In 2023, the Monetary Authority of Singapore (MAS) named four 'domestic systemically important insurers' - AIA Singapore, Income Insurance, Prudential Assurance and Great Eastern Life Assurance.
Health and safety (84%) overtook cyber attack, including cyber extortion (69%), as the top risk for directors and officers (D&O) in APAC this year, according to the 2024 Global Directors' and Officers' Survey Report from WTW and Clyde & Co.
Guy Carpenter has appointed Mr Ben Savill as CEO of Pacific, Mr Jeff Saper as head of GC facultative insurance, APAC and Mr Luc Moremont as regional sales leader, APAC. Mr Saper and Mr Moremont's roles will be effective from 1 July 2024.
The Deloitte Insurance Outlook 2024 indicated that many life insurers are repositioning in order to drive sustained and predictable growth.
In early 2023, the prime minister of Vietnam's Decision 07/QD-TTg was issued, approving the strategy to develop the insurance market in the country until 2030. The application of technology in the insurance industry was covered in the document, with the prime minister requesting the formation of a regulatory sandbox in order to encourage companies to develop new digital products and services.
Prudential has posted a surge of 45% in new business profit to $3,125m for the year ended 31 December 2023, according to financial results released by the life insurance and asset management group.
Australian managing general agent (MGA) Agile Underwriting Services has received 'in-principle' approval from Lloyd's to create Agile Syndicate 2427 (AUS 2427).
AIA's Hong Kong business outpaced that of mainland China in 2023 to become the largest contributor to the group's value of new business (VONB) in 2023 as the territory captured the very strong demand of mainland Chinese visitors (MCVs) following the full resumption of normal cross-border travel in February 2023.
Sedgwick has appointed Ms Nicki Dunn as chief client officer for Asia, Mr Irwin Wei as manager, data and digital solutions and Ms Kalnisha Velu as quality assurance and operations manager.
Hong Kong-headquartered pan-Asia insurance group, FWD Group Holdings, has announced its financial results for the year ended 31 December 2023 which show that the value of new business jumped by 22% to $991m, compared to 2022.