Asia
Great Eastern CEO optimistic about Southeast Asian market
Asia's oldest insurance group, Great Eastern, remains bullish on the prospects of the industry in Southeast Asia, despite the eurozone crisis, low penetration rates and insufficient coverage in several regions.
Industry loss estimates for Thai floods increase to $15bn
The Thai floods could be one of the top five costliest insurance events of the past three decades, according to AM Best.
Competition heats up for general insurance arm of HSBC
The competition to buy HSBC’s $1bn general insurance business is down to two contenders – Axa and Ace, sources have told Reuters.
Claims growth outstrips premium increases in Cambodia
Although premium revenue for Cambodia's six big insurance companies rose 19% last year, total claims grew 178%, according to official data from the General Insurance Association of Cambodia.
Philippines quake: only 10% of damage insured
Economic losses from the magnitude 6.7 earthquake that struck the southern Philippines on Monday are estimated to be close to $1bn - but only a tenth of the damage is thought to insured.
Vietnam's finance ministry calls for consolidation to strengthen insurance market
Vietnam’s finance ministry plans to restructure the country’s insurance industry this year in a bid to stabilize the market, according to reports in the local press.
Lloyd's reaches out to Indian market
Lloyd's managing agents and brokers from London and Singapore attended Lloyd’s first seminar in India today.
Amlin estimates $50m-$70m in Thai floods claims
Lloyd’s (re)insurer Amlin said today it expects property and casualty reinsurance claims for the Thai floods to be in the range of $50m to $70m (€53m), net of reinsurance recoveries.
Growth creates paradigm shift for energy risk
The rapid evolution of the global hydrocarbon industry is creating a seismic change in the risk landscape for energy businesses, according to a report released by Marsh at its National Oil Companies conference in Dubai.
6.7 magnitude quake hits Philippines
A 6.7 magnitude earthquake struck the central Philippines yesterday, killing at least 40 people and causing damage to property in the region.
New rules for reinsurance writers in India
India’s supervisory authority, the IRDA, has issued new regulatory requirements for reinsurers writing cross border risks in the country.
Chubb launches online system for life sciences companies
US insurer Chubb has launched an online system allowing firms undertaking clinical trials in China and Brazil to download local insurance certificates.
Reduced capacity in Asia will not affect all business lines
Despite catastrophe losses leading to reduced capacity in the Asia Pacific region, competitive rates are still possible on some lines, according to broker Marsh.
Hong Kong to launch policyholder's protection fund
Hong Kong’s government will establish a policyholder’s protection fund after reviewing the conclusions of a public consultation, according to the region's information services department.
Ironshore enters Asian market with Singapore hub
Bermuda-based property and casualty specialist, Ironshore, is opening an office in Singapore to provide commercial products for the Asian marketplace.
IRDA snubbed as India's finance ministry forms insurance committees
India’s finance ministry has formed four committees to consult on insurance business in the country, drawing representatives from insurance companies, industry bodies, rating agencies and finance ministry officials.
Willis targets multinationals with new MD of Global Solutions
Global broker Willis has appointed Bruce Trigg as managing director of Global Solutions, with effect from 1st April 2012.
Qatar and Luxembourg continue financial services cooperation
Qatar Financial Centre Authority and Luxembourg for Finance, the agency for that promotes Luxembourg as a financial centre, held a joint seminar today as part of the continued cooperation between the two countries in financial services.
Economic uncertainty to impact European construction in 2012
The health of the European construction sector will depend on austerity plans in 2012, according to credit insurer Coface.
Lancashire increases Japan quake loss estimate by 56%
Lancashire Holdings has increased its estimated exposure to the Tohoku earthquake by $42.2m, or 56%, to a net loss estimate of $117.3m (£74.8m).
Q&A Asia: Generali
As part of Insurance Insights new remit to cover Asia, Assicurazioni Generali’s deputy general manager Valter Trevisani (pictured) spoke to Francesca Nyman to discussed the insurer’s plans there.
Q&A Asia: Zurich
As part of Insurance Insight's new remit to cover Asia Francesca Nyman spoke to Zurich’s regional chairman for Asia Pacific and the Middle East, Geoffrey Riddell, to find out what the rapidly growing population means for the insurer.
Asian Expansion: Local experts explain the market's attraction
Insurance Insight recently extended its coverage to include Asia. As part of the new remit Francesca Nyman spoke to some of the region’s major players about where they have a presence in the market, why Asian is attractive and the opportunities for…
Malaysian Reinsurance Berhad has "A-" IFS rating affirmed
AM Best has affirmed the financial strength rating of "A-" (Excellent) and issuer credit rating of “A-” of Malaysian Reinsurance Berhad, the wholly owned subsidiary of MNRB Holdings Berhad.