China Reinsurance Group Corp.picked three banks as sponsors for a USD2 billion Hong Kong initial public offering, according to sources. The Beijing-based company chose China International Capital Corp., HSBC Holdings Plc and UBS Group AG to work on the share sale. China Re plans to file a listing application with...
China’s State Council has reportedly brought out an initiative to set up an RMB300 billion (USD48 billion) insurance investment fund to spearhead the country’s infrastructure development. According to a report from Shanghai Securities Journal, the funds will be raised from the insurance sector and will primarily be invested in transportation...
The nine life insurers operating in Nepal have so far settled 217 – or 74.3 percent – of the 292 claims, in the wake of the recent earthquake, according to data from the Insurance Board (IB). Among them, Nepal Life Insurance Company has settled 97.5 percent of the total claims...
Standard Life has stated that it will close its insurance business in Singapore, subject to regulatory approvals, and the business will no longer accept new applications or contributions to existing plans with immediate effect. The closure will give rise to a non-operating loss in the order of GBP45 million covering...
Falling domestic business is prompting reinsurers to look beyond India. General Insurance Corporation Re has decided to apply for membership of a Lloyd's of London syndicate member, according to a media report. "We are planning to apply for a licence to be part of the syndicate," said AK Roy, chairman...
The Malaysian government will launch the Malaysia Protection and Indemnity (P&I) Club for ships below 300 gross tonnes before the end of the year. Transport Minister Datuk Seri Liow Tiong Lai said the insurance would cover a wide range of liabilities including death, personal injury, property damages and wreck removal....
Fosun International Ltd. is seeking opportunities to acquire insurance assets overseas amid low valuations and risks, the Hong Kong Economic Journal has reported. The proportion of insurance assets in the conglomerate’s portfolio is expected to rise to 50 percent this year from 35 percent at the end of last year, the report said,...
Insurance Regulatory and Development Authority of India (IRDAI) has said that foreign reinsurerswanting to set up branch offices in India should have a minimum credit rating, which is at least having stable outlook from any of the internationally renowned credit rating agencies for the last five years. In its draft...
General Insurance Corporation of India (GIC Re) has earned a gross profit of USD455 million during the year 2014-15 with a growth of 22.75 percent. The profit after tax would be USD434 million. The Corporation has proposed a dividend of 125.60 percent amounting to USD86.91 million for the year 2014-15....
The Insurance Board (IB) has warned non-life insurance companies not to increase their premiums in a circular issued recently. It has also barred them from stipulating new conditions and extending the apprehension period, the time after which an insurance policy becomes active. The IB’s move followed reports that insurers had...
