Seasonal monsoonal rains led combined economic losses of more than US$7.5 billion as significant flooding occurred across parts of Asia during the month of September, according to a report by Aon Benfield.
Cunningham Lindsey Group, a leading global loss adjusting and claims management firm, and a CVC Capital Partners-led investor group including Allied World Financial Services have agreed to a recapitalisation by which funds affiliated with CVC will acquire majority ownership of Cunningham Lindsey.
With the development of risk models and availability of earthquake data in China, there was general consensus that it is now feasible for someone to bring a parametric catastrophe bond and transfer earthquake risks to the capital markets, online news service Artemis.bm said in a recent report (October).
China’s insurance industry is expected to record an annual growth rate of 12.9% from 2010 to 2020, representing 250% of the global average in the corresponding period, said a local media, citing the China Center for Insurance and Social Security Research, Peking University.
India’s embattled government has pushed ahead in October with its make-or-break reform agenda, approving contentious new measures to open up the insurance and pensions sectors to foreign investors, according to a AFP report .
Major Japanese insurers have declined new applications for covers and riders against damages from strikes, riots and civil commotion after protests targeting Japanese businesses erupted across China, local media reported.
Non-life insurers are expected to face losses for fiscal year 2012 due to a cut in motor premiums and lower asset management returns, according to a report in the Korea Herald.
Insurance Australia Group’s Malaysian joint venture business – AmG Insurance Berhad – is now the largest general insurer in Malaysia, with 13% of Malaysia’s general insurance market and a clear number one position in motor insurance.
The Asian Development Bank (ADB) has advised the government to consider raising the retirement age, increasing member contributions, and combining the Government Service Insurance System (GSIS) and the Social Security System (SSS) to further improve the country’s pension system, reported Malaya Business Insight.
Asurvey by Aviva showed Singaporeans are still worried about retirement despite their high level of savings and investments compared to those in other major economies.
AIR Worldwide (AIR) has set up an office in Singapore to meet the needs of clients in the Asian insurance market.
Pan-Asian life insurance company AIA Group has agreed to buy the bulk of British insurer Aviva’s Sri Lanka operation in a deal valued at US$109 million.
Persistently low interest rates and lacklustre stock market performance are likely to constrain Taiwanese insurers’ investment yield, especially for life insurers who rely heavily on investment income for profits, according to a new report by ratings agency Fitch.
Thai insurers have called on the government to chalk out a strategic plan for tariff deregulation to prepare the domestic insurance industry for economic integration within the ASEAN region, reported Bangkok Post.