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.
SCOR & Garmin expand BAM health solution across APAC
24th November 2020
SCOR Global Life, Garmin and ReMark (SCOR’s in-house InsurTech solution provider) have announced plans to expand their Biological Age Model (BAM) solution across the wider APAC region. Launched in November 2019, in partnership with Taiwanese insurer Nanshan, BAM is a health and wellness platform for both insurance policyholders and public users. It ... Read the full article
Global Asia Insurance Partnership to launch in January
3rd November 2020
A new tripartite partnership between the global re/insurance industry, regulators and academia is set to launch in January, with the aim of building resilience and addressing protection gaps in Asia. The Global-Asia Insurance Partnership (GAIP) was announced at the Singapore International Reinsurance Conference (SIRC) 2020 virtual conference by Deputy Prime Minister, ... Read the full article
China’s general insurance to grow 3.8% in 2020: GlobalData
21st September 2020
Data and analytics company, GlobalData has revised China’s general insurance forecast in the aftermath of COVID-19 outbreak. The industry is forecast to grow by 3.8% in 2020, compared to 5.7% registered in 2019. The latest data shows that China’s general insurance industry is forecast to grow at a compound annual growth ... Read the full article
Generali (GC&C) appoints Head of Underwriting in Asia
17th September 2020
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has announced the appointment of Brendan McDonald as Head of Underwriting for Asia. McDonald joined Generali in 2018 as Head of Financial Lines Underwriting for GC&C Asia. Prior to that, he was Head of Liability at Oman Insurance Company ... Read the full article
Chubb appoints Diego Sosa as Regional President for Far East
11th September 2020
Chubb Limited has announced that Diego Sosa has been named Regional President for the Far East. Sosa is currently serving as Chief Operating Officer for Chubb in Brazil but will have full overall responsibility for the management and business results of Chubb's general insurance operations in Japan. Sosa will be succeeding Read the full article
Chinese residential protection a new risk pool for re/insurers: Swiss Re
7th September 2020
A new report by Swiss Re Institute has highlighted the opportunity for re/insurers to access a new risk pool by increasing the uptake of residential coverages in China. Analysts noted that residential insurance premiums totaled only CNY 9.1 billion (USD 3 billion) in 2019, which was less than 20% of all ... Read the full article
Asia pandemic claims manageable but evolving: Fitch
1st September 2020
Asian reinsurers’ losses related to the coronavirus pandemic appear to be on a manageable scale thus far due to tight measures to curb the spread of the virus, according to Fitch Ratings. The rating agency noted that most Asian reinsurers entered the crisis well-capitalised, but warned that business growth could slow ... Read the full article
APAC mortality protection gap forecast at $119tn by 2030: Swiss Re
11th August 2020
The aggregate mortality protection gap in Asia Pacific (APAC) is projected to reach $119 trillion by 2030, according to a new report by Swiss Re. The gap reached $83 trillion in 2019 and is expected to rise by an average of 4% each year over the next decade. Based on a survey ... Read the full article
Alternative capital surge imminent in emerging Asia: Peak Re CEO
23rd July 2020
Strong growth prospects across regions in the emerging Asian market, combined with low penetration rates and rising loss values, means a surge in the use of alternative capital is imminent. This is according to Peak Re CEO Franz Josef Hahn, who stressed the growing importance of insurance-linked securities (ILS) in the ... Read the full article
Pacific Life Re makes senior appointments in Asia
6th July 2020
Life reinsurer Pacific Life Re has announced the appointments of Wil Chong as General Manager, Asia Markets, Joanne Yeo as General Manager, Business Services and Operations, and Ong Qian Hao as new Head of Pricing, Asia. All three appointments will report to Andrew Gill in his role of Managing Director, Asia ... Read the full article
Arch Re completes majority stake acquisition in PMAP
2nd July 2020
Arch Worldwide Reinsurance Group (Arch Re), the reinsurance arm of Arch Capital Group, has completed its previously announced acquisition of a majority stake in Precision Marketing Asia Pacific (PMAP). PMAP is an Australian company that provides marketing solutions to banks, insurance companies, retailers and health care organisations across the Asia ... Read the full article
Chinese rural market a sea of untapped demand: Swiss Re
29th June 2020
With China set to vastly increase its investment in rural infrastructure over the coming years, this section of the population presents a “Blue Ocean” opportunity for re/insurers to capitalise on untapped demand and still limited competition. This is according to Swiss Re Institute, which noted in a new report that the ... Read the full article
Chinese regulator extends preferential treatment for Hong Kong
26th June 2020
The China Banking and Insurance Regulatory Commission (CBIRC) has announced it will extend the preferential treatment afforded to Hong Kong under its solvency system for another year. The decision means mainland insurers who cede business to local reinsurers can continue to enjoy lower capital requirements until 30 June 2021. According to the ... Read the full article
Prudential Financial to sell Korean life unit for $1.9bn
16th April 2020
US insurance and investment firm Prudential Financial has announced that it plans to sell its Korean life insurance business to financial services provider KB Financial Group (KB). Under the terms of its agreement, Prudential Financial will sell 100% of The Prudential Life Insurance Company of Korea for a cash consideration of ... Read the full article
Markel adds marine underwriters in Hong Kong & India
6th April 2020
Specialist insurer Markel International has announced the appointment of two marine underwriters, Danielle Yu and Nitin Marathe, to its Hong Kong and India offices, respectively. Marathe joined Markel India on 24 February, 2020, bringing more than 20 years of experience in aviation and marine in India, specialising in marine hull and ... Read the full article
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