China sets out guidelines for systemically important insurers
New rules take effect January 1st and will be used to determine (re)insurers which are deemed ‘too big to fail.’
Chubb veteran Ben McGregor takes on new role as Head of Property, APAC and Japan
McGregor has been with the business since 2002 and will oversee underwriting and portfolio management for Chubb’s Property business across APAC and Japan.
Macau’s Luen Fung Hang Insurance maintained solid footing amid pandemic challenges, says AM Best
AM Best affirms its confidence in Luen Fung Hang Insurance, highlighting the company’s strong financial indicators and prudent investment strategy amid a challenging year.
Indian P&I Club and new economic corridor can boost Blue Economy, says Finance Minister
In the last decade, India has climbed from 44th to 22nd in ranking for international shipments and Finance Minister Nirmala Sitharaman sees further growth opportunities for the marine sector.
Strengthening building codes could save AU$4bn (US$2.54bn) annually: Insurance Council of Australia
ICA report says building codes which mandate new homes can withstand extreme weather could save the nation an estimated AU$4bn per year, drastically reduce the cost of climate change to homeowners.
Five-year combined ratio of 62% sees South Korea’s Construction Guarantee Cooperative maintain superior credit ratings
Despite capital losses in 2022, global rating agency AM Best affirms ratings and maintains stable outlook for the government-designated surety underwriter for general contractors.
The Maritime and Port Authority of Singapore looks to insurance to accelerate adoption of electric harbour craft
Seeking to accelerate the integration of electric harbour crafts, the MPA has invited potential stakeholders to propose finance and insurance solutions to aid the industry transition to net-zero emissions by 2050.
Challenges amid US$21.6bn 2027 growth forecast for Australia’s GI Industry: GlobalData
GlobalData predicts Australia’s general insurance market to grow to AU$123.1bn (US$77.7bn), driven by heightened healthcare awareness and increasing rates for property and motor insurance — but challenges remain.
AM Best retains ‘excellent’ ratings for China Taiping Singapore
AM Best maintains China Taiping Insurance (Singapore)’s A (Excellent) rating, attributing the steady evaluation to favourable investment performance and ongoing financial backing from TPG Group, even though the company faced pre-tax losses in 2022.
Australian Financial Complaints Authority referred 16 insurance-related systemic issues to regulators in H1 2023
AFCA’s 3rd edition of its Systemic Issues Insights Report highlights several concerns within insurance, from incorrect handling of insurance claims to insufficient information provided to non-English speaking customers.
