Country: Asia Pacific Page 214 / 531
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- November 22 2022
Hanwha General’s performance helps outlook improve to ‘stable’: Moody’s
Lower claims on motor and long-term medical insurance have helped the Korean firm.
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- November 22 2022
MS&AD to reduce headcount by 6,300 by end of FY 2025
1,900 roles will go by the end of March 2023 as the Japanese giant charts out a three-point plan to improve earnings structure.
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- November 22 2022
RBNZ proposes to vet insurers’ senior management hires
The industry regulator wants to ensure proper assessments of the senior management candidates before their appointment.
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- November 22 2022
Korea set to relax insurance industry regulations
The regulator proposes to allow insurers to set up single-product subsidiaries, relax online marketing rules and raise the derivatives trading ceiling.
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- November 22 2022
Korean P&C market ripe for broker expansion
Global and local firms are set to take advantage of insurers' focus on bottom lines and a more sophisticated value chain.
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- November 21 2022
CBIRC tightens insurance security fund rules
The new rules that will come into effect on December 12 will replace the risk-oriented rate system of the fund with a flat-rate system.
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- November 21 2022
Markel grows Hong Kong office with financial lines specialist hire
Former AGCS underwriter Crysten Fok has joined the Lloyd’s syndicate’s SAR office.
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- November 21 2022
Allianz appoints Alan Smee as Sri Lanka CEO
Smee will replace Gany Subramaniam, who moves to Singapore as head of commercial sales
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- November 21 2022
QBE ups FY 2022 nat cat estimate by US$98m
The new figure is US$1.06bn as 'elevated catastrophe activity' continued in H2.
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- November 21 2022
China Re ratings upgraded on higher underwriting margins, overseas recovery
AM Best revised the Chinese state-owned carrier’s rating to a+ (excellent) from a with a stable outlook.
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- November 21 2022
Japan’s big three post massive H1 underwriting losses on nat cats, Covid-19
While Sompo Holdings and MS&AD Insurance Group posted net losses for their first six months of the fiscal year, Tokio Marine saw a 70% fall in profits.
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- November 20 2022
Chubb gets regulatory nod to raise Huatai stake to 83.2%
The China Banking and Insurance Regulatory Commission approved the purchase of an additional 35.9% stake in the Chinese insurance group.
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- November 19 2022
CDB Aviation files lawsuit against 18 insurers over jets stranded in Russia: report
The China Development Bank-owned aircraft leasing company suit in Dublin names Lloyd's, Chubb, Swiss Re, Munich Re, among others.
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- November 18 2022
Tokio Marine announces US$357m share buyback plan
The Japanese giant will repurchase 25m shares from November 21 through March 24, 2023 'to implement flexible financial policies'.
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- November 18 2022
Nasional Re downgraded over poor governance, weak financials
Fitch has handed Indonesia's largest domestic reinsurer a CC rating and placed the firm on negative watch.
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- November 18 2022
Aviso Group buys marine specialist Australian Risk Applications
It is the fourteenth deal by the Envest-backed broking house, which controls over US$300m GWP.
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- November 18 2022
Australian ransomware payment ban offers relief to hardening cyber market
A series of high-profile cyber attacks on major institutions to likely cause a surge in H2 loss ratios for cyber programmes.
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- November 18 2022
Water-related losses highest in Asia, more stress likely, warns WMO
In Asia, the highest adaptation cost is estimated for China at US$189bn, followed by India at US$46bn.
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- November 17 2022
J.B. Boda appoints former Edelweiss exec to lead Chennai
Manoj Menon has also previously worked at Bharti Axa.
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- November 17 2022
Petrolimex may see margin pressure rise as claims frequency normalises: AM Best
The Vietnamese general insurer, rated B++, has posted a five-year average combined ratio of 97.7%.
