Country: East Asia Page 23 / 205
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- April 18 2024
Exit-bound Lotte Insurance owner shopping for overseas private equity buyers: report
South Korea’s JKL Partners is reportedly in talks with JC Flowers to sell the Korean non-life carrier in a sale process run by JPMorgan.ts valuation.
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- April 18 2024
Hong Kong’s national security law eases US$100m political violence concerns
The new law has lowered concerns of exposure to another event akin to the 2019 protest, still (re)insurers haven't relaxed underwriting considerations.
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- April 18 2024
Asia accounts for 40% of nat cat economic losses in Q1: Gallagher Re
Driven by the Noto Peninsula earthquake, Asia had US$17bn in losses for the first three months of the year, making it the only region with above-average Q1 losses.
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- April 18 2024
Korea to provide US$5bn trade cover for defence exports
South Korea has emerged as a leading exporter of defence systems over the past few years with several billion-dollar export deals for fighter jets, armoured vehicles and missile interceptors.
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- April 17 2024
Taiwan’s Financial Supervisory Commission announces Peng Jin-lung as new chair
Peng, who has previously served in the regulator's insurance bureau and was involved in the drafting of the Insurance Act, will assume the top job on May 20.
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- April 17 2024
Crypto specialist Qubit appoints QBE’s Wendy Lee as chief commercial officer
In her new role, first reported by InsuranceAsia News last week, Lee will be responsible for the Hong Kong's specialist MGA distribution strategy and implementation.
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- April 16 2024
Fitch downgrades outlook for Sinosure, China Taiping group entities after sovereign rating action
The negative outlook reflects a potential decline in the willingness and ability of the government to support insurers with weaker standalone credit quality.
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- April 16 2024
Taiwan earthquake preliminary non-residential losses exceed US$263m: Guy Carpenter
While not all of these losses are insured, the residential earthquake insurance fund has reported claims of about US$23m from 472 claims, data from the broker showed.
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- April 15 2024
HK Insurance Authority courts Chinese insurers, municipalities to grow cat bond hub
- Analysis
- Cat Bond
- China
- China Re
- Insurance Authority of Hong Kong
- Peak Re
- PICC Property and Casualty
- PICC Re
The regulator is reaching out to Chinese (re)insurers and local governments as it seeks to entice potential cat bond issuers to the city and build an insurance-linked securities hub for the Greater Bay Area.
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- April 11 2024
Peak Re expands structured solutions team to cover P&C
The new team will be led by Chenwei Li, who has been the head of structured solutions for L&H, and will be joined by senior actuaries Tony Zhong and Min Zhang.
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- April 11 2024
Taiwan earthquake claims unlikely to exceed 2016 Meinong event’s US$500m: AM Best
Carriers will only have to deal with limited commercial and industrial claims such as business interruption as the April 3 quake was quite far from the economic and scientific centres and most of the losses are ceded to the international reinsurance market.
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- April 11 2024
Tugu Insurance’s Hong Kong arm sees modest near-term profitability: AM Best
AM Best has affirmed an insurer rating of B+ (good) for the company with a stable outlook.
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- April 11 2024
MSIG Hong Kong promotes Shujiro Suzuki as deputy CEO
Suzuki succeeds Hideaki Amasaki, who has started a new role as general manager of Mitsui Sumitomo Insurance’s international business department in Tokyo.
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- April 10 2024
Crypto specialist MGA Qubit launches in Hong Kong after pre-series A fundraise
As part of its expansion plan, the HKIA-licensed specialty underwriter founded by Helen Ye is set to bring on board Wendy Lee as chief commercial officer.
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- April 9 2024
Taiwanese regulator excludes battery risks from EV insurance terms
Electric vehicle owners will need to get insured via additional provisions for damage caused by battery combustion, according to the Financial Supervisory Commission.
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- April 8 2024
Taiwan earthquake set to be ‘notable event’ for local carriers: Aon
Relatively high take-up rate of residential earthquake insurance will impact the country's insurance industry as economic losses from the event is set to reach 'hundreds of millions dollars', the broker said.
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- April 8 2024
Samsung Fire & Marine quits bancassurance as sales flag: report
The move from savings to protection products have made the banking channel less attractive non-life carriers in Korea, especially since the introduction of IFRS17.
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- April 5 2024
HSBC elevates Ed Moncreiffe to CEO of global insurance
Daisy Tsang, chief distribution and customer officer, will be the interim CEO for HSBC Life Hong Kong until a permanent replacement is announced.
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- April 4 2024
Axa’s Bermudan unit completes acquisition of XL Re China
The reinsurer will renamed and operate as a member of the French insurance group, focusing on developing products for the Chinese market.
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- April 3 2024
Taiwan rocked by strongest earthquake in 25 years
The 7.4 magnitude earthquake has caused at least nine fatalities, more than 100 building collapses, landslides, suspension of air and rail services, while AM Best has flagged that losses could come from business interruption coverage.
