The (Re)in Essence
Wednesday 28 Feb 2024 edition
• China, Japan, and Indonesia have recently launched voluntary carbon markets, Singapore is due to go live with its platform imminently.
• The global VCM market is currently valued at US$2bn but rapid growth is predicted, with Asian volumes tipped to reach US$30bn annually by 2030.
• VCM insurance is expected to play a key role in market confidence but concerns over data quality could stymie the sector’s development.
• Public/private partnerships, similar to Flood Re and Pool Re, have been touted as potential solutions to systemic risk in the VCM insurance sector.
• Bandhan Financial Holdings Limited (BFHL) completed its acquisition of Aegon Life Insurance.
• The acquisition was first announced in July 2023 and approved by the IRDAI earlier in February, and marks BFHL's first foray into the insurance industry.
• BFHL operates across various segments, including retail banking, microfinance, and other banking and financial services.
• S&P affirms 'A' ratings on Tokio Marine Insurance Singapore (TMIS) with a stable outlook following the rating agency's revised criteria for assessing insurers' risk-based capital.
• S&P continues to view TMIS as a highly strategic subsidiary, benefiting from group support in various operational areas.
• TMIS expected to maintain moderate underwriting earnings through 2024, supported by disciplined underwriting and investment.
Wong joins Crawford & Co as Head of Region for Johor and Malacca.
