Asia
Indonesia's economic stability fuels non-life growth
Indonesia's solid economy is fuelling growth for a developing non-life insurance market, well supported by domestic consumption and investment which is offsetting a weaker international environment, according to ratings agency AM Best.
Willis creates new marine division in Singapore
Broker Willis has extended its risk management consultancy operations in Asia with the formation of a marine technical services division in Singapore, and has recruited Sau Weng Tang to spearhead the expansion.
South Korea halts Iranian crude imports over sanctions
South Korea will stop importing Iranian oil from 1 July owing to the European Union's insurance ban on vessels carrying the product.
India's non-life players grew premiums 18.27% in May
The Indian non-life insurance sector achieved premium growth of 18.27% in May compared with the same period in 2011, according to figures released by Insurance Regulatory and Development Authority.
India falls four places in insurance rankings after drop in life business
India has fallen four places in the world insurance market in the past year owing to a sharp drop in life insurance business, according to The Times of India.
Liberty Mutual joint venture to start writing Indian business
Liberty Mutual Insurance joint venture, Liberty Videocon General Insurance Company Ltd, has been granted regulatory approval to begin operating in India.
Hardy suspends Singapore underwriting amid refocus on US risk
Hardy Underwriting is refocusing its property treaty business on US risk and away from the international business that brought catastrophic losses over the past two years.
Global non-life premiums expanded 1.9% in 2011
Global reinsurance premiums declined 0.8% in real terms in 2011, according to Swiss Re's latest Sigma study.
Emerging markets drive global premium growth
Economic growth in emerging markets and selective rate increases in developed markets helped drive a 1.9% increase in global non-life insurance premiums in 2011.
Indonesia appoints head of new financial watchdog
Indonesia's parliament has chosen Muliaman Hadad, a deputy governor at the country's central bank, as chairman of a new financial services authority.
CIRC guidelines aim to entice private investment in insurance
China's insurance regulator has unveiled guidelines designed to encourage private investment in the state-owned, asset-dominated insurance industry, the China Daily reported.
Top five Asian news stories
The top five Asian stories from www.insuranceinsight.com over the past seven days.
PICC may delay listing owing to market turmoil
Reports suggest that state-owned insurer PICC Group will delay listing on the Hong Kong stock exchange until October due to difficult market conditions.
People's Insurance Company of China given green light for Hong Kong IPO
The state-owned People's Insurance Company of China, one of the country's biggest insurers by premiums, received Hong Kong regulatory listing approval on Thursday for its IPO, The Wall Street Journal reported.
China to allow insurers to manage offshore yuan funds
China has agreed to allow insurers to manager offshore yuan funds, along with fund houses and brokerages, Shanghai Securities News reported.
Ace appoints president for personal lines and commercial
Ace Group has appointed Darryl Page as division president for international personal and business insurance.
RSA creates dedicated Asian business
Global insurer RSA has restructured its Asia Middle East business to provide a stronger focus on Asia as its own region.
Losses from Typhoon Guchol expected to be under $500m
Insured losses from Typhoon Guchol are estimated to be less than $500m, according to catastrophe modelling firm Eqecat.
ICMIF supports new 'sustainable insurance' initiative
A global initiative to encourage sustainable insurance practices, overseen by the United Nations Environment Programme, was launched in Rio de Janeiro on Tuesday with the International Cooperative and Mutual Insurance Federation confirmed as a founding…
Multinationals jostle for acquisitions in south east Asia
The fight for a piece of south east Asia's insurance market is heating up as AIA Group, Manulife and Prudential PLC compete for mid-size acquisitions in the region totalling up to $1bn, according to a report by Reuters.
Insurers starting to embrace change but still a way to go, says PwC
PwC's global insurance leader outlined what successful insurers of the future could look like, and discussed the forces re-shaping the insurance sector, when he spoke at the 2012 International Insurance Society Seminar in Rio de Janeiro today.
Local insurers return to Thailand flood market
Local insurers in Thailand are increasing their appetite for flood risk and reducing their dependence on the government's Catastrophe Insurance Promotion Fund, according to the fund's chairman Payungsak Chartsuthipol.
Aon named risk management and insurance advisor to ISS
Facility services provider ISS has appointed Aon Risk Solutions to provide global risk management services and insurance advice.
Resource provides global view of health insurance for low-income families
A new resource capturing more than 100 health insurance programmes designed for low-income populations in developing countries has been launched.