China: Chinese Food and Drug Administration will promote a food- safety liability insurance programme in high-risk industries such as those involving dairy and meat products, to help improve supervision, an official said. According to a draft amendment to the Food Safety Law reviewed recently by the top legislature, the...
China: The death toll from a magnitude-6.3 earthquake that hit southwestern China, climbed to 398 people, state media reported recently. China said, it had dispatched thousands of armed police, soldiers and firefighters to the scene. Premier Li Keqiang visited the town on Monday, Xinhua said, urging a quick rescue for those...
South Korean insurance companies recorded a 27.4 percent jump in first-quarter net profit from a year earlier, buoyed by a rise in investment-related earnings, the Financial Supervisory Service (FSS) said recently. The combined net income of 56 life and nonlife insurers stood at KRW1.51 trillion in the January-March period, compared...
German-based ERGO Insurance Group is entering the Singapore insurance market by acquiring 100 percent of the property-casualty insurance company SHC Insurance Pte. Ltd. This acquisition will be another important milestone for the strategy of ERGO to expand its presence in South East Asia. Approval for this transaction has already been...
Peak Reinsurance has reported a first-year after-tax profit of USD102.9 million for the 12 months ending December 31, 2013. Gross written premium for the year was USD103.19 million, with total net assets of USD652.75 million. The result was attributed to Peak Re’s growing property and casualty treaty reinsurance business and...
Taiwan Life Insurance Co Ltd has said its shareholders have scrapped an earlier agreement to be purchased by CTBC Financial Holding Co Ltd. The company made the announcement on the Taiwan's stock exchange website, without elaborating and officials at the company declined to comment. The two companies had announced in October 2013...
RSA Insurance Group Ltd is looking to sell its Asian operations in an auction that could raise USD500 million and draw a wide range of suitors, according to a Reuters report. The sale is part of a group-wide restructuring led by chief executive Stephen Hester, after losses caused by extreme...
The Earthquake Commission (EQC) has secured reinsurance cover worth NZD4.5 billion, up from NZD3.25b last year, according to chief executive Ian Simpson. The cost of cover was about 10 per cent lower than last year and the saving was ploughed back in to secure the extra NZD1.25 billion, Simpson added,...
The Indian government has decided to call off the newly launched crop insurance programme titled ‘Modified National Agricultural Insurance Scheme’. The agriculture ministry will revamp the crop insurance scheme with a focus on increasing crop-based income for the farmers rather than insuring them against crop losses. According to official sources, the current...
The Council of Ministers on Friday approved a draft insurance law meant to bring sustainability and accountability to the sector, according to a statement from the government. The law—prepared by the Ministry of Finance and approved in a meeting presided over by Prime Minister Hun Sen—updates and amends a 2000...
