GIC Re and New India Assurance are said to be leading the formation of a US$100m marine war-risk pool to cover vessels on high-risk routes in and around the Persian Gulf.
APAC insurers are well positioned to absorb Middle East-related stresses, but insurers in Singapore stand out owing to their position as a major shipping and insurance hub.
The IAIS's multi-year assessment of 16 jurisdictions finds resolution tools underdeveloped and liquidity stress-testing requirements uneven, even as macroprudential supervision matures.
Despite the weaker Asia performance, the reinsurer is eyeing expansion into China, India, and Southeast Asia under its new VIGRe28 strategy, as it prepares to open a Singapore office.
