Reinsurance News
Asia reinsurance news
Read our Asia focused insurance or reinsurance news and analysis below. The Asia market is a key area of expansion for global insurance and reinsurance players, while also being home to some of the largest companies in the market.
bolttech expands in Indonesia with Axle Asia acquisition
7th October 2022
Singapore-based international insurtech, bolttech, has announced it has completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia. Founded in 2008, Axle Asia is a Jakarta-based insurance broker serving a diverse range of clients across corporate lines and employee benefit insurance. Bolttech suggests the addition ... Read the full article
Oliver Wyman opens HK office, names APAC practice leader
6th October 2022
Oliver Wyman, a global management consulting firm and business of Marsh McLennan, has announced the establishment of a new actuarial practice in the Asia Pacific region and that Marco Warmelink, based in Hong Kong, will lead the team. Warmelink has more than 25 years of experience in the life insurance industry, ... Read the full article
Underwriting performance still pressured across South Asia: AM Best
30th September 2022
AM Best notes that reinsurance companies in South and Southeast Asia (S/SEA) posted an improved combined ratio in 2021, although underwriting performance remains pressured with a continued reliance on investments to achieve bottom-line profitability. According to the rating agency, S/SEA reinsurers recorded an overall combined ratio of 108% in 2021, a ... Read the full article
David Bangs named Head of Gallagher Re APAC UK
29th September 2022
Global reinsurance broker Gallagher Re has announced the appointments of David Bangs as Head of Gallagher Re APAC UK, based in London and Robin Swindell as Executive Officer, based in Tokyo. Bangs is returning to Gallagher Re having started his career with Willis Re in London in 2005, before being transferred ... Read the full article
GlobalData predicts 7% CAGR growth for South Korean reinsurance industry by 2026
29th September 2022
GlobalData has predicted that the South Korean reinsurance industry will grow at a compound annual growth rate (CAGR) of 7.0% from KRW9.6tn ($8.4bn) in 2021 to KRW13.4tn ($11.9bn) in 2026, in terms of gross written premiums (GWP), supported by climate change and positive regulatory developments. The firm’s Global Insurance Database reveals that the ... Read the full article
Tough road ahead for Japanese life insurers: GlobalData
28th September 2022
Japanese life insurers face a series of tough challenges over the next five years because of the country’s ageing demographic and economic factors, according to GlobalData. The data and analytics company has forecasted that the Japanese life insurance industry is expected to grow at a compound annual growth rate (CAGR) of ... Read the full article
APAC life insurers to remain disciplined in asset and liability management despite rising rates: Moody’s
22nd September 2022
A recent Moody's Investors Service's survey to rated insurers in four markets in Asia-Pacific (APAC), shows that insurers will remain disciplined in asset and liability management as rates continue to rise. In a recent report published by Moody’s, the company noted that this will alleviate insurers' negative spread risk and their ... Read the full article
Deutsche Rück expands P&C business into Asia
16th September 2022
German reinsurer Deutsche Rückversicherung AG has announced that it will begin writing standard property and casualty business in selected markets in Asia. Tarik Aouad, who has been Head of Middle East markets at Deutsche Rück since 2020, has been appointed the Managing Director for the newly formed Middle East/Asia department. In addition ... Read the full article
Re/insurers need to step up their efforts to narrow protection gap: Peak Re CEO Hahn
14th September 2022
A widening of the protection gap, says Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong domiciled reinsurer Peak Re, is "perhaps one of the most imminent threats" to the reinsurance business. Speaking to Reinsurance News, Hahn discussed some of the main threats to the reinsurance business, including the impact ... Read the full article
Lloyd’s broker Ramon Intl. opens office in Korea to drive expansion into Asia
13th September 2022
Independent Lloyd’s of London broker, Ramon International has furthered its expansion into global re/insurance markets by announcing the opening of an office in Korea to drive its Asian business. The broker has brought a majority stake in CKI Korea, which is based in Seoul, through its parent company Kastor Holdings Ltd. The deal ... Read the full article
Climate change stimulates cat bond development in Asia: Fitch
9th September 2022
Analysts at Fitch Ratings have suggested the catastrophe bond market will continue to develop given a rise in catastrophic events amid climate change. The demand for bonds issued via private placement by ILS is rising, suggests Fitch, with regular capital infusions to the reinsurance sector and ISLs in Hong Kong. Peak Re ... Read the full article
Fitch highlights pandemic impact on reinsurance market throughout Asia
6th September 2022
According to analysts at Fitch, Thailand’s life industry has no exposure to lump-sum payout policies, and experienced stable operation during the COVID-19 pandemic. Analysts also noted that local life reinsurers remain profitable with a rise in COVID-19 related health claims partially offset by lower claims in other products. At the same time, ... Read the full article
Asian reinsurers to focus on discipline and price amid inflation & climate change: Fitch
5th September 2022
In Asia, persistent inflation is a threat to the profitability of the reinsurance market and is happening at a time of elevated weather-related losses for carriers, a trend Fitch warns could accelerate as a result of the changing climate. Analysts at ratings agency Fitch believe that prolonged high inflation could lift ... Read the full article
Fitch highlights impact of inflation & nat cats on Asian reinsurance market
31st August 2022
Inflation and natural catastrophes are set to moderately increase pricing and squeeze underwriting margins in the Asian reinsurance market, says Fitch Ratings. According to Guy Carpenter, risk-weighted prices rose by 1%-5% in Japan for programmes covering the country’s 2021 windstorm, with the average price for typhoon risk reaching a 25-year high. ... Read the full article
Everest Re hires Bogardus to lead APAC business development
30th August 2022
Everest Reinsurance, the reinsurance division of Everest Re Group, has announced the appointment of Kevin Bogardus as Senior Vice President, Head of Business Development Asia Pacific, effective September 8, 2022. In this newly created role, he will lead the expansion into the Asia Pacific region, focused on growing Everest Re’s reinsurance ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
