MS Amlin Asia Pacific Pte. Ltd (MS AAP) has launched for the third year running, a local special purpose reinsurance vehicle (SPRV); Phoenix 3 Re Pte. Ltd. This SPRV will also provide a quota share to MS AAP for its select reinsurance portfolio written via its underwriting platform in Singapore,...
The risk landscape for the global insurance market has become increasingly complex and is evolving at an unprecedented pace, posing challenges to the insurance sector in devising business strategies and managing their operation. The Hong Kong Insurance Authority (IA) recently hosted a panel discussion titled “Insurance Innovation Unlocking Business Potential...
The government of India has proposed to issue Sovereign Green Bonds (SGrBs) within the Budget 2022-23. The move has been proposed with the objective of reducing the carbon intensity of the economy and as a measure for achieving National Determined Contribution (NDC) under the Paris Climate Change Accord, 2015 connected...
In order to strengthen the management of regulatory statistics of banking and insurance institutions, regulate the statistical activities, and improve the quality and efficiency of statistics, recently, the CBIRC issued rules on regulatory statistics of banking and insurance sectors. The regulations stipulates the requirements for unified management of regulatory statistics,...
Authorities have affirmed that improved access to basic old-age insurance has been in effect since the adoption of improved management of insurance funds in the form of a unified approach. China’s basic senior citizens’ insurance covered 1.05 billion people as of the end of 2022, an addition 24.3 million since...
Major insurers operating in New Zealand have cumulatively received over 9,000 claims so far following severe storms and flooding in and around the biggest city, Auckland. Suncorp’s Vero and AA Insurance brands have received about 3,000 claims, while IAG’s AMI, State and New Zealand Insurance brands have fielded over 5,000 claims....
The Insurance Regulatory and Development Authority of India (IRDAI) has launched a reform agenda to create a progressive, supportive, facilitative and forward-looking regulatory architecture to foster a conducive and competitive environment in line with the government vision of financial inclusion. According to a press release, the focus of IRDAI is...
Arthur J. Gallagher & Co. has announced the acquisition of Brisbane, Queensland-based Aviation Insurance Australia. Founded in 1993, Aviation Insurance Australia is a specialist retail insurance broker serving aviation and aerospace clients throughout the country. Ian Tait and his team will remain in their current location under the direction of...
The government of Hong Kong Special Administrative Region (HKSAR) represented by CEO John Lee, recently spoke at the Asian Insurance Forum 2022, highlighting the measures and strategies to enhance market opportunities domestically and internationally, innovating to ensure market sustainability and maintaining market stability. He said the insurance industry will continue...
Tokio Marine Holdings, Inc has announced that it has increased its shareholdings for PT Asuransi Tokio Marine Indonesia (TMI) from 60 percent to 80 percent through its wholly owned subsidiary, Tokio Marine Asia Pte. Ltd. (TMAsia) by way of acquisition of 20 percent shares owned by joint venture partner, PT...
