Magazine

Apr 2015

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News


Afro-Asia: FAIR syndicate to cover nuclear energy risk

FAIR Oil & Energy Insurance Syndicate (FOEIS) is expanding its reinsurance acceptance scope to include nuclear energy risks. The facility will cover all risks of physical loss or damage and business interruption including nuclear perils, radioactive contamination and machinery breakdown but excluding third-party liability for nuclear plants.


Asia: Highest tsunami risk in Taiwan from major EQ in Manila Trench

In a study of the tsunami risk from a moment magnitude 9.4 earthquake along the Manila Trench, the worst case scenario predicts the highest risks in southwest Taiwan, specifically, up to four metres at the Port of Kaohsiung, Taiwan's principal port and the sixth largest container port in the world, according to Guy Carpenter in its "Tsunami Risk from Magnitude 9.4 Earthquake in Manila Trench" report.


Asia: Responding to disasters no longer sufficient for ASEAN nations - Malaysian DPM

ASEAN countries are at the crossroads of deepening their understanding of the changes in the world where responding to disasters is no longer sufficient as demands for building safer and resilient communities are becoming imperative.


Asia: Five Asian countries in top 10 list of Aon Benfield's Country Opportunity Index

Five Asian markets - Singapore (third), Hong Kong (fourth), Malaysia (fifth), Indonesia (sixth), and China (eighth) - were listed in the top 10 Country Opportunity Index in Aon Benfield's Insurance Risk Study.


Asia: Emerging markets' private health premiums to double by 2020

As income levels in emerging markets rise and people want and can afford more healthcare, private health insurance (PHI) premiums in emerging markets are set to double by 2020, according to Swiss Re sigma study.


Australia: Cyclone Marcia bill busts A$400 mln

Claims from Cyclone Marcia in Queensland have risen above A$400 million (US$305 million).


Australia: ANZIIF launches trans-Tasman Women in Insurance roadshow

An eight-city roundtable series on gender diversity in insurance has been announced by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) in response to calls in the 2014 Women in Insurance survey.


Bangladesh: IFC to partner Green Delta for Crop insurance project

IFC, a member of the World Bank Group, has signed an agreement with Bangladesh's leading private insurer Green Delta Insurance Co Ltd to develop a crop insurance mechanism to protect the rural economy.


China: Lloyd's opens Beijing Branch, expects premiums to double

Lloyd's opened a branch office in Beijing last month to access new business and forge closer links with business partners in China's capital. The China platform is expected to double its current business written of CNY450 million (US$72 million) in 2015, Lloyd's Chairman John Nelson said in a media interview with Asia Insurance Review.


Approval for first-ever Chinese shipping insurer

China's first-ever insurance company dedicated to shipping insurance has been granted approval to be established by CIRC.


China's credit insurance growth hampered by high fees

Around 142,000 micro enterprises received loans totalling CNY99.71 billion last year, with the support of insurance companies which had offered credit insurance. However, the market potential has yet to be fully tapped because borrowers are deterred by the high insurance fees.


Hong Kong: AXA and Zurich remain largest insurers by GWP in 2014

Statistics released by the Office of the Commissioner of Insurance (OCI) reveal that little has changed in the landscape of the Hong Kong general insurance industry since last year, with AXA and Zurich remaining the two largest Property & Casualty insurers in Hong Kong for the second consecutive year in terms of GWP.


HKFI launches Young Insurance Executive Development Programme

Candidates recruited under the HKFI's Young Insurance Executive Development Programme (YEDP) have started their training in March.


India: Willis signs joint venture with Almondz

Willis Group Holdings has agreed to purchase a 49% stake in Almondz Insurance Brokers Pte Ltd, a leading Indian insurance broker.


Sompo Japan acquires stake in French reinsurer SCOR

Insurance behemoth Sompo Japan Nipponkoa Holdings Inc announced last month that it will acquire a 7.8% stake in French reinsurer SCOR, the fifth largest reinsurer globally, with plans to bring its participation in the Paris-headquartered company to 15% in the future.


Nepal: Regulator makes it mandatory for insurers to go rural

In a bid to increase insurance penetration in rural and interior areas of the country, the Beema Samiti (Insurance Regulator of Nepal) has made it mandatory for non-life insurers to provide agriculture insurance services and has assigned them certain districts to carry out the business.


Pakistan: EFU Life launches Window Family Takaful operations

EFU Life Assurance Ltd, the leading life insurance company in Pakistan, has become the first insurance company to launch Window Takaful operations under license from the Securities & Exchange Commission of Pakistan.


Singapore: Next round of risk-based capital study scheduled in Q2

The Monetary Authority of Singapore (MAS) will conduct another round of its Quantitative Impact Study (QIS) in the second quarter of this year to evaluate the effect of an enhanced risk-based capital (RBC2) proposal on insurance companies, said its Deputy Managing Director (Financial Supervision) Ong Chong Tee.


Singapore: Great American Insurance lands in Lion City

Great American Insurance Group has announced that its lead insurer, Great American Insurance Company, has received preliminary approval from the Monetary Authority of Singapore to establish a branch operation.


Singapore: SIRC to go annual from 2017 onwards

Following the announcement of the 2015 SIRC theme "Managing Risks in an Uncertain World", and responding to popular demand, the Singapore International Reinsurance Conference has declared that from 2017, it will go annual.


Singapore: General insurance sector sees 37.4% jump in underwriting profit in 2014

Singapore's general insurance industry put in a strong report card for the year ended 2014 with a 37.4% leap in underwriting profit to S$391.7 million (US$283 million). The overall loss ratio also saw a marked improvement, having narrowed to 48.4%, compared to 53.2% in 2013.


Taiwanese financial groups seek M&A in SE Asia

At least two financial holding groups in Taiwan are seeking potential M&A in Southeast Asian markets.


Taiwan: Large-scale infrastructure projects to boost non-life sector

Taiwan's stable economic growth, coupled with a strong pipeline of infrastructure projects and increased vehicle sales, will drive growth of the Taiwanese non-life insurance sector, according to Timetric, a provider of online data, analysis and advisory services on key financial sectors.