As tax rules around the world tighten at an unprecedented pace and tax authorities step up their game by making considerable investments in data, technology and skilled professionals, we see a monumental shift in the thinking of corporates; from minimizing the tax bill to minimizing tax risks. A logical consequence of this is that new strategies are emerging to mitigate tax risks, in both a transactional and non-transactional context. Insuring tax risks is one of those strategies that is rapidly gaining momentum. This article discusses the insurance of tax risks and the current state of play in Asia.