Vipal Durge is Features Editor at (Re)in Asia, covering the deals and corporate strategy reshaping Asia Pacific insurance. Areas of specialty include M&A and market consolidation, insurer results and underwriting performance, and regulatory decisions across Australia, Japan, India and Southeast Asia.
Chan brings more than 35 years of industry experience and previously served as chairman of the Hong Kong Confederation of Insurance Brokers and on the Insurance Authority's transition working group.
The penalty relates to ICICI Lombard's failure to document ₹7.10bn (US$75.1m) of sales, marketing and business support spending in FY2019, part of which went to agents of other insurers.
The insurer's sale is drawing attention to South Korea's new K-ICS capital regime, which is expected to shape the scale of any required capital injection.
Asia's catastrophe protection gap remains among the world's largest, with only 14% of disaster losses insured despite rapid growth in insured exposure across the region.
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