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…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Chubb strikes distribution agreement with DBS in Singapore

Chubb strikes distribution agreement with DBS in Singapore

Chubb strikes distribution agreement with DBS in Singapore

Global insurer Chubb has entered into an arrangement with Singapore-based bank DBS that will see its general insurance products distributed on an exclusive or preferred basis through DBS’s various banking channels. The 15-year agreement will cover five Asian countries – Singapore, Taiwan, Indonesia, Hong Kong and China – and include Chubb’s property and casualty (P&C) insurance products for small and…

Axa names new Asia CEO in global management reshuffle

Axa names new Asia CEO in global management reshuffle

Axa names new Asia CEO in global management reshuffle

French multinational insurer Axa has unveiled a new management structure for its international operations, which includes the appointment of Gordon Watson as chief executive for Asia, including Japan, effective from 1 January. The role has been vacant since the resignation of Jean-Louis Laurent Josi at the end of June. Axa had hoped to name his successor before the end of…

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea are increasingly challenged by weakening top-line growth, according to Korean Re’s latest insurance bulletin. It states that South Korea’s non-life insurers are projected to see just a 2.6% increase in premium income for 2017. The general property and casualty insurance sector is expected to grow by 3.5%, backed mostly by casualty lines, notes the bulletin.…

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Evariste Yeung has been appointed to lead Willis Towers Watson’s (WTW) property and casualty (P&C) division in north Asia. Mr Yeung will be based in Shanghai and will report to Richard Collis, managing director for WTW’s insurance consulting and technology business in Asia-Pacific. In what is a newly created role, he will be responsible for developing the broker’s north Asia…

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