Mr Pichet Jiaramaneetaveesin, 35, Head of Corporate Actuarial at AIA, was named the Young ASEAN Manager of the Year at the joint dinner of the ASEAN Insurance Regulators and ASEAN Insurance Council (AIC) in Bangkok in December.
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Insurance Australia Group Ltd (IAG) has sold its specialist UK commercial broking business Independent Commercial Brokers (ICB), which includes Barnett & Barnett and NBJ to the existing management team for approximately GBP10 million (US$16.2 million).
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Following the strong success of its IPO on the Hong Kong stock exchange which was oversubscribed 15 times, the People's Insurance Company (Group) of China (PICC) has issued additional shares, raising another HK$3.5 billion for 1.035 billion shares.
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Munich Re is reinsuring performance guarantees that Chinese photovoltaic manufacturer Yingli Green Energy gives to its customers for multicrystalline modules.
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With skyrocketing medical costs, demand for health insurance is bound to increase substantially, but insurers must innovate and focus on new techniques like data analytics to make health insurance products affordable to the masses, said speakers at a health insurance conference organised by trade body FICCI in New Delhi in December.
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The total premium income of 43 life insurers in Japan rose 3.7% y-o-y to about JPY18.61 trillion (US$225.6 billion) in the April-September period, said the Life Insurance Association of Japan (LIAJ).
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Allianz Life Korea (AZLK) was granted with a patent by Korean Intellectual Property Office on the "Method for Financial Asset Management" last month.
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South Korea's non-life insurers saw their overseas operations swing to a net loss in the first half of the fiscal 2012 from a year earlier on increased insurance payouts, according to a recent report by the Financial Supervisory Service (FSS).
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South Africa-based financial services group Sanlam has completed its acquisition of a 49% stake in Malaysian short-term insurer Pacific & Orient Insurance (POI) for a total consideration of MYR270 million (US$88 million).
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Malaysia's new Islamic banking and Takaful Acts will take effect in 2013, said Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz.
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Skuld, an international marine insurer, has opened a branch office in Singapore to spearhead further business expansion in South Asia. Skuld provides P&I, hull & machinery, cargo, energy and marine liability cover to ship owners. It also offers specialist liability covers for vessel charterers, defence insurance as well as offshore cover.
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India International Insurance plans to expand its product lines and markets, and to become the fifth largest non-life player in Singapore, as it marked its 25th year of operations.
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Sri Lanka's first online life insurance plan, which can be applied for and purchased entirely via the Internet, has been launched by Ceylinco Life, establishing yet another industry milestone.
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The Financial Supervisory Commission (FSC) has raised the risk-based capital (RBC) index of real estate invested by life insurers from 0.0744 to 0.0781, to prevent them overheating in the real estate market. It is now requiring life insurers to raise capitalisation by 5%, according to a media report.
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Catalytics Pte Ltd, a Singapore-based catastrophe modelling company, has announced a collaborative project with Thai Re to improve the assessment of natural hazard in Thailand. The announcement was made at the ASEAN Insurance Council meeting held in Bangkok last month.
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