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.
Oman Reinsurance's financial performance and earnings are good, says Fitch Ratings.
French global reinsurer SCOR has successfully sponsored a new catastrophe bond, Atlas Capital DAC Series 2023-1, which will provide the Group with a multi-year risk transfer capacity of $75m to protect itself against named storms in the US, and earthquakes in the US and Canada, as well as European windstorms.
The National Insurance Commission (NIC) has said that 98% of insurance entities in the country have met the minimum capital requirement that was announced in June 2019.
The Singapore Reinsurers' Association (SRA) has announced that this year's 19th Singapore International Reinsurance Conference (SIRC) will be an all in-person event following the overwhelming success of last year's in-person event, which drew a record attendance of over 2,200 delegates from 62 countries.