Country: East Asia Page 16 / 205
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- July 16 2024
GIAJ calls for revision of reserve rates for fire insurance policies
A review of catastrophe contingency reserve system is critical in light of rising nat cats losses, the industry body says.
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- July 16 2024
Munich Re’s Serene Chan takes charge as head of P&C reinsurance for Greater China
Chan, who was previously regional head of cyber for Asia Pacific with the reinsurer, was appointed in the new role following a wider regional leadership reshuffle earlier this year.
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- July 16 2024
Korea’s lithium fire sparks calls for global safety standards
Underwriting guidelines must consider various factors to price battery risks, including the quality of manufacture, testing and certification, and the separation and containment of units, especially in light of the Aricell factory fire.
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- July 16 2024
PICC P&C posts 3.7% premium income growth in H1 2024
The premium income for the first half stood at US$42.9bn with motor vehicle insurance accounting for about 45% of the premiums.
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- July 15 2024
Ping An Insurance eyes US$3.5bn fundraise: report
The insurer will raise the funds through a convertible bond offering, according to a Bloomberg report.
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- July 15 2024
Peak Re promotes David Menezes as chief risk officer
Hong Kong-based Menezes has been serving as the deputy chief risk officer at the global reinsurer since September 2022.
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- July 15 2024
China’s nat cat economic losses hit US$13bn in H1 2024 as flood claims rise
95,000 claims from the intense rain across eight southern China provinces have reached CNY3.21bn, according to NFRA's latest data.
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- July 12 2024
China Taiping former deputy manager pleads guilty to accepting US$11m in bribes
The former insurance industry top boss, who had served China Taiping Insurance Group and China Life Insurance, now awaits a verdict from the Intermediate People's Court of Xinxiang in Henan province.
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- July 11 2024
Allianz Commercial names Young Jeong Lee as head of financial lines, Korea
Lee joined from Samsung Fire & Marine, where he worked 12 years as a senior professional in its finance and energy department and global strategy department.
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- July 11 2024
Chinese carrier Zhonglu’s underwriting risk selection tested by business expansion: Fitch
The rating agency has affirmed its 'BBB' rating with a stable outlook, adding that its growth expectation through 2026 may expose it to larger cat losses.
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- July 10 2024
Toa Re FY 2023 net income up six-fold on investment gains
The group's net written premiums dropped 12.5% to JPY280.8bn (US$1.7bn), as its US and European subsidiaries reversed their losses posted a year ago.
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- July 10 2024
Axa elevates Torsten Blake Bohm as CIO for Hong Kong, Macau
Bohm, who has held a number of senior roles with Axa in Hong Kong, replaces Fanda Ho, who is understood to have left the carrier.
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- July 10 2024
Zurich turbocharges Hong Kong EV insurance business by courting used car owners
As a key growth area for the city, Zurich has dialled up its effort to attract EV policyholders to switch from competitors and is exploring more product opportunities for the Greater Bay Area, says Clement Hau, chief underwriting officer for general insurance, Hong Kong.
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- July 9 2024
Mapfre Re promotes Alberto Estévez Allegue to Tokyo chief representative officer
Estévez Allegue, who has been with the reinsurer for over 12 years, was most recently project development expert director at the carrier's APAC regional management based in Madrid.
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- July 9 2024
+8 Partners ropes in Eric Fady as strategic advisor
With over 20 years of experience, Fady will advise the (re)insurance intermediary on financial strategy, acquisitions and major financial transactions.
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- July 8 2024
Insurance claims from southern China heavy rain and floods hit US$344m: report
Insurers have settled about a third of the total claims filed. The heavy rain and floodwaters in Hunan breached a stretch of the dyke of China's second-largest freshwater lake.
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- July 6 2024
Mapfre Re seeks China expansion via new subsidiary in Beijing
The recent approval from the financial regulator will allow the Spanish reinsurer expand its business in the country where it has until recently maintained a presence through a representative office.
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- July 5 2024
Minority shareholder of Chubb-backed Huatai Insurance puts US$10m stake up for sale
State-owned China General Nuclear Power Group is selling its 0.16% stake in the Beijing-based insurer, as Chubb gradually raised its ownership to 85.53% this year.
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- July 4 2024
Japan’s big 4 insurers see lackluster premium growth in H1 2024
Most insurers recorded total premium growth by 3% for the six months to June 2024, with compulsory motor liability insurance posting declines year-on-year while fire insurance registering growth.
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- July 4 2024
Hong Kong’s new RBC regime could trigger more industry consolidation: S&P Global
The higher compliance costs, coupled with earning swings due to market volatility, could lead to an increase in M&A in the sector and force some insurers to raise more capital, said S&P Global Ratings.
