Asia
China's P&I club halts cover over Iran sanctions
A major Chinese ship insurer will halt indemnity cover for tankers carrying Iranian oil from July, dealing a blow that narrows the insurance options for Tehran's main export already constricted by payment barriers caused by Western sanctions.
Reinsurance rates in Asia Pacific rise at 1 April renewals
The major renewal date for the Asia Pacific region saw reinsurance rates increase as the market continued to work through the impact of the events of 2011, according to a briefing by Guy Carpenter.
Guy Carpenter reports reinsurance rises
Research by Guy Carpenter shows reinsurance rates rose at the 1 April round of renewals as the market continues to work through the impact of the events of 2011.
Willis appoints new CEO for Japan retail
Willis Group has appointed Yoshihide Enomoto as president and chief executive of its retail brokerage business in Japan.
Middle East and Asia energy markets buoyed by excess capacity
Competition and excess capacity continued to strengthen the market for energy insurance buyers in Asia and the Middle East in the first quarter, according to a Marsh energy report.
Starr expects "rapid expansion" after gaining Japan licence
Starr Indemnity & Liability has been granted a foreign non-life insurance licence in Japan.
Paton eyes international growth at DAC Beachcroft
Incoming DAC Beachcroft claims solutions group chief executive Bill Paton has vowed to use his "extensive" contacts across the world to grow the law firm's presence in the Asia Pacific and Latin America markets.
Indian insurers praise deductibles hike
An increase in deductibles for third-party motor premiums by the Insurance Regulatory and Development Authority has been praised by the insurance industry, despite frustrating consumers.
Taiwan allows insurers to invest in foreign stocks
Taiwan has passed a regulation allowing insurance firms to invest in overseas stocks, provided they meet certain risk-based capital criteria.
Paperwork delays payment of Thai flood claims
Japanese firms waiting for claims payment following the flooding in Thailand face delays owing to the volume of paperwork for insurance companies.
Industrial assets underinsured by up to 60% in Asia
Telecommunications, energy and petrochemical companies are underinsuring their industrial assets by 30% to 60% in Asia, according to a new report by Marsh, and John Foord, an industrial asset valuation firm in Asia.
MAS enhances Singapore's capital framework
The Monetary Authority of Singapore is to consult on enhancing the country's risk capital framework.
Insurers lose $116bn but play key role in disaster recovery
Despite insurers incurring the second largest losses ever at $116bn in 2011 the industry weathered 2011 well, according to the latest Swiss Re Sigma study.
Philippines Insurance Commissioner promotes benefits of microinsurance
The Philippines Insurance Commissioner has urged members of the public to buy microinsurance to prepare for the future.
Deductibles distrust blamed for Thailand's high motor premiums
A reluctance to apply deductibles may be keeping Thai motor premiums unnecessarily high, according to the country's General Insurance Association.
China considers domestic shipping system to protect oil imports
China may create an integrated shipping system for imported oil via cooperative agreements among state-owned shipping lines, refineries and insurance bodies, with the goal of ensuring energy security.
Malaysia sees improvements in corporate governance
Malaysia's quest to improve corporate governance in banks and insurance companies is seeing results, according to Malaysian news publication The Star.
Shipping sector faces new risks 100 years on from Titanic disaster
To mark the centenary of the Titanic sinking, Allianz Global Corporate and Specialty has recorded what it views as the biggest risks to the shipping industry today.
Declined risk pool aims to reduce losses for India's motor sector
The Insurance Regulatory and Development Authority's decision to implement a declined risk pool system for third-party motor insurance is likely to reduce the losses for Indian insurers, according to industry insiders.
Sompo Japan and Nipponkoa merge to create global P&C firm
Japanese non-life insurers Sompo Japan Insurance and Nipponkoa Insurance are to merge into a single company in the first half of the 2014 financial year.
South Asia slow down: is this a blip or the new normal?
South Asia is probably the region of the world most acutely aware of the interconnectedness of growth prospects across countries in the developed and developing world.
Charles Taylor Consulting set for expansion
Speaking to Post after the release of its results, group chief executive officer David Marock said that the company is looking to expand in Latin America and Asia.
IRDA scrutinises bank stakes in Indian insurers
Equity tie-ups between Indian insurers and their bancassurance partners are coming under scrutiny from India’s insurance regulator.
Chinese government tightens insurance supervision
Administrators at Chinese state-owned insurance companies have been brought under higher-level supervision owing to the promotion of senior industry figures.