Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…
The Korean insurance market continued to slow down in 2017, declining by 1.9% compared to the previous year, amid improving but still weak macroeconomic conditions, according to Korean Re’s latest insurance bulletin. The life insurance market contracted, while the non-life insurance market grew modestly. Korean Re said low interest rates, the upcoming implementation of IFRS17 and a new risk-based capital…
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…
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,…
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,…
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…
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.…
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,…
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…
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.…