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.
COVID-19 will increase demand for health insurance, says China Re
1st April 2020
China Re has said that it expects the coronavirus (COVID-19) pandemic to accelerate the development of the re/insurance industry by further motivating demand for health insurance and raising the importance of online technology and digital transformation. For the life and health reinsurance market, ceding demand for domestic health insurance will remain ... Read the full article
AM Best stable on Japanese life industry
10th March 2020
AM Best has assigned a stable outlook to Japan’s life insurance industry, citing solid mortality/morbidity profits, a steady investment yield, and strong capitalisation. The rating agency noted that Japan’s life insurance segment grew by 2.9% in 2019 in terms of annualised premiums from policies in force. Core profit similarly increased to JPY ... Read the full article
Marsh & JLT fully integrate Indonesian operations
5th February 2020
Another next step in the continued integration of JLT and Marsh has now completed, with PT Jardine Lloyd Thompson Indonesia now fully merged into PT Marsh Indonesia, effective February 3rd, 2020. The integration expands Marsh in the region by combining the strength and expertise of the two firms into one brokerage. ... Read the full article
Thailand non-life sector to face growing profit pressures: AM Best
5th February 2020
Analysts at AM Best expect the non-life re/insurance industry in Thailand to face growing pressures on profitability due to fierce market competition and the need for improved pricing and operational sophistication. The Thailand non-life segment posted THB 232 billion (US $7.5 billion) in direct premium written (DPW) in 2018, making it ... Read the full article
Coronavirus poses limited threat to Chinese insurers: Moody’s
4th February 2020
Analysts at Moody’s Investors Service believe that the ongoing coronavirus outbreak poses only a limited threat to the Chinese insurance sector, with disruption likely to stem mostly from broader economic impacts. The firm noted that Hubei, the province at the centre of the outbreak, only accounted for around 4% of domestic ... Read the full article
Chinese economic plans to generate re/insurance growth: Swiss Re
4th February 2020
China’s forthcoming five-year economic plans are likely to generate re/insurance sector growth in protection-type products, mutual, health and pensions insurance, as well as infrastructure and other business opportunities, according to anew report from Swiss Re Institute. The plan for the years 2021-2025 aims to transition China toward a high-income economy, with ... Read the full article
Tokio Marine integrates Thailand unit with Safety Insurance
4th February 2020
Tokio Marine has announced the completion of the integration between its Thai subsidiary, Tokio Marine Insurance (Thailand) PCL. (TMITH), and Safety Insurance Public Company Limited. The combined company, which will officially launch as Tokio Marine Safety Insurance (Thailand) Public Company Limited' (TMSTH), has now received approval from the Office of Insurance ... Read the full article
Sompo releases travel insurance product in Thailand with Slice Labs
17th January 2020
Sompo Holdings (Asia), part of international insurer Sompo Holdings, has partnered with Slice Labs, an on-demand insurance platform, to release a joint travel insurance product in Thailand called TravelJoy. The product will include life and medical, flight delay/cancellation, and baggage/belongings coverage, and will be made available using the LINE LIFF Platform. “SOMPO’s ... Read the full article
Korean Re sets up second branch in China
15th January 2020
Korean Reinsurance Company (Korean Re), the Seoul-based reinsurer, has continued to accelerate its overseas expansion with the establishment of a branch in Shanghai. The new office is the second location in China for Korean Re, which previously set up operations in Beijing in 1997. The reinsurer explained that the new branch would ... Read the full article
KPMG appoints Erik Bleekrode as Head of Insurance for APAC
14th January 2020
KPMG has announced the appointment of Erik Bleekrode as its new Head of Insurance for the Asia Pacific (APAC) region, taking over from Simon Donowho. Bleekrode, who has 30 years’ experience in the financial services industry, also serves as Head of Insurance for KPMG in China and leads KPMG China's Insurance ... Read the full article
China’s Ping An joins Climate Action 100+ initiative
6th January 2020
Ping An Insurance (Group) Company of China, Ltd. has become the first Chinese asset owner to join Climate Action 100+, an investor initiative that aims to engage the largest corporate greenhouse gas emitters and help them take action on climate change. Currently, more than 420 investors across the world with more ... Read the full article
Gallagher takes stake in specialist Malaysian broker SP&G
6th January 2020
Re/insurance broker Gallagher has expanded its presence in Asia with the acquisition of a minority stake in specialist Malaysian broker SP&G Insurance Brokers. SP&G is a multi-discipline commercial insurance broker that specialises in coverages for the aviation market, as well as in solutions for property & casualty, marine, engineering, and other ... Read the full article
China’s Anbang reopens sales talks for Chengdu bank
3rd January 2020
China’s Anbang Insurance Group is reopening talks to sell its 35% stake in Chengdu Rural Commercial Bank, according to reports from Reuters. This marks the second time the insurer has attempted to offload its stake in Chengdu, having previously tried to sell the stake for 16.8 billion yuan (US $2.41 billion) ... Read the full article
Berkshire (BHSI) announces Commercial Crime policy for Asia
2nd December 2019
Berkshire Hathaway Specialty Insurance (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced the launch of a new policy designed to help companies address fraud exposure in Asia. The policy, called Commercial Crime Insurance, will offer coverage for both traditional employee crime and external crimes, including funds transfer fraud, credit ... Read the full article
Lloyd’s to repeal Singapore scheme by November 2022
28th November 2019
Insurance and reinsurance marketplace Lloyd’s of London has announced that its scheme allowing Lloyd’s underwriters to write Singaporean domiciled risk will be repealed by November 2022. The scheme was established in 2000 as a temporary measure until the Lloyd’s Asia platform reached maturity. Under the scheme, Lloyd’s underwriters outside of Singapore are ... Read the full article
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