MAS names four Insurers as Domestically Systemically Important
The Monetary Authority of Singapore (MAS) has designated AIA, Prudential Assurance, Income Insurance, and Great Eastern as domestically systemically important insurers (D-SIIs), subjecting them to higher capital requirements and closer regulatory scrutiny.
Lloyd’s and UN partner to reduce protection gap in climate-vulnerable countries, beginning with Fiji and Pacific Islands
The parties will cooperate to develop and expand insurance products in The Pacific, with the intention of replicating the model in other vulnerable areas, including Asia and parts of Africa.
Canopius recruits underwriters Lucy Lumb and Trisha Urquhart as part of Australian expansion
Lumb (pictured left) arrives as Underwriter, Property Coverholder and Delegated Authority and Urquhart (pictured right) appointed as Underwriter for Accident & Health, as Canopius strengthens its presence Down Under.
LeapFrog investment helps bolttech extend insurtech record for Series B funding round
The record for the largest ever Series B round for an insurer reaches US$246m, courtesy of a US$50M investment by the impact investment firm.
AIA strengthens Board with appointment of former BNM Governor Nor Shamsiah Mohd Yunus
AIA Group announces veteran financial sector leader, Mohd Yunus, will join as Independent Non-executive Director and Nomination Committee Member.
Australian BOM announces El Niño; mixed outcomes likely for Asia Pac insurers
Prolonged El Niño weather cycle likely to lead to decreased insurance losses in Australia, but weather cycle brings a host of economic concerns including fire damage, fluctuating crop yields, water shortages, and health issues throughout Asia Pacific.
Singapore-based reinsurers double underwriting profits in 2022
Singapore’s top ten largest reinsurers saw underwriting profits more than double in 2022 as they tightened underwriting terms and lowered losses, amid economic and catastrophe-induced volatility.
Hong Kong IA and HKSTP collaborate on new Open API Framework and Central Register
The Insurance Authority and the Hong Kong Science and Technology Parks Corporation launch Open API Framework to stimulate innovation and promote cross-sector collaboration.
China’s Aviva-COFCO’s financial strength rating retained at ‘A-‘ by Fitch Ratings
Fitch Ratings retains Aviva-COFCO Life Insurance Company’s ‘A-‘ rating, endorsing its strong capitalisation and robust profitability despite increased exposure to equity investments.
AM Best maintains Blue Cross Insurance’s ‘Excellent’ credit ratings, despite challenging year
Blue Cross Insurance, a subsidiary of AIA Group Limited, earns financial strength rating of ‘A’, thanks to strong balance sheet and operating performance.
