GI – (Re)in Asia

GI

AM Best: United Overseas Insurance looking to expand in the region

June 23 2023

AM Best affirmed UOI's financial strength and credit ratings and believes the Singaporean insurer has a stable outlook.

Korean Insurance Research Institute: shortage of skills and internal expertise is biggest obstacle to digital transformation

June 23 2023

Korean insurers appear to be making progress on digital transformation in the post-Covid 19 era, but barriers remain.

asic-orders-pc-insurers-to-repay-au815m-to-5-6-million-consumers-due-to-systemic-pricing-failures

Australian P&C insurers to repay AU$815m (US$551m) due to systemic pricing failures

June 23 2023

ASIC says IAG is expected to pay AU$447.2m, RACQ AU$222m, and QBE AU$90.4m due to a failure to deliver on pricing promises.

picc-hk-maintains-excellent-ratings-with-am-best

AM Best: PICC HK maintains excellent financial strength and credit ratings

June 23 2023

The (re)insurer is developing its inward reinsurance portfolio and with its expansion to Macau can now provide motor policies which cover the greater bay area.

eight-chinese-insurers-receive-collective-fine-of-13m-yuan-us1-65m-for-price-fixing-student-insurance

Eight Chinese insurers receive collective fine of 11.8m yuan (US$1.65m) for price-fixing student insurance

June 22 2023

China’s State Administration for Market Regulation ruled the insurers created a monopoly to control the market and fix prices.

tokio-marine-newa-insurance-receives-fourth-capital-injection-to-meet-minimum-capital-requirements-after-surge-of-covid-19-payouts

Taiwan: Tokio Marine Newa receives fourth capital injection to help meet regulatory capital requirements in wake of Covid-19 claims

June 22 2023

TMNI needed to increase its risk-based capital ratio above 50% or risk being taken over by Taiwan's Financial Supervisory Commission.

icnz-over-nz1bn-us621m-paid-out-for-auckland-anniversary-weekend-floods-and-cyclone-gabrielle-so-far

ICNZ: Over NZ$1bn (US$621m) paid out so far for Cyclone Gabrielle and Auckland Anniversary Weekend Floods

June 22 2023

While 35% of claims have been settled, the Insurance Council of New Zealand's Chief Executive said there's still a long road ahead.

irdai-relaxes-go-to-market-rules-for-group-insurance-and-allows-combination-life-and-health-insurance-plans

IRDAI eases rules related to launch of group plans, enables 'combi' life & health products

June 22 2023

The Indian regulator has made the change as part of its ongoing aim to increase insurance penetration in the country.

Seoul Guarantee Insurance set to go public in Q4

June 21 2023

Korea Exchange (KRX) has received an application from SGI with a listing expected to take place in Q4 this year.

Fukoku Life launches JPY 5bn (US$35m) VC fund in partnership with Global Brain

June 21 2023

The fund, managed by Global Brain, aims to increase Fukoku Life's profitability through partnerships with start-ups.

report-reforms-could-see-indian-insurers-distributing-mutual-funds-for-the-first-time

Report: Reforms could allow Indian Insurers to distribute mutual funds for the first time

June 21 2023

The Department of Financial Services has proposed five amendments to the India Insurance Act which could open up new opportunities for insurers.

hkecic-partners-with-five-major-banks-to-expand-trade-credit-offering-for-mainland-china

HKECIC partners with five major banks to expand trade credit offering for businesses dealing with Mainland China

June 21 2023

The pilot scheme provides increased transparency and shared risk, enabling HKECIC to provide credit insurance to exporters trading with private enterprises in China.

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