Country: East Asia Page 50 / 216
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- August 23 2023
Chinese insurers paid US$625m in claims from Typhoon Doksuri, floods: report
The 16 rain-hit provinces reported 269,300 insurance claims from the three days of rains that hit parts of the country including Beijing and Hebei.
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- August 23 2023
PSC Insurance’s 2023 net profits up 23% to US$50m
The ASX-listed broker's Australia and New Zealand distribution business placed US$740m in GWP.
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- August 23 2023
Political violence market on guard over Taiwan tensions
While some carriers are excluding Taiwan completely, most have been sub-limiting exposure to US$10–25m in the aggregate.
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- August 22 2023
Aon confirms Qin Lu to lead mainland China, Hong Kong, Macau and Taiwan
Lu is overseeing risk and human capital and reinsurance, and will work with the broker's Greater China team which Aon describes as a 'sub-region' in APAC.
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- August 22 2023
BMS names Tim Hewitt as head of Japan
Hewitt, who has two decades of legal experience, will focus on inbound-outbound M&A activity as growth in the Japanese market accelerates.
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- August 22 2023
Mitsui Sumitomo pays out US$26m to ispace in lunar insurance claims
The Japanese space startup received the insurance payment on August 18 following the failure of its Hakuto-R Mission 1 lander mission in April this year.
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- August 22 2023
China adds US$69m to flood recovery fund as claims surpass 266,000
The funding will go towards compensation for property losses, damage to crops, animal and poultry farms, commercial forests, houses and agricultural machinery.
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- August 21 2023
Hyundai Insurance’s H1 underwriting income drops 30%
The Korean carrier's total direct premiums grew 4.21% year-on-year to US$6.25bn in the first six months of the year.
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- August 18 2023
US insurers have US$1.3bn exposure to China Construction Bank letters of credit: AM Best
The Chinese lender has seen a 1,560% year-on-year increase in reinsurance collateral LOCs issued.
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- August 18 2023
Court upholds MG Non-Life insolvent status, sale process to continue
With the majority shareholder JC Partners losing the case, state-owned KDIC is likely to resume the sale by the end of this month.
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- August 18 2023
AM Best expects Korea P&I Club’s ‘underwriting fundamentals’ to improve; affirms ratings
After a difficult few years, the Korean carrier has been taking action such as premium increases, the non-renewal of unprofitable policies and enhancing terms.
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- August 18 2023
Chung Kuo earnings to be hit by impairment losses from reinsurance recoverables: Moody’s
The rating agency affirmed the Taiwanese insurer's rating at A3 with a negative outlook.
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- August 17 2023
Chubb announces new country heads for Japan, Korea
Edward Kopp has been named regional president for the Far East and country president, Japan, and Janice Mo takes over as country president for Korea.
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- August 17 2023
Exclusive: Ted Hodgkinson exits BMS — sources
IAN understands the Hong Kong-based Asia chairman has left the global broker.
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- August 16 2023
Shanghai international reinsurance hub set for August 20 launch: reports
The regulator has granted licences to seven insurers, including two foreign-owned carriers, to start reinsurance operations from the centre.
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- August 16 2023
Hawaii wildfire insured property losses to hit US$3.2bn: KCC
Tokio Marine, DB Insurance and MS&AD have exposure to the state's 'most destructive' ever fire, which has burned over 2,200 structures in the historic town of Lahaina.
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- August 16 2023
DB Insurance underwriting profit drops 2.4% to US$681m
The carrier's direct written premiums increase 6.6% year-on-year to KRW8.4tn in the first half of 2023.
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- August 15 2023
Samsung Fire & Marine H1 insurance profit up 19.5% at US$950m
The South Korean carrier’s net profit for the first half of 2023 grew 27.4%, buoyed by investment profits.
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- August 15 2023
Typhoon Lan makes landfall in Japan
The authorities have issued flood and landslide warnings after powerful storm skirts near Osaka with the (re)insurance community on high alert.
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- August 15 2023
Tokio Marine, DB and MS&AD face losses from devastating Hawaii wildfires
The catastrophe is likely to lead to hundreds of millions of dollars of claims as overall costs climb to US$6bn.
