AM Best continues to project a negative outlook for Indonesia's non-life insurance sector, citing increased reinsurance credit risk and pressure on underwriting margins as key factors.
Four ex-executives at Vesttoo, alongside employees of China Construction Bank and Standard Chartered, have been implicated in a $3.4bn fraud scheme involving forged letters of credit, according to the firm's first interim bankruptcy report.
An AM Best report shows letters of credit account for 22% of total collateral held, emphasising the need for rigorous due diligence.
Fubon's financial strength rating is still excellent, though its 'under review' status remains despite a May capital injection.
The pilot scheme provides increased transparency and shared risk, enabling HKECIC to provide credit insurance to exporters trading with private enterprises in China.