Issued after insurer feedback, the guidance requires appointed actuaries to report to boards and insurers to run validation throughout the first year of adoption.
The figures cover losses from typhoons Maysak and Bavi and wider July flooding, with insurers having already advanced CNY2.89bn (US$427m) to policyholders across Zhejiang, Guangxi and Hubei.
Surrender payouts and reserve requirements are climbing at both life and non-life insurers, raising questions over whether households are trading long-term protection for short-term liquidity.
Jenny Wilhelm takes on the newly created role of MD for Singapore, which includes oversight on ASEAN and Sri Lanka, while William Slade succeeds her as Asia head of distribution.
