon.sg/christmas. Whether you’re looking for Secret Santa gifts or getting your home ready for the festive season, Amazon gift guides have something for everyone, no matter your budget.

    • Amazon Vouchers: Discover more ways to save with Amazon Vouchers. Find discounts on everyday essentials, as well as gifts, electronics, beauty, toys, and more. Simply clip the voucher and the discount will be applied at checkout. Explore the most popular vouchers on amazon.sg/vouchers.

      • From 25-28 Nov, get S$10 bonus with purchase of S$100 Amazon.sg eGift Card.

    • Bank Promotions with Amazon.sg e-Gift Cards: Enjoy greater savings when shopping at Amazon.sg: From 25-28 November, get up to S$10 Amazon.sg Gift Card when you spend on your DBS, Citi, HSBC, Maybank, OCBC or UOB cards. The Amazon.sg Gift Card will be added to your Amazon account for use on a future purchase, while stocks last. Please visit amazon.sg/bankpromotions for more details.

    • Partnership with PS Cafe: Treat yourselves with sweet deals and treats from our partner.
      • Free blackout cake for the first 400 Prime members between 25 to 28 Nov in PS.Cafe
      • $10 off $80 Amazon.sg voucher with every $100 spend in PS Café

    *Terms and Conditions apply to all promotions listed above in this article.

    Giving Back This Season

    In the spirit of giving during the holidays, Amazon is donating a total of S$100,000 in cash to NPOs such as Arc Children’s Centre, SHINE Children and Youth Services, and Singapore Children’s Society to help vulnerable children and youths in Singapore better learn, play, and develop in the long-run.

    As people shop on Amazon.sg for holiday gifts or everyday essentials, they can directly and transparently support their favorite causes by donating the items requested by NPOs on their wishlists – a depository of items they need the most. Amazon’s donation, coupled with donations from the public through the NPOs’ wishlists, will benefit more than 25,000 children in Singapore, aged between three and 21 years, increasing their access to better and more enrichment activities, meals, and medical care, among helping with other needs.

    Fast, Free & Convenient Delivery Options

    • Unlimited Free Local and International Delivery: This holiday season, non-Prime customers can enjoy free local delivery on eligible orders shipped by Amazon SG and international delivery with S$40 minimum spend. Prime members can enjoy unlimited free local and international delivery with no minimum spend. Terms and conditions apply.

    • Ultrafast & Free Grocery Delivery: In addition to tens of thousands of groceries and local favourites, Prime members in Singapore can find toys, gifts, household products, and everyday essentials, electronics, and more available on Amazon Fresh & Fast, all with free, two-hour scheduled delivery with a min. spend of S$60.

    Every Day Made Better with Amazon Prime

    Amazon Prime was designed to make your life better every single day. Over 200 million paid members around the world enjoy the many benefits of Prime, including the best of shopping and entertainment. In Singapore, Prime membership includes unlimited access to award-winning movies and TV episodes with Prime Video, unlimited access to video game benefits with Prime Gaming, Prime Day, and more. Prime was built on the foundation of unlimited fast, free shipping. Prime members enjoy access to tens of thousands of items available for free two-hour delivery on Amazon Fresh & Fast on orders over S$60, as well as free one-day delivery on domestic Prime eligible selection on Amazon.sg. Prime is S$2.99 per month. Start a 30-day free trial of Prime at amazon.sg/prime.

    Hashtag: #AmazonSingapore

    The issuer is solely responsible for the content of this announcement.

    About Amazon

    Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit Amazon.sg.

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    Hantec Financial unlocks global trading opportunities for Malaysian Markets

    HONG KONG – Media OutReach – 22 November 2022 – Hantec Financial is an award-winning brand, shared by entities of Hantec Group, founded in Hong Kong, and has officially announced its global expansion into Malaysia. Hantec Financial will offer its leading-edge financial services to the client, opening the doorway to new global trading opportunities.

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    Global regulated and offering diversified financial service

    Hantec with over 30 years of experience and authorized with 12 regulatory licenses, is constantly exploring opportunities to expand its business to new markets. The group is now present in 19 cities across 14 countries worldwide, covering Greater China, Thailand, Vietnam, Japan, Australia, the UK, Europe, South America, the Middle East, Africa etc. Also offers a variety of financial assets including forex, CFDs, commodities, indices and US stocks with competitive spread and leverage.

    A credible brand to ensure fund safety and secure trading
    Hantec Financial as a trusted financial service provider believes in the power of technology to protect customer assets and improve service levels, it continuously optimizes its platform by keeping up with changes in the market and adapting to investor preferences.

    The team has obtained the ISO 27001 and ISO 20000 international certifications. It ensures that Hantec Financial meets the international security level in the power of protecting customer assets and offers a smooth, stable, and safe trading experience for investors.

    Hantec Financial strive to deliver professional localized financial services for all
    In 2022, Fxdailyinfo.com awarded Hantec Financial as “Best Forex Broker APAC” at the Broker Awards 2022 to recognise its professional and excellent financial services. Hantec Financial has the expertise and experience to make high-quality investment services for all people, including Malaysia.

    Looking ahead, Hantec Financial has its sights set on further expansion into South-East Asian and African markets to offer more international trading opportunities for valued clients. The company will also draw up a highly localized approach by cultivating local teams, and integrating local culture into its operations, to serve investors and clients from all over the globe.

    About Hantec Financial: https://hantecfinancial.com/

    Hashtag: #HantecFinancial

    The issuer is solely responsible for the content of this announcement.