The National Financial Regulatory Administration and the Shanghai government yesterday issued jointly the "Implementation Rules on Accelerating the Establishment of Shanghai International Reinsurance Centre". The authorities also launched an international board for reinsurance trading in Shanghai.
China welcomes well-performing foreign institutions to do business in China and the risks in the financial sector are controllable overall, reported Reuters quoting the head of its financial regulatory administration told the Lujiazui Forum in Shanghai yesterday.
Agricultural insurance is not the only factor that can improve food security, according to Mr Gael Certain, head - Agriculture EMEA, and Mr Mario Wilhelm, head - Middle East & Africa Public Sector Solutions, both of Swiss Re.
Global reinsurance broker Howden Tiger has announced continued rate hardening in the reinsurance market, with risk-adjusted property-catastrophe pricing up 33% on average at 1 June, within a typical range of 25% to 40% including important variations by layer.
The Earthquake Commission (EQC) has secured a record level of reinsurance of just under NZ$8.2bn ($5bn), up from NZ$7.4bn last year, for New Zealand homeowners.
China's new financial regulator, the National Financial Regulatory Administration (NFRA), has announced that it will soon issue rules to support the establishment of the Shanghai International Reinsurance Centre and open a global international reinsurance trading market (referred to as "Reinsurance International Board") in Shanghai. The overall goal is to promote Shanghai as an international financial centre.
Gallagher Re, a global reinsurance broker, has announced the appointment of Jia Lou as CEO of mainland China and Hong Kong, with effect from 1 June, and that of Alex Xia as head of Gallagher Re in Beijing.
Asta, the leading third-party managing agent at Lloyd's and part of the Davies group, announced yesterday that Volante Global, a multi-class, multi-territory international MGA and Lloyd's syndicate, has launched Volante Singapore.
The Hong Kong insurance industry saw a 7% decrease in total gross premiums to HK$147.2bn ($18.8bn) in the first quarter of 2023 compared to the same period in 2022, according to provisional statistics released by the Insurance Authority (IA)
Algeria has begun work on launching parametric insurance to cover crops against certain natural disasters (drought, forest fires, etc), Mr Benseidi Abdallah, CEO of the reinsurer, Compagnie Centrale de Re´assurance (CCR), has said.