edition
• The 19 to 23 April flooding in Guangdong and surrounding provinces has led to 34,700 insurance claims, totalling 699m yuan (US$96.5m).
• As of 28 April, 206m yuan in claims have been paid, including 68.25m yuan in advance payments.
• Insurance efforts to quicker claims processing include deployment of 8,951 personnel and 6,311 vehicles, 515 drone flights, and establishment of 'green channel.'
• AIA Singapore launches international wealth arm and opens AIA Wealth Centre, targeting affluent and high-net-worth individuals in Asia.
• Invitation-only Centre is located at Six Battery Road in Singapore and takes a "multi-disciplinary approach" which includes access to a specialised panel of experts in legal, tax, and trusts.
• Initiative are part of AIA's strategy to be leading insurer in wealth segment.
• Major Chinese insurers lowered investment return rate assumptions to manage long-term investment risks.
• Fitch said the change boosts risk management, helps to better align policyholder expectations, and will potentially support investor confidence.
• However, recalibrations have led to lower new businesses (NBV) and embedded value (EV).
• Fitch anticipates no material change to life insurers' general operations.
• DUAL Asset announces launch of title insurance services for Asia Pacific.
• Products cater to Commercial real estate transactions in Australia, New Zealand, Hong Kong and Singapore and M&A transactions involving target companies in countries including Australia, New Zealand, Hong Kong, Singapore, Japan and South Korea.
• AXA XL to provide insurance capacity with limits up to US$150m per policy.
• Chris Hammond, Head of Asia Pacific for DUAL Asset, to lead the new offering.
• Hong Kong's FTLife Insurance announced it will change its name to Chow Tai Fook Life Insurance (CTF Life) in Q3.
• Name change aims to strengthen collaboration with Chow Tai Fook, leveraging off brand name, financial strength, and strategic investments.
Burke has been with Chubb since 2017, will lead the strategic expansion of Chubb's APAC personal lines from 1 May 2024.
