Moody's Investors Service has upgraded the issuer rating and senior unsecured debt rating of pan-Asia insurer FWD Limited to 'Baa2' from 'Baa3', as well as the rating of the company's subordinated perpetual capital securities to 'Ba1(hyb)' from 'Ba2(hyb)'. Moody's has also changed the outlook on FWD Limited to 'Stable' from 'Positive'.
In 2021 weather and water-related hazards caused total damage of $35.6bn in Asia. These climatic events affected nearly 50m people in the continent. During the year India suffered economic losses up to $3.2bn due to flooding.
The Insurance Authority (IA) released provisional statistics of the Hong Kong insurance industry for the first three quarters of 2022, showing a decrease of total gross premiums by 5.1% to HK$432.7bn ($55.4bn) over the corresponding period in 2021.
Interest in travel insurance kindled by the pandemic has sustained and travellers, both for international and domestic destinations, consider travel insurance as an essential part of their travel arrangements.
The general insurance industry in Singapore is set to grow at a CAGR of 7.2% from S$4.7bn ($3.5bn) in 2021 to S$6.6bn ($5.1bn) in 2026, in terms GWP according to an analysis by the data and analytics company GlobalData.
Aon Reinsurance Solutions has appointed Mr Robert De Souza - currently Aon Reinsurance Solutions Australia and New Zealand CEO and chairman of APAC - as APAC president effective 1 January 2023. In this role, he will focus on supporting clients across the region, helping them make better decisions and driving the business strategic growth priorities.
Singapore-based The Huntington Group (Huntington) has decided to acquire Futuready Thailand from Aegon. Following the transaction, Huntington and its affiliates will be Futuready Thailand's largest institutional shareholder.
Manulife IM had been granted approval to acquire 51% of shares in Manulife TEDA Fund Management, a joint venture with assets under management (AUM) of $12bn as of 30 June 2022. This makes it the first foreign wealth and asset manager to convert its joint venture into a wholly owned public fund management company in China.
Japan's MS&AD Insurance Group Holdings has decided to cut down its personnel costs and increase productivity by adopting relevant technology.
The Japanese insurers now offer insurance covers that pay out to companies if employees go on parental leave, eyeing growing demand for such services from employers grappling with the impact of more people, particularly men, taking time off.