China’s embattled Evergrande Group hands over life insurance business to state-owned Haigang Life
Evergrande Life Insurance’s business, assets, and liabilities are transferred to new, state-owned entity, Haigang Life Insurance, in a move widely seen as being part of liquidation efforts.
Strong new business numbers earn PICC Life ‘A+’ ratings affirmations from Fitch
Fitch Ratings affirms ‘A+’ rating for PICC Life Insurance, attributing it to the company’s growth, solvency, and strong ownership ties with China’s Ministry of Finance.
Extreme weather events expose severe gaps in China’s insurance coverage
Despite the increasing frequency of extreme weather events, insurance coverage for Nat Cats remains low at around 10% of economic losses, posing challenges for insurers and highlighting the need for proactive policy guidance.
Monte Carlo RVS 2023 reflections: Further repricing on the way as cost of capital continues to bite
Hardening rates, cost of capital, the protection gap, climate change, cyber, and AI all featured prominently during Les Rendez-Vous de Septembre 2023.
Bowtie closes Series B2 funding round of US$34.9m
The Hong Kong insurtech raised US$34.9m led by Sun Life Hong Kong Limited and with participation from Mitsui & Co.
Sumitomo Life to buy Aviva’s stake in Singlife for US$1bn
Aviva will receive US$998m for its equity stake and two debt instruments, with Sumitomo Life increasing its total shareholdings to 49%.
Aon hires Citibank’s Plein as new APAC COO
Aon appoints Jeff Plein as its new Chief Operating Officer for Asia-Pacific, to help drive growth and enhance the client experience in the region.
Former China Life Chairman Wang Bin sentenced to life in prison for bribery
Bin was sentenced to death for taking bribes and concealing overseas deposits; a two-year reprieve commuted his sentence to life imprisonment without parole or sentence reduction.
NFRA provides capital relief for Chinese insurers
China’s National Administration of Financial Regulation has updated requirements to ease insurers’ capital burden.
Japan’s catastrophic floods and record rainfall claim lives and leave thousands homeless
Record-breaking rainfall caused by tropical storm Yun-yeung triggers catastrophic floods, casualties, and extensive damage in Japan’s central and eastern regions.
