Insurers and reinsurers should strengthen their capital positions so as to reduce the outflow of premiums which cost the country millions of dollars each year.
With wide-scale flooding and landslides battering the island of Kyushu in southern Japan and causing extensive damage over the past week, JBA Risk Management has produced a flood event footprint. This includes estimates for flood extents and depths for river flooding as well as surface water (pluvial) flooding and covers affected areas within Kagishima, Miyazki, Kumamoto and Ishikawa prefectures.
S&P Global (China) Ratings, a company wholly owned by S&P Global that produces ratings in the domestic Chinese bond market, yesterday issued the very first rating of a domestic China entity by a local Credit Rating Agency (CRA) that is wholly owned by an international investor.
Insurance companies in China have issued capital supplementary bonds with a value exceeding CNY50bn ($7.3bn) in the first six months of this year, with the amount surpassing the total for the whole of last year.
The Insurance Asset Management Association of China (IAMAC) has evaluated the comprehensive quality of major credit rating agencies in the country, in order to provide a service to insurance institutional investors.
Industry experts see China leading the growth in disclosures related to environmental, social, and governance (ESG) standards in a bid to attract more foreign investments, reported Bloomberg.
According to an analysis of large risk losses reported in 2018 to FM Global, 28% of the commercial property insurer's losses across all industries were the result of equipment breakdown. Large risk losses are those over $3m that do not include natural hazard loss.
China and India were struck badly by Nat CAT losses last month, according to the latest edition of Aon's monthly 'Global Catastrophe Recap' report which evaluates the impact of the natural disaster events that occurred worldwide during June 2019. While the seasonal flood toll in China was listed at $6.1bn, nationwide year-to-date drought losses in India increased to approximately $1.75bn.
According to a report by the Centre for the Study of Financial Innovation (CSFI) and PwC, technology tops the list of risks in 2019 that insurers need to look out for. Alongside other pressing risks such as cyber and regulation, the Insurance Banana Skins report surveyed 927 industry members across 53 territories, of which 36% were from Asia.
The Insurance Fund for Insurance Policyholders and Beneficiaries of Insurance Companies now has its first board of directors, formed through a decision of the Prime Minister.