Country: East Asia Page 51 / 211
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- May 31 2023
Gallagher Re recruits from Guy Carpenter for China, Hong Kong CEO
Jia Lou (pictured) joins in June from the rival broker in Hong Kong, while Alex Xia joins from Munich Re to lead Gallagher Re's Beijing branch.
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- May 30 2023
China’s SDIC to sell its 20% stake in Jintai Insurance: report
The state-owned investor, which is the second-largest shareholder of the Chengdu-based general insurer, has set a US$7.5m base price for the stake.
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- May 30 2023
MS&AD leaves Net-Zero Insurance Alliance
The insurance group is the last of Japan's big three to exit the climate group, following Tokio Marine and Sompo's exits in the last few days.
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- May 30 2023
Axa Korea in sale talks with Kyobo Life, Kakao Insurance: report
Local media reports suggest the life insurer plans to pick up a 51% stake while the digital carrier will buy the remaining stake in the French insurer's Korean arm.
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- May 29 2023
Tokio Marine quits climate alliance
The Japanese insurer said it remains committed to the transition towards a decarbonised society.
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- May 29 2023
Fitch Ratings downgrades Guoren P&C over risky assets, leverage
Guoren P&C’s insurer rating has been downgraded to BBB+ from A- with a stable outlook.
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- May 26 2023
Japan, Korean insurers brace for claims from ‘US$1bn’ Typhoon Mawar in Guam
There are 11 international hotels on the island which have BI cover. Crawford is sending 40 adjusters from Asia.
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- May 25 2023
Tencent-backed Hong Kong reinsurer FuSure to stay profitable with a single-digit return
The non-life reinsurer reported net profits in 2022, breaking even one year earlier than its original plan, says AM Best.
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- May 23 2023
Uplift in consumer sentiment helps APAC carriers combat reinsurance costs, inflation: Fitch
Primary insurers have been able to pass on higher premium rates to customers, even double-digit hikes in places like Australia, without affecting business retention.
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- May 23 2023
Zurich Hong Kong appoints David Chiu as chief claims officer
A Zurich veteran for the past 10 years, Chiu has held several leadership roles in the Hong Kong claims team.
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- May 22 2023
National Administration of Financial Regulation replaces CBIRC as new China regulator
The newly constituted body, which began operations on May 18, will regulate the financial services industry, including insurance and banking sectors.
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- May 22 2023
Starr targetting Korea market entry: report
The carrier will seek to enter the country’s travel and accident insurance markets from 2024 if it gets a licence later this year, a BusinessKorea report said.
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- May 22 2023
Fubon Insurance reports US$140m loss for Q1 2023
The Taiwanese P&C player says it has raised US$523m and that its current capital position exceeds legal regulatory requirements.
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- May 22 2023
Japan’s big 3 count on overseas recovery as domestic results take nat cat hit
Tokio Marine, MS&AD and Sompo expect a revival in international units to drive FY 2023 performance.
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- May 19 2023
Sompo Japan COR deteriorates to 100.9% in FY 2022
Sompo International improves underwriting profit by 25% over last year despite US$553m of nat cat losses.
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- May 19 2023
MS&AD’s Japan non-life units fall to US$110m underwriting loss
The Tokyo-headquartered giant saw local cat losses increase 104% year-on-year at its two domestic P&C players, while MS Amlin returned an underwriting profit of US$78m.
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- May 19 2023
Tokio Marine books US$760m FY 2022 Covid losses from Taiwan
The group also saw losses of US$570m from two typhoons and a huge hailstorm in Japan, as overall FY 2022 profit climbed 1.7% to US$2.72bn.
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- May 19 2023
Sony to spin off financial services arm housing its insurance businesses: report
Sony Financial Holdings, to be listed on the Tokyo Stock Exchange, owns the P&C business Sony Assurance and life carrier Sony Life.
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- May 19 2023
Peak Re director Andrew Souter departs
Souter was hired in 2020 as head of global markets and ILS, and was named director, ANZ and Japan, after CUO Piotr Nowakowski took charge of the P&C business team in August 2022.
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- May 19 2023
Guy Carpenter swoops for Howden Tiger Hong Kong leadership team: sources
IAN understands that the move includes Stephen Warwick, Howden Tiger’s head of treaty for Asia Pacific.
