The premium income received by China's insurance firms hit CNY2.4 trillion (USD364.85 billion) in 2015, the industry regulator said recently. Insurance premium income rose 20 percent last year from 2014, Chen Yingdong, a spokesman for the China Insurance Regulatory Commission, said, according to a Reuters report. Industry profits were CNY282.36...
More than 40 Chinese insurance companies and asset managers have jointly started an investment firm, raising CNY40 billion yuan (USD6 billion) for a first fund to finance energy and infrastructure projects overseas, China's insurance regulator said. The new firm, China Insurance Investment Ltd, will boost China's energy security by directing...
Japanese buyers of Iraniancrude will have to keep using special sovereign shipping insurance to import oil for the foreseeable future, despite the lifting of sanctions against Tehran, industry and government sources have said. Shippers face uncertainty over whether they can get coverage from US insurers after sanctions were lifted and...
Members of the public who wish to find out if they have unclaimed life insurance proceeds now have a register to do so. Announced by the Life Insurance Association, Singapore (LIA), the “LIA Register of Unclaimed Life Insurance Proceeds” is “for members of the public to search and contact the respective insurer...
Insurance regulator IRDAI has proposed changes in guidelines on trade credit insurance. In an exposure draft on ‘Amendment to Guidelines on Trade Credit Insurance’, the regulator said changes in the economy, especially in micro, small, medium enterprise (MSME) sector, has increased the need for trade credit and has enhanced the...
Insurance enterprises accumulated more than VND152.5 trillion (USD6.7 billion) to reinvest in 2015, up 18 percent against 2014, the Insurance Association of Viet Nam (IAV) said. IAV chairman Phan Kim Bang said in 2015, non-life insurers have invested VND36.4 trillion in the country's economy while life insurers have contributed VND116.1...
Life insurer Zurich has ceased to accept new policy as it winds down its life insurance business. The two units that will be affected are Zurich Life Insurance Singapore and Zurich International Life Singapore. The decision affects its life business in Singapore leaving Zurich's general insurance business unaffected.“Our decision to...
Arthur J. Gallagher, the international division of Arthur J. Gallagher & Co. officially launched Jiang Tai Re with partner Jiang Tai Insurance Brokers Co. Ltd recently. Jiang Tai Re is a Shanghai, China-based reinsurance brokerage. Frank Lu, president of Jiang Tai Insurance Brokers will lead the team. Arthur J. Gallagher's...
India will launch a new farm crop insurance scheme early next year and use drones and other technologies to assess crop damage, the Agriculture and Farmers Welfare minister Radha Mohan Singh said recently, in what could be prime minister Narendra Modi's first major move to address rural hardship. Several debt-laden...
Nippon Life Insurance (NLI) signed definitive agreements to increase its stake in Reliance Life Insurance (RLIC), a part of Reliance Capital Ltd. from the existing 26 percent to 49 percent. “We are delighted that the outstanding relationship between our two companies has now grown into an equal partnership, with NLI...
