Asia: Composite insurance rates fall by 3% in 2Q2024

...Composite insurance rates in Asia declined 3% in the second quarter of 2024, following a dip of 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh....

Government launches initiative to develop Thailand into global financial hub

...The Thai government has launched an initiative to develop Thailand into a global financial hub, with Prime Minister Srettha Thavisin officiating at the launch ceremony on 19 July 2024....

Allianz to become Asia's 4th biggest composite insurer on completion of purchase of majority stake in Income Insurance

...German global insurer Allianz's proposed acquisition of a majority stake in leading Singapore insurer, Income Insurance, would clearly strengthen Allianz's business profile in Asia, a strategic area of growth for the group, says Mr Manuel Arrive, a director of insurance at Fitch Ratings....

Singapore: Allianz offers to acquire 51% of Income Insurance

...regional CEO, Allianz Asia Pacific, said, “We are excited at the prospect of the coming together of Allianz, the #1 global insurance brand, and Income Insurance, Singapore’s trusted and l...

Asia: Region's advanced and emerging markets maintain 25% combined global market share in 2023

...Asia as a whole, including Australia and New Zealand, accounted for 24.5% of global premium volume in 2023 (2022: 25.5%), says Swiss Re Institute (SRI) in its report titled "World insurance: strengthening global resilience with a new lease of life", released yesterday....

Asia Pacific: Insurers tap growth through new platforms

...regional leader, ISG Asia Pacific. “There has been a massive realisation that meeting new customer demands will require investing in technology.”...

China: Small insurer expected to turn to more comprehensive reinsurance arrangement to support underwriting

...Regional Footprint: Fitch assesses Zhonglu Insurance's business profile as 'Moderate' compared with that of other non-life insurers in China. The insurer is headquartered in Qingdao i...

Egypt: Insurance players raise industry issues to add to new Cabinet's agenda

...regional tensions like the Gaza War. The resignation of the pr...

East Africa: Equity Group plans to launch life insurance services in the region

...regional markets in 2025 and beyond,” Equity Life Assurance managing director and principal officer Ms Angela Okinda told shareholders last week....

Singapore Reinsurers' Association elects new EXCO, unveils new logo and website

...regional reinsurers, Lloyd’s service companies, and ancillary service providers.  ...

MENA: Arab insurers discuss doing more about growing threat of Nat CATs

...regional experiences in dealing with Nat CATs and emphasised that there is a need to create a compulsory scheme for insurance against these risks. “Leaving this as a voluntary option is not goi...

Hong Kong: Insurance regulator backs government's company re-domiciliation proposals

...regional footprints and capture opportunities available in the Guangdong-Hong Kong-Macau Greater Bay Area, while at the same time injecting impetus into developing the ‘headquarters economy&rsq...

Singapore Reinsurers' Association elects new EXCO, unveils new logo and website

...regional reinsurers, Lloyd’s service companies, and ancillary service providers.  ...

Pan-Africa reinsurance group officially opens office in DIFC

...regional trade between Africa and the Middle East.”...

Jordan: Central bank to revise insurance law to regulate insurer-insured contractual relationship

...regional leader in sustainable financing and enhance the financial sector’s resilience to environmental and climate risks....

Thailand: Insurance regulator adds online industry platform to national government app

...regional offices), and offices of insurance companies, etc. In Oct...

Gabon becomes pioneer of microinsurance in CEMAC

...Regional Insurance Control Commission (CRCA) has approved the launch of microinsurance activities in Gabon. ...

Asia Pacific: S&P sees most life insurance markets in the region as 'Stable'

...The outlook for most of the life insurance markets in Asia Pacific is stable, said S&P Ratings Services in a report published last week....

Singapore: Specialist insurance legal firm Wotton + Kearney officially opens Asia hub

...regional law and practice in the insurance sector and market nuances that impact the diversity of approaches across the region....

Thailand: General insurance industry predicted to reach US$10.9bn by 2028

...regional markets such as Australia (3.52%), New Zealand (2.23%), Japan (1.75%), and Hong Kong (1.65%) in 2023. Persistently high claim payouts led by inflation and rising cases of road accidents will...

UAE: Largest insurer's focus on profitability will sustain strong technical results

...regional presence in select markets....

Insurance association swings into action to stamp out fraud

...Regionally, the local authorities are also taking anti-fraud action. For instance, the Chongqing bureau of the NFRA announced on 7 June that it would set up a special working group to combat insuranc...

China Taiping secures non-life insurance licence in Luxembourg

...regional headquarters and acts as the bridgehead for the Group in EU markets....

Australia: Rural health alliance wary of health insurance extras

...regional and remote communities,” said the Alliance’s chief executive Ms Susi Tegen....

Asian Re's operating performance shows improving trend

...regional reinsurance peers, which increases the sensitivity of its balance sheet to shock events....

