Tian'An P&C Insurance, whose management has been taken over by financial regulators since 2020, will be declared bankrupt and liquidated while its assets and liabilities will be transferred to the start-up Shenergy P&C Insurance, according to an official of the Property Insurance Department of the National Financial Regulatory Administration (NFRA).
Marsh, the world's leading insurance broker and risk advisor and a business of Marsh McLennan, yesterday announced the launch of the Centre for Climate Adaptation and Resilience Excellence (CCARE).
Australasia's specialist insurance & risk law firm Wotton + Kearney officially opens its Asia hub in Singapore this week, establishing itself as a major legal player in insurance and risk across the Asia Pacific region. Wotton + Kearney's Asia move represents a first for an Australian-domiciled insurance and risk law firm.
South Korea's Kyobo Life Insurance, one of the three biggest life insurers in the country, has announced that its 'A1' (Stable) insurance financial strength rating has been affirmed again by Moody's Ratings, one of the world's top three credit rating agencies.
Some insurance companies in China will halt on 30 June the sales of incremental wholelife insurance policies that have an assumed interest rate of 3% and instead launch new policies with an interest rate of 2.75% on 1 July.
In today's fast-changing environment, Japanese insurers must continue to transform in order to maintain competitiveness and grow globally, says the international professional services firm PwC.
The value of revenues earned worldwide by MGA, MGU and cover-holder groups (a.k.a. delegated underwriting authority / underwriting agency groups) was around $23.9bn in 2023, according to an analysis by Insuramore.
Minister of Treasury and Finance Mehmet Simsek has announced that Türkiye's compulsory earthquake insurance scheme, the Turkish Catastrophe Insurance Pool (TCIP) will be expanded to cover other disasters including flood, landslide, storm, hail, avalanche and forest fire.
Insurance companies in Egypt should establish a special department within their organisations to handle natural disaster management, according to insurance broker Ihab Kader.
The Australian Prudential Regulation Authority (APRA) has stressed that it encourages the directors and executives of insurance companies to elevate risk governance with a sense of urgency and to foster deeper self-reflection when mistakes do occur to ensure that root causes are effectively addressed.