Country: East Asia Page 49 / 211
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- July 4 2023
Guy Carpenter rejigs South-East Asia and Korea leadership
Bengt Johnsen is promoted to chairman, while Les Loh takes over as CEO.
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- July 3 2023
Korean regulator mulling separate licence for reinsurers
The revised licensing regime will only apply to new players and is intended to bring more capacity and competition to the market, according to a Korean Re report.
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- June 30 2023
Korea’s Woori, Kyobo may join bid for MG Non-Life acquisition: report
The troubled carrier's private equity backer is likely to start the sale process after July 6, when a ruling on an ongoing trial against the industry regulator is expected.
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- June 29 2023
OneDegree raises US$27m in additional Series B fundraise
The virtual insurer, which claims it is on track to achieving profitability by end-2024, will use the proceeds to grow its digital assets business and insurtech offerings globally.
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- June 29 2023
Axa XL appoints Boney He as senior underwriter in Shanghai
She was previously an underwriting assistant at Brit Insurance, division of Lloyd’s China, for 10 years.
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- June 29 2023
Japanese carriers’ domestic underwriting to recover to pre-pandemic levels in FY 2024: Fitch
The average combined ratio of the major Japanese non-life insurers, Tokio Marine, MS&AD, and Sompo, increased by six percentage points year-on-year to 100% in FYE23.
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- June 28 2023
Long-term products, auto to drive growth for Korean insurers: AM Best
Stable outlook ahead for Korean non-life insurance business as IFRS 17 is expected to bring in more stability.
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- June 26 2023
Korean construction insurer KSCFC eyeing overseas expansion to reduce risk: Fitch
The rating agency has assigned the cooperative an insurer rating of 'A' (strong) with a stable outlook, a notch above its standalone credit quality.
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- June 23 2023
PICC Hong Kong expanding reinsurance portfolio, mainland sales: AM Best
The rating agency has affirmed A- (excellent) rating for the Hong Kong carrier with a stable outlook.
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- June 22 2023
Tokio Marine Newa Insurance raises fresh capital after FSC warning
Taiwan's regulator had ordered the insurer to bring in more capital by the end of June or it would be taken over.
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- June 22 2023
Analytics: Hong Kong and China P&C players’ underwriting margins squeezed
Carriers are under pressure as reinsurance costs rise, however, at 10% coverage for the top 15 Chinese insurers, there is plenty of room to grow.
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- June 21 2023
Korea’s Nonghyup Property and Casualty inks strategic parternship with Vietnam’s PVI Insurance
The two carriers plan to extend reinsurance capabilities and share customer networks and services in South-East Asia.
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- June 21 2023
Japan’s FSA orders non-life insurers to explain allegations of cartelisation
Tokio Marine & Nichido, Sompo Japan, Mitsui Sumitomo and Aioi Nissay Dowa are alleged to have 'pre-adjusted' fire insurance premiums.
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- June 20 2023
Seoul Guarantee Insurance files for Korea Exchange listing: report
Samsung Securities and Mirae Asset Securities have been appointed as the lead underwriters for the proposed IPO.
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- June 20 2023
Hong Kong’s export credit insurer launches mainland pilot with five banks
HKECIC has teamed up with Bank of China, BEA, HSBC, Hang Seng and DBS, and the credit limit for each buyer's non-payment risks is capped at US$12.8m.
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- June 19 2023
DB Insurance acquires Vietnamese carrier Saigon-Hanoi
The acquisition is the Korean insurer's second deal in Vietnam in 2023, following the Vietnam National Aviation Insurance buy in February.
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- June 19 2023
FWD General Insurance to exit group medical in 2024, tail off employee compensation: Fitch
The rating agency has affirmed the Hong Kong carrier's rating at 'BBB+' (good) while its outlook has been revised to stable from positive.
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- June 16 2023
Taikang-backed Tk.cn scripts underwriting turnaround with COR improving 29 points to 92%
Fitch has affirmed the Chinese digital non-life insurer's rating at A- with a stable outlook.
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- June 16 2023
Axa XL Re’s Japan CEO to step down
Takashi Oka will leave the global specialty (re)insurer on July 1 after seven years in the role.
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- June 15 2023
Lloyd’s to reverse losses this year, affirms AA- rating, including for China: Fitch
Fitch expects Lloyd’s to maintain its improved global underwriting results in 2023-4 as pricing conditions remain 'favourable', although volatility will remain.
