Country: Asia Page 88 / 418
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- January 3 2024
Korea’s FSC expands eligibility and scope of joint underwriting agreement on fire insurance
The polices can now cover damage resulting from natural disasters, building collapse, and leaks from water supply or drainage systems, as desired by the policyholder.
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- January 2 2024
Australia Christmas storms has potential to exceed US$1bn loss level: CRESTA
The two record-breaking New Zealand weather events in early 2023 and the August China floods among 7 non-US cat events with billion-dollar industry losses.
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- January 2 2024
Philippines pilots US$14.4bn nat cat cover for ‘strategic’ government assets
The programme covers 132,862 school buildings nationwide starting January 1 and the US$36m premium for the insurance was paid using the excess payout it received from the catastrophe bond.
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- January 2 2024
Korea non-life market to rebound in 2024 with GWP set to cross US$100bn mark: Korean Re
Growth is likely to be supported by casualty lines of business, especially liability, amid increased awareness of the importance of corporate liability protection and the expansion of compulsory insurance.
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- January 2 2024
Howden hires regional M&A director based in Hong Kong
With the appointment of Wong Hui Ling, the global broker aims to bolster its M&A capabilities.
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- January 1 2024
Japan issues highest tsunami warning after 7.6-magnitude earthquake rocks Ishikawa
Hundreds of houses collapsed, power, telecoms and internet services disrupted, planes and high-speed trains cancelled as the country braced for the first major tsunami warning since the 2011 Tohuku earthquake.
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- December 22 2023
Qianhai seen as hub for cross-border insurance products: NDRC
To elevate the Greater Bay Area’s status as a financial hub, the Chinese government has called on insurers in China and Hong Kong to collaborate on marine, motor vehicle insurance, and reinsurance.
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- December 22 2023
FSA to issue business improvement orders to Japan’s big four for price-fixing: report
The regulator has determined that there were deficiencies in the company's internal control system, including rampant transactions that could potentially constitute cartels.
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- December 22 2023
Everest elevates Singapore-based Glen Browne to global head of A&H
Browne, who joined the insurer in June as head of international corporate strategy, will continue to report to co-head of international Adam Clifford.
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- December 22 2023
Pankaj Agrawal to head Gujarat & central zone for Howden India
Agarwal, who joins from general insurer ICICI Lombard, will focus on business development, profitability, growth and enhanced operational efficiency.
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- December 22 2023
Tokio Marine board shake up will see new group chairman and CEO for Japan non-life arm
Hiroaki Shirota will take over as CEO of Tokio Marine & Nichido Fire from April 1 as current chief executive Shinichi Hirose is set to become chairman of the board of directors with Satoru Komiya stepping down.
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- December 21 2023
IRDAI reviewing 19 general insurance licence applications: report
The Indian insurance regulator plans to licences more companies to increase insurance penetration under its insurance for all by 2047 policy.
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- December 21 2023
Korean P&C insurer Hana appoints Samsung Fire & Marine’s exec as new CEO
In his new role, Bae Seong-wan, who spent more than 30 years at Samsung Fire & Marine, is expected to contribute to the growth of the carrier's long-term insurance.
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- December 20 2023
IRDAI hikes claims limit for appointment of loss adjusters for Cyclone Michaung losses
The increase in limit, which is applicable for two months, is to expedite the settlement of claims arising from the flooding in India's south-eastern coast.
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- December 20 2023
Gansu earthquake insured losses near US$2m as claims climb: NAFR
Insurers are processing claims "on fast track" as the country’s deadliest quake since 2014 has killed 113 and wrecked 155,000 homes in Gansu.
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- December 20 2023
Nexus sees continued growth in structured solutions across Asia
Challenging conditions in the treaty reinsurance market mean that cedents are increasingly looking for innovative solutions, says the MGA's Asia CEO Anthony Egerton.
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- December 19 2023
Japan antitrust regulator carries out on-site investigation on big four insurers over price fixing allegations
Tokio Marine & Nichido Fire, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan confirmed in separate announcements that they are being probed by the Japan Fair Trade Commission.
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- December 19 2023
Tokio Marine Holdings’ managing executive officer Robert O’Leary resigns
O'Leary has also been serving as the chairperson of the Japanese insurance group's US subsidiary Philadelphia Consolidated Holding since January 2021 and was formerly its president and CEO.
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- December 19 2023
Beijing cold snap hit non-life insurers with US$7m losses: NAFR
Record low temperatures and blizzards in the capital city have seen property & casualty insurers receive 5,389 claims as of last Friday, according to the regulator.
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- December 19 2023
Thai insurance regulator to give SMK 60 days to solve liquidity problems: report
The troubled non-life insurer is at risk of losing its licence, which could mean its liabilities, about US$860m now, will have to be covered by the OIC's US$40m General Insurance Fund.
