Eight months ago, KB Financial Group Inc had indicated its keen interest to buy ING Groep NV’s Korean insurance assets but till now the sale is still unconfirmed. It is reported that price could be the issue.
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HSBC Bank is ceasing operations of its retail Islamic banking business in the UK, UAE, Bahrain, Bangladesh and Mauritius, as well as Singapore, where it also offers takaful products.
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Losses from weather-related events in Australia have increased four times in the last 30 years and it is likely that this trend will continue if not worsens, said Professor Peter Hoeppe, the head of Geo Risks Research centre at Munich Re.
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IAG will cross-sell life insurance along with its traditional motor and home insurance policies as sales from traditional car and home policies remain subdued.
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State-owned insurer, People’s Insurance Company (Group) of China (PICC), is in talks with American International Group Inc, SCOR, China Life Insurance and others to be cornerstone investors for its planned listing in Hong Kong.
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The insurance sector in Hong Kong is projecting the highest salary increase in the territory at 6.1% for 2013, according to the latest Salary Increase Survey issued by Aon Hewitt, the global human resource solutions business of Aon plc.
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Insurance regulators were urged to work closely with insurance companies and understand the complexities of the business they govern, said insurance experts at the recent International Association of Insurance Supervisors (IAIS) annual conference in Washington.
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ERGO will be joining hands with the Avantha Group in India to form a new insurer - Avantha ERGO Life Insurance Company - which will primarily offer unit-linked and traditional life products to private customers in India.
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The outlook for Indonesia’s life and non-life sectors in 2013 is stable on the back of a developing domestic market, sustainable growth in premiums, and strengthening regulatory requirements, said Fitch.
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Tokio Marine & Nichido Fire Insurance has received regulatory approval from Labuan FSA to set up a new reinsurance subsidiary in Labuan, Malaysia.
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American International Group, Inc. (AIG) and the New Zealand Rugby Union (NZRU) have announced a five-and-a-half year agreement for AIG to sponsor six NZRU rugby teams: the All Blacks, Maori All Blacks, All Blacks Sevens, New Zealand Black Ferns (women’s fifteens), New Zealand Women’s Sevens, and New Zealand Under 20. Financial terms of the sponsorship agreement are not being disclosed.
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Pakistan’s life insurance industry, buoyed by rising income and higher employment levels, is witnessing unprecedented growth over the past five years, with close to 13.6 million people now having a life insurance policy.
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The private insurance industry, government and multilateral lending agencies are teaming up to create the country's first-ever earthquake insurance pool due to the frequency of Nat CATs wreaking havoc in the country. The pool will cover the middle class residential and medium-sized enterprise property owners.
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Guy Carpenter & Company, LLC has published a new report titled “Thailand Flood 2011, One Year Retrospective” recently. The report provides an in-depth review of the meteorological and man-made factors that contributed to the scope of the catastrophe and resulting insured losses, estimated to be between US$15 and 20 billion.
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The World Bank and Japan will promote Thailand as the insurance centre of ASEAN to help develop the industry in neighbouring countries and provide professional services to the more advanced economies.
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Prudential Thailand will acquire entire stake in Thanachart Life, a wholly-owned life insurance subsidiary of Thanachart Bank, for a total settlement of THB18 billion (US$585 million). The acquisition of Thanachart Life will immediately double Prudential Thailand’s market share.
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