New financial watchdog starts reign in South Korea

New financial watchdog starts reign in South Korea

New financial watchdog starts reign in South Korea

The newly installed head of the Financial Supervisory Services (FSS) in South Korea, Kim Ki-sik, has pledged to make every effort to ensure consumer protection and financial market stability as he began his reign this week. Mr Ki-sik, a long-time civic activist and former lawmaker, is the first ex-politician and shareholder activist to be appointed as head of the FSS…

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Global trade credit insurer Atraidus has given a moderate and stable forecast for the economic prospects within Asia-Pacific in its latest report, which examines the political and economic risks in the region’s 11 major economies. And while no major risks are highlighted in the report, it does warn of an expected increase in the number of insolvencies in the region,…

New president at AIG Korea

New president at AIG Korea

New president at AIG Korea

The new president and chief executive of AIG Korea, Douglas Min, has assumed office according to a report in the Korea Herald. Mr Min replaces Steven Barnett, who stepped down after seven years in the role as head of the insurer’s Korean division. The new appointment comes two weeks after a shareholders’ meeting approved a one-year tenure for Mr Min,…

Korean non-life insurers see growth in income and premiums

Korean non-life insurers see growth in income and premiums

Korean non-life insurers see growth in income and premiums

Non-life insurers in Korea have reported an increase of 2.4% in premium income, and an increase in net income of 11.8% in 2017, according to Korean Re’s latest insurance bulletin, reporting preliminary data from the Korean Financial Supervisory Service. Non-life premium income totalled KRW77.3trn, with a 4.8% increase in general property and casualty (P&C) insurance premiums to KRW9.5trn. Motor insurance…

Sri Lanka’s businesses on alert as state of emergency declared

Sri Lanka’s businesses on alert as state of emergency declared

Sri Lanka’s businesses on alert as state of emergency declared

Anti-Muslim riots in popular tourist areas in central Sri Lanka have led the government to declare a ten-day state of emergency. Facebook and other social media services have also been blocked in an effort to quell the political violence between Buddhist and Mulsim groups, which began the previous week when sectarian attacks took place across the eastern town of Ampara.…

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Respective regulators for the insurance industry in Malaysia and Myanmar are set to issue new and separate rules that take a different approach to the issue of foreign insurers. Myanmar is set to allow at least three overseas insurers to operate in the country by May, as part of an effort to liberalise its economy and financial services sector. Meanwhile,…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

An earthquake in the popular Taiwanese tourist city of Hualien has left four dead and more than 250 injured. The shallow quake had a magnitude of 6.4 and struck on Tuesday night, following a series of tremors earlier in the week. Roads were ripped up and at least two hotels were partially toppled by the quake, leaving many trapped inside.…

Allianz acquires Sri Lankan general insurer

Allianz acquires Sri Lankan general insurer

Allianz acquires Sri Lankan general insurer

Allianz has struck a deal to acquire one of Sri Lanka’s largest general insurers for €85.9m (SRL16.4bn). Allianz will purchase 100% of Janashakthi General Insurance Limited (JGIL), with the transaction expected to be completed by the end of the year’s first quarter. According to Allianz, JGIL’s general insurance business will complement its existing offering in Sri Lanka and represent a…

Chubb appoints new heads for Korea and Thailand

Chubb appoints new heads for Korea and Thailand

Chubb appoints new heads for Korea and Thailand

Edward Ler has been appointed by Chubb as the new country president for its general insurance business in Korea. He replaces Edward Kopp, who has been appointed to the role of country president for Thailand. Mr Ler will continue to report to Paul McNamee, Chubb’s regional president for Asia-Pacific. His replacement as Asia-Pacific head of personal lines is current chief…

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