Southeast Asia: Tokio Marine to sell $1bln regional life insurance business

...Japanese insurer Tokio Marine Holdings has picked investment banks Goldman Sachs and Jefferies to work on the sale of its Southeast Asia life insurance business worth $1bn, two sources with knowledge of the transaction told Reuters....

Earth is now in ecological danger zone

...regional levels, while climate was beyond the harmful levels for humans in groups but not quite past the safety guideline for the planet as a system. It is for the first time that a study l...

Japan: Life sector's profitability expected to recover in FYE2024

...regional banking sector issues and their direct and indirect impact on Japanese life insurers' credit quality."...

Japanese life insurers to see recovery in profitability

...regional banking sector issues and their direct and indirect impact on Japanese life insurers' credit quality,” it said. The report also added that potential risks in FYE24 includ...

Algeria: Bill to revise insurance law to be tabled before lawmakers by end-2023

...regional level. He stressed the importance of modernising the insurance market "by accelerating the pace of digitisation, setting up digital platforms for underwriting and compensating...

Australia: 9 in 10 Aussies face higher home insurance costs

...regional areas. Fieldwork was conducted from 29 March to 19 April 2023.  ...

Chubb establishes aviation hub in Singapore

...regional focus for the aviation team from Chubb Global Markets (CGM), which comprises Chubb's London Market wholesale and specialty arm, including the company's Lloyd's platform. Working...

Ensuring food security in Africa needs more than agricultural insurance

...Regional differences Finally, each African market is different and no one approach will fit all. While South Africa will be most commercially oriented, the East African countries &...

New Zealand: Govt to support buyout and better protection of cyclone and flood affected properties

...regional plans that will provide overall support for recovery and rebuild,” Mr Robertson said. Mr Michael Wood whose portfolio includes being Auckland Minister and Associate Mini...

Singapore: Manulife introduces its first-ever recognition programme for high-performing financial consultants

...regional initiative to bring together financial consultants who are passionate about providing the best customer experience. Manulife Pro is more than just a programme; it’s a roadmap to succes...

New net-zero benchmark principles

...regional approach 4) prioritise public data and integrate alternative alignment metrics and 5) facilitate engagement to improve issuer behaviour. The report says “Investors are increa...

Australia: 2 in 3 Aussies fear insufficient funds for retirement

...regional areas focused on those aged between 35 and 65 years, that is, those in the early planning stages of retirement to those in the process of retiring. The older, the more unpr...

Only about 60% Singaporeans optimistic about healthy old age

...regional edition of the report, which surveyed 5,000 people across 13 Asian markets. The lack of confidence in living well till old age stems from the high levels of chronic health conditio...

Asia: Guarantee & credit insurance body hears proposal for regional customised credit insurance scheme

...Members of the Asia Guarantee and Credit Insurance Association (AGCIA), the first association for guarantee and credit insurance insurers in Asia, could cooperate with each other to develop a customised credit insurance scheme for Asia, suggested Mr Nguyen Quang Hung, deputy CEO of BaoViet Insurance....

Asia Pacific: Insurers' fundamentals remain steady despite higher interest rates

...Asia Pacific insurers' underwriting fundamentals are likely to remain steady despite short-term volatility in investment markets caused by higher interest rates, Fitch Ratings says. At the same time, headwinds from the COVID-19 pandemic and related measures are easing....

MENA: Regional insurance brokers' body appoints ad-hoc board of directors

...The general assembly of the Arab Insurance Brokers League has appointed a temporary board of directors, to deal with specific tasks and coordinate and organise the work of the association....

Singapore: Canopius underwrites digital asset custody product via Lloyd's Asia

...regionally, tailored to countries throughout APAC. “We are looking forward to developing even closer working relationships with our clients and distribution partners in the region, an...

UAE: SALAMA prepares for next phase of development with new CEO

...regional markets, furthered the digitisation of Zurich’s offerings and grew profitability by 30% over his four-year tenure to make it one of the most profitable branches of a global insurer in...

China expected to cede role as driver of global life insurance growth in next decade

...regional premium income, showed positive growth in 2022. However, at around +10%, life premiums in Japan grew more than twice as fast as those in the Middle Kingdom. In the P&C insuranc...

Asia: Region predicted to see annual growth of 7.5% in life business over the next decade

...Asia will remain the growth engine for the global life business, with annual growth (ex Japan) expected to rise to +7.5% over the next decade, says Allianz Research....

Tunisia: Regional banking group increases stake in takaful company

...Regional banking group, Al Baraka Group, has received approval from the Financial Market Council to purchase of 270,000 shares of the Islamic insurance company El Amana Takaful....

West Africa: Sub-regional grouping of insurers eyes infrastructure business

...The West African Insurance Companies Association (WAICA) is engaging governments to insure infrastructural projects across the sub-region....

Africa: Domestic insurers concerned about business underwritten overseas

...-regional insurers need to collaborate to stand strong. He said, “In Ghana, our regulation says you have to exhaust the local capacity before you cede the rest out. We have a lot of fragmented i...

Average life expectancy forecast to rise to 81.3 years by 203

...regional differences in life expectancy in the past. Reassuringly, life expectancy is catching up quickly in some western provinces and is expected to continue to increase in the future (eg...

