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Asia: Competition and capacity exist in region; but rates rise for disaster-hit areas |
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With competition among insurers for market share in many lines of insurance remaining strong, rates will continue to decline, according to a comprehensive report published by Marsh. However, commercial insurance rates in Asia are expected to climb in regions affected by natural disasters following record insurance losses in 2011. |
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South Korea: Korean Re aims high in Year of the Dragon
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Korean Re has set the year 2012 as the base year to become a world class reinsurer, with its sights set on becoming the top five reinsurance companies in global rankings. Korean Re now ranks 11th globally.
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China: Regulator aims to raise entry criteria for insurance sales reps |
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The CIRC has said that it aims to raise the threshold for those who aim to become insurance sales representatives, one of its goals in its supervision of insurance intermediaries this year. |
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India: Regulator acts to cut healthcare insurance losses |
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After motor insurance, the IRDA is drafting a new set of regulations for medical insurance as it has singled out group healthcare insurance products as the biggest contributor to the losses of non-life insurance companies. |
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Japan: Tokio Marine quick off the mark for the 2012 Olympics
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One of Japan's biggest non-life insurers, Tokio Marine & Nichido Fire Insurance, has announced that it will offer special services for insured travelers to the London Olympics this summer.
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