Kuwait Insurance Co's strong operating performance backed by underwriting results

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

New Zealand: Insurers say Fast Track Approval Bill needs to provide for Nat CAT risk protection

...regional or national benefits....

South Korea: Insurers are biggest investors in real estate abroad among FIs

...Insurance companies in South Korea reported investments totalling KRW31.3tn ($22.7bn) in real estate overseas at the end of December 2023, holding the largest share of 54.4% among all categories of financial institutions in the country, according to data released by the Financial Supervisory Service (FSS)....

Tunisia: Locally-incorporated reinsurer's earnings in past 5 years boosted by investment income

...regional markets. Its operations continue to be of limited scale in the global reinsurance market....

SEADRIF Insurance selects Gallagher Re as its reinsurance broker and risk adviser

Africa: Insurance regulators need broader powers to boost disaster resilience

...regional pools would help to enhance risk transfer. The concept of regulatory sandboxes to attract new players and allow them to test their solutions before moving into the regulated environment was...

Singapore: Sun Life and Beyond Sport support coach development, youth physical and mental wellness

...regional Hoops + Health programme between Sun Life and Beyond Sport, to promote physical activity and wellness among underserved youth across Asia. Following community activities in Laguna (Philippin...

Africa: AIO highlights enabling (re)insurers to do more to support disaster resilience

...regional and international risk mitigation strategies involving multiple parties: governments, international organisations, communities, researchers and the private sector, including the re/insurance...

New Zealand: Insurers welcome additional funding for building community resilience

...Regional Infrastructure Fund to invest in resilience infrastructure and regional projects that support economic growth and more...

33 of global Top 300 broking groups base their HQ in Asia Pacific

...Among the top 300 broking groups globally, the Asia-Pacific/Australasia region is the base for 33 groups. China is the home country for 15 of the top 300 groups, according to Insuramore....

9th Asia Trusted Life Agents & Advisers Awards finalists revealed

...A total of 50 finalists have been revealed for the 9th Asia Trusted Life Agents & Advisers Awards. The finalists emerged from 13 markets and 35 different companies across the region. The awards recognise the best in life insurance agents and advisory across Asia Pacific. The finalists were shortlisted by an expert panel of 12 judges comprising CEOs, association heads and industry experts through an exhaustive remote-judging process....

Philippines: Igloo forms partnership with biggest mobile network to provide affordable device protection

...regional full-stack InsurTech firm headquartered in Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia, and tech centres in China and India. With a mis...

Asia: Market sees moderation in 1Q in general except for Nat CAT-exposed property risks

...Across Asia, market conditions were mixed, with renewal outcomes varying by line of business. Natural catastrophe property risks remained challenged. Financial Lines saw a general softening, says Aon in its "Q1 2024 Global Insurance Market Insights Report" released last week....

China's life market growth rate expected to be eclipsed by India's in next 10 years

...regional growth, in absolute terms, the highest premium growth is expected in North America: EUR584bn, against EUR376bn in Asia (w/o Japan) and EUR184bn in Western Europe....

Kuwait Finance House signs Global Takaful Alliance agreement with UNDP

...Regional Bureau for Arab States at the UNDP, and Mr Abdulwahab Al Rushood, at KFH’s headquarters in Kuwait earlier this month....

Asia: WTW appoints new regional cyber growth leader

...WTW has appointed Mr Conor Keating as regional cyber growth leader....

West Africa: Insurers urged to settle Brown Card auto insurance claims without delay

...here.  ...

Singapore: Zurich appoints new chief claims officer

...regionally....

Registration for the 2024 Singapore International Reinsurance Conference (SIRC) now open

...regional reinsurers, Lloyd’s service companies and ancillary service providers....

Registration for the 2024 Singapore International Reinsurance Conference (SIRC) Now Open

...regional reinsurers, Lloyd’s service companies, and ancillary service providers....

Australia: Insurers welcome "Help to Buy" home programme

...regional and rural Australia. • Supports the financial system and continuation of lending through economic...

APAC: Aon appoints new head of agriculture

...regional agriculture reinsurance team, focusing on Greater China and Thailand. Most recently, she led Greater China and was instrumental in working closely with the APAC agriculture team to generate...

South Asia: Region most mentioned as "The next big conflict" arena

...regional stability but also have profound implications for global geopolitics and economics.” Several other panelists mentioned the...

Singapore: Major insurer explores regional expansion

...Singapore's Income Insurance is exploring options as it looks to expand across the Asia Pacific region, including possibly tying up with a partner or selling a stake, reported Bloomberg quoting people familiar with the matter....

UAE: DIFC sees growing number of MGAs

...regional, and start-up MGAs in the DIFC now account for 43% of the sector, contributing considerably to DIFC’s premium growth....