Egypt: FRA chief highlights four main thrusts of strategy plan

...regional Arab Actuarial Conference being held in Cairo on 9-11 May, Dr Farid said that the axes are: improving the financial solvency of insurance companies,...

Australia: A new national Net Zero Authority

...regionally-focused bodies, reflecting the shared responsibility of all levels of government to support the change to a clean energy economy. Some of the core functions of the authority will...

Malaysia: Starr expands by establishing branch in Labuan

...regional manager at Starr. “This new licence provides Starr with a significant new facility to serve the insurance and reinsurance needs of companies across Malaysia.” Rawi Letc...

International broker Howden to establish hub in Turkiye

...regional operations handled by the Dubai office. Mr Yilmaz said that Howden Broking Group has four offices in Turkiye at present which employ more than 200 people. “We are p...

Algeria: Agricultural insurance mutual enjoys significant growth momentum

...regional funds and 540 regional branches.  ...

Regulator sets out trial rules for pricing agriculture insurance based on regional risks

...regional characteristics of agricultural insurance operations while assessing agricultural insurance reserves and product pricing, as well as estimate catastrophe losses prudently....

Allianz Asia Pacific partners with INSEAD to transform agency force

...regional CEO of Allianz Asia Pacific, said, "This partnership brings together the best of two world-class organisations to create truly best-in-class opportunities for our agency distribution fo...

Allianz Asia Pacific partners with INSEAD to upskill agency force

...Regional Chief Executive Officer, Allianz Asia Pacific, said, "This partnership brings together the best of two world-class organisations to create truly best-in-class opportunities for our agen...

Kuwait: One-off divestment gain is icing on the cake for insurer in 2022

...regional expansion presents additional operational and execution risks....

Oman: 6 Feb Turkiye earthquakes shake reinsurer's 1Q underwriting performance

...regional reinsurance market apart from proactive investment management towards our continued overall growth.” Oman Re, which started operations in 2009, is the first and only reinsura...

Half of APAC insurers yet to start on net zero

...regional insurers, focusing in particular on environmental initiatives (e.g., net zero), as well as risk management strategies in recent years, insurers are incorporating ESG considerations into thei...

Kuwait: Fairfax's proposed majority stake in GIG to leave regional giant insurer's ratings unchanged

...The Financial Strength Rating of 'A' (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of Gulf Insurance Group (GIG), with a 'Stable' outlook, remain unchanged following the recent announcement that Fairfax Financial Holdings is to acquire an additional 46.32% share of GIG from Kuwait Projects Company (Holdings) [KIPCO], says AM Best....

Australia: PERILS estimates insurance loss of US$600m for Oct 2022 floods

...regional communities.”  ...

Thailand: FWD and SCB extend bancassurance partnership

...Regional Chief Executive Officer of FWD Thailand and Cambodia, said, "As FWD Group marks its 10th anniversary year, we're delighted to extend this increasingly successful partnership. FWD an...

Southeast Asia: Regional InsurTech kicks off partnership with convenience store chain in Vietnam

...Regional InsurTech Igloo has formed a strategic partnership with global convenience store Circle K to increase the accessibility of non-life insurance products in Southeast Asia....

Insurance brokers ignoring climate crisis

...regional brokers (up 5%) and 4% (up 2%) of provincial brokers have made a net zero commitment. For the second year running, the main barrier to setting a target is that brokers don’t...

Asia asset managers lag behind on ESG risks

...regional fund firms, with only 23% of senior management and 20%  of the board members of all asset managers assessed having received ESG training. Of all the European and Asian asset m...

South Korea: Banking group studies feasibility of acquiring an insurance company

...BNK Financial Group, the holding company of South Korea's regional lenders Busan Bank and Kyongnam Bank, is considering the acquisition an insurance company to become a comprehensive financial services group....

New Zealand: 43% surge in motor theft claims

...Regionally, Auckland far outstrips other areas of the country for vehicle theft claims, with almost 3,000 claims last year, well above runner up Canterbury, with 1,214 claims. On a brighter...

Asia: NorthStandard opens new regional HQ in Singapore

...regionally led response from NorthStandard to the challenges of decarbonisation, digitalisation, regulation, and recruitment, said Mr Roberts. The Club’s regional specialities include managemen...

Japan: Gallagher establishes new insurance brokerage

...regional CEO, Mr Thomas Wang, who joined in 2021 to grow the firm’s presence in the region. A team of around 15 will look after clients from Gallagher’s Japan HQ in Tokyo. They...

Singapore: MAS launches Finance for Net Zero Action Plan, extends ILS Grant Scheme

...regional sectoral decarbonisation pathways. FIs can reference these pathways when they set emissions reduction targets, and when they engage with their clients on initiatives to decarbonise their bus...

Kenya: World Bank sponsors expanded insurance scheme for herders

...regional reinsurer, will implement the programme on behalf of the government, targeting herders in several arid and semi-arid counties that are usually hardest hit by drought. The insurance...

Hong Kong: Insurers propose ways to burnish international insurance hub status

Asia Pacific: Regulatory adoption & ESG integration are priorities in insurers' investment management

...regional and local CEOs, CIOs, CROs, heads of investment, heads of risk, and various other department heads. Key findings & recommendations The survey questio...

Asia: AIG names new regional president

...regional CEO....