ChangAn Property & Liability Insurance has placed its 16.67% share in Beijing-based mutual insurer Hero Mutual Property Insurance on the block.
Banks and local financing institutions, under the direction of the Central Bank of Kuwait, are promoting life insurance among borrowers.
Markel has appointed Ms Alvernia Xu as head of operations - APAC; Ms Anna Tan as senior underwriter, fine art and specie; Ms Isabelle Wong as cargo underwriter; Ms Jenny Choi as senior underwriter, casualty and Ms Olga Wong as senior underwriter, professional financial risk.
Composite insurance rates in the Pacific region, comprising mainly the Australian market, declined by 5% in the second quarter of 2024, after falling by 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Composite insurance rates in Asia declined 3% in the second quarter of 2024, following a dip of 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Arch Insurance (Arch) has appointed Mr Alex Mackinnon as Northern Region executive assurance underwriting manager. In his new role, lead the continued growth of Arch's executive assurance portfolio across the Northern Region, which includes New South Wales, Queensland and the Australian Capital Territory.
While the global non-payment insurance (NPI) market is estimated to be worth more than $160bn, APAC-domiciled banks account for less than 15% of this total, says WTW, a leading global advisory, broking, and solutions company.
Since the beginning of this year, listed companies have shown an increasing enthusiasm for Directors & Officers (D&O) liability insurance. This is attributed largely to the new Company Law, scheduled to take effect on 1 July 2024. The revised Company Law establishes for the first time D&O liability insurance through legislation.
The Philippines' general insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.5% from PHP145.4bn ($2.6bn) in 2024 to PHP209.0bn ($3.8bn) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company.
The Australian insurance sector will remain resilient as operating challenges ease in the next few years. Insurers will likely respond to moderating inflation with lower premium hikes, however profitability should remain sound across all segments, said S&P Global Ratings (S&P).