With the December 2024 date for the adoption of Insurance Capital Standard (ICS) approaching, the Executive Committee of the International Association of Insurance Supervisors (IAIS) has agreed on an initial plan for ICS implementation.
Insurance companies in China raised funds totalling CNY22.5bn ($3.1bn) through issuances of capital supplemental bonds and perpetual bonds in 1H2024, while coupon rates fell below 3%.
Cathay Life Insurance Co, Taiwan's largest insurer by life market premiums in 2023, established a special purpose vehicle (SPV), Cathaylife Singapore Pte Ltd, in Singapore on 5 June 2024.
Like their global peers, Japanese life insurers use investment strategies based on ALM principles, which are essential to ensuring that their investment choices are well aligned with the long-term obligations of their insurance contract, according to a report on the outlook for Japanese life insurers.
The Caisse Nationale de Mutualité Agricole (CNMA), which commands a share of over 75% of the agricultural insurance market in Algeria, has raised awareness of the risks linked to storage silos.
Steadfast Group (Steadfast) has appointed Mr Nick Cook as executive general manager - Australasian networks, broker and insurer services; Mr Mark Senkevics as executive general manager - underwriting agencies, alternative risk transfer (ART), reinsurance and life, effective 1 July 2024 and Ms Meagan Jeffery as executive general manager - technology & information, effective 8 July 2024.
MS First Capital Insurance (MSFC) has appointed Mr Vikas Shukla as CEO, subject to regulatory approval. He succeeds the late Mr Ramaswamy Athappan, who passed in May 2024.
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).
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.