China
Metal Theft: Copper and Robbers
New legislation promises to make life tougher than ever for scrap metal thieves and ease the demand on insurers – but why is the market unconvinced it will be effective?
Top five Asian news stories
The top five stories from www.insuranceinsight.com over the past seven days.
Chan promoted at Nova Risk Services
Nova's CEO Patrick Chan will run the mainland operations of China in addition to Hong Kong and Macau.
Emerging market megacities will be "gamechanger" says Swiss Re
Eight of the top megacities in the world will be in emerging markets by 2025, according to Swiss Re.
Property premiums grow 16% in China
China's insurance market grew 3.5% in January and February spurred by growth in property insurance.
Asia-Pacific premiums to double by 2020, says Munich Re
Munich Re's Economic Research Department estimates that nearly half of the $2.8trn of additional premiums to be generated by 2020 across the world will be from the Asia-Pacific region.
GWP for mobile goods will be worth $14.6bn by 2016
The global market for extended warranties and insurance for mobile goods is expected to surge 46.3% from $10bn to $14.6bn by 2016.
Ping An posts 3% rise in net profit
Ping An Insurance (Group) Co. of China posted a 3% rise in its 2012 net profit, the slowest growth in three years, according to the Wall Street Journal.
China cautious over financial super-regulator
Chinese officials have yet to decide whether to create a new regulator overseeing the insurance, banking and securities sectors.
Top five Asian news stories
The top five Asian news stories from www.insuranceinsight.com over the past seven days.
Hong Kong insurers to participate in 270bn yuan market
The China Securities Regulation Commission is to allow Hong Kong insurers and Hong Kong branches of Chinese insurers to invest yuan raised offshore in the mainland.
China aims for 7.5% GDP growth in 2013
7.5% target reflects slowing economy but supports five year plan set in 2011.
Ince & Co appoints senior shipping consultant
Law firm Ince & Co has named Xu Guo as a consultant. Based at the firm’s Beijing office, Guo will provide shipping advice.
China IPO approvals still awaiting timetable
The China Securities Regulatory Commission has yet to set a timetable for resuming IPO approvals, scotching rumours that it would start pushing through new candidates in April, an official from the securities watchdog told Xinhua news agency.
Hong Kong targets captives
The Hong Kong government is to implement a 50% profits tax reduction on captive insurers' offshore insurance business.
Six balloon crash victims from HK had policy exclusions
Six of the nine people from Hong Kong who died in the tragic hot air balloon accident in Egypt had exclusions for hot air balloon travel in their policies.
Brit Insurance unveils Chinese intentions as post tax profit rises to £84.7m
Lloyd's insurer Brit has today announced it has developed "prudent options" to assess growth potential in China, to grow its specialty underwriting business "cautiously and profitably".
Top five Asian news stories
The top five Asian news stories from www.insuranceinsight.com over the past seven days.
Earthquake strikes south China
A 4.8 magnitude earthquake in southern Guangdong province, on Friday morning (22 February), caused some disruption to Heyuan City, near the epicentre,and was felt in Hong Kong.
China targets polluting industries with mandatory insurance scheme
Heavily polluting industries in China will have to participate in a mandatory insurance program to ensure they can adequately provide compensation for damage.
China readies for first online insurer
The Chinese Insurance Regulatory Commission is set to approve the first internet only insurer which will be owned by nine shareholders including internet firm Alibaba and insurer Ping An.
China allows insurers to sell mutual funds
Chinese insurers will be allowed to sell mutual funds to the public as regulators look to increase the role of institutional investors in its capital markets.
Financing the growing costs of disasters
Reto Schnarwiler, head of global partnerships for Swiss Re, Americas and EMEA says that a lack of insurance and the growing costs of disasters are hitting individuals and governments hard. He explores how government partnerships with insurers can help…
To re-joins JLT Re to head reinsurance in China and HK
Henry To has returned to JLT Reinsurance Brokers as chairman and chief executive officer of its reinsurance operations in China and Hong Kong.