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.
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of London has announced that its scheme allowing Lloyd’s underwriters to write Singaporean domiciled risk will be repealed by November 2022.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
Outlook stable for Chinese P&C insurers in 2020: Moody’s
28th November 2019
Moody’s Investors Service has issued a stable outlook for China’s property and casualty (P&C) insurance industry in 2020, based on diversifying business growth, stable profitability, and strong capitalisation. Offsetting these factors is the fast growth in unseasoned non-motor lines, as well as potential acceleration in motor pricing liberalisation, analysts said. “China’s P&C ... Read the full article
Swiss Re exploring possible investment in China Pacific Insurance
6th November 2019
Swiss Re has confirmed that it is exploring a potential investment opportunity with China Pacific Insurance Company (CPIC), after partnering with the company earlier this year. Sources at Bloomberg reported earlier today that CPIC was angling to take a $2 billion stake in Swiss Re, through which it could expand its ... Read the full article
Labuan IBFC partners with China Construction Bank
31st October 2019
Labuan International Business and Financial Centre Incorporated (Labuan IBFC Inc) has signed a Memorandum of Understanding (MoU) with a branch of China Construction Bank Corporation. The agreement with China Construction Bank Corporation Labuan Branch (CCBL) aims to promote the benefits of Labuan IBFC to Chinese companies, in addition to supporting the ... Read the full article
Nexus aims to become largest specialty MGA in Asia
25th October 2019
Specialty managing general agent (MGA) Nexus Group has announced that it plans to become the largest specialty MGA in Asia, as part of its new vision for the region. “We have an ambitious goal of becoming the largest speciality MGA in Asia and achieving US$50 million in gross written premiums by ... Read the full article
AM Best stays negative on China’s non-life re/insurance market
11th September 2019
Rating agency AM Best has maintained its negative outlook on the China non-life re/insurance sector, citing persistent pressure on motor business and a dependence on investment returns to support earnings. Analysts also highlighted potential execution risks as the market turns toward a non-motor-focused business model. Adding further pressure is the backdrop of ... Read the full article
China Re launches nation’s first commercial earthquake cat model
27th August 2019
China Reinsurance Corporation (China Re) has launched a new proprietary commercial earthquake catastrophe model for China, which aims to benefit the country’s re/insurance sector through improved costs and accuracy. China Earthquake Catastrophe Model v2.0, which has been certified by the Seismological Society of China, is also expected to fundamentally change the ... Read the full article
Asian reinsurers continue to grapple with intense competition: Fitch
22nd August 2019
Reinsurance companies in Asia continue to look at mergers and acquisitions (M&A) and access to alternative capital markets in order to offset intense competition, according to analysis by Fitch Ratings. In a new report, financial services rating agency Fitch notes challenges facing Asian reinsurers driven by high competition to negotiate improved ... Read the full article
HSBC considering a bid for Aviva’s Asian operations, reports suggest
22nd August 2019
London-based banking giant HSBC Holdings Plc may be considering a bid to take over the Asian operations of Aviva Plc as part of a push for further business diversification in the region, according to reports from Bloomberg. Sources at the publication said HSBC was in the early stages of weighing an ... Read the full article
HK airport protests highlight exposure risk for re/insurers: Russell Group
22nd August 2019
The recent standoff at Hong Kong International Airport between Chinese authorities and protesters has underscored the potential airport ground accumulation exposures faced by international re/insurers, according data from risk management firm Russell Group. By quantifying aerospace industry and portfolio peak exposure, Russell Group showed that 69 aircraft with a combined value ... Read the full article
Tokio Marine partners with Plug and Play in Singapore
19th August 2019
Tokio Marine Holdings, the largest property and casualty (P&C) insurance group in Japan, has announced a new partnership with Plug and Play’s insurtech program in Singapore. Plug and Play is a Silicon Valley-based innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups. It has had a ... Read the full article
Generali (GC&C) appoints Head of Engineering Underwriting for Asia
19th July 2019
Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has announced the promotion of Dawood Yeung to Head of Engineering Underwriting for GC&C Asia. Effective from June 1, Yeung is responsible for overseeing GC&C’s Engineering business across the regional market. He has over 19 years of international experience ... Read the full article
Singapore is “fast maturing as a viable ILS domicile,” says Monetary Authority exec
17th July 2019
With a first set of deals now under its belt, Singapore is “fast maturing” as a viable domicile for insurance-linked securities (ILS) transactions, according to Gillian Tan, Executive Director at the Monetary Authority of Singapore (MAS). Speaking at the ILS Asia 2019 conference in Singapore last week, which was hosted by ... Read the full article
China sets up new insurer to assume Anbang assets
1st July 2019
China has set up a new Beijing based insurer, called Dajia Insurance Group, to take over the main operations of Anbang Insurance Group Co., according to reports from Bloomberg. Anbang was taken over by the Chinese government in February 2018 after regulators found that it had been operating “illegal business ... Read the full article
Swiss Re’s Jayne Plunkett joins AIA as Chief Risk Officer
28th June 2019
Pan-Asian life insurer AIA Group Limited has announced the appointment of Jayne Plunkett as its new Group Chief Risk Officer, effective 1 November, 2019. She joins AIA from Swiss Re, who announced yesterday that Russel Higginbotham would take over her role as CEO of Reinsurance for Asia from July 8. Plunkett has ... Read the full article
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