New Zealand life insurance sector sees steady growth amid changing market trends
New Zealand’s life insurance sector has grown between 2% and 5% year-over-year since 2015, with seasonality having less impact on new business since 2021
⛩️ Asia-Pacific Insurance News
Chubb acquires Liberty Mutual’s insurance businesses in Thailand and Vietnam
Chubb has agreed to acquire