Amid economic uncertainty, Singapore's life insurance sector sees a downturn in new business premiums but a surge in annual premium policies and claim settlements in 1H 2023.
AM Best said in an update that it is continuing to investigate the explicit support the Vietnamese entity receives from its parent company, Fubon Insurance.
CBIC's financial strength and credit ratings were maintained as 'Excellent', with the business maintaining a strong balance sheet and an average CR beneath 90% for the last five years.
CPIC Life (HK) has launched the 'Ever-growing Whole Life Insurance Plan', offering both protection and savings, and guarantees a minimum percentage death benefit of the policy's notional amount.
There is a 70% chance El Niño develops in 2023; its cooler average sea temperatures are expected to fuel severe weather, including droughts and wildfires.
