Asia
Indian shipping firms may look to China for insurance
Indian shipping companies may turn to China in their struggle to find replacement insurance coverage when EU sanctions on Iranian oil come into force.
Quarter of Indian consumers think life insurance is not important
Insurers in India face an uphill struggle to persuade consumers of the need for life insurance, a recent study indicates.
Emerging markets present growth opportunities for energy firms
Despite geo-political turmoil, many economies now present increased growth opportunities for global energy companies due to decreasing political risk and improvements in legal and regulatory environments, according to risk analysis company Maplecroft.
Insurers in the Philippines reject tax waiver
Non-life insurers and reinsurers in the Philippines have rejected a government offer of a 10% reduction in annual aggregate tax, according to reports in the local press.
Zurich sees 19% drop in GI profits after US$1bn cat losses in 2011
Zurich recorded a general insurance business operating profit of US$2.3bn in 2011, a decrease of US$403m or by 15% in US dollar terms and 19% on a local currency basis.
Market moves: MGAs making the moves
This week the recruitment space belonged to managing general agents.
Economic, regulatory and talent issues holding back growth for insurance CEOs
Over two thirds (70%) of insurance CEOs are planning on changing their strategy over the next 12 months as they try to see past the current difficult economic and regulatory backdrop, according to PwC.
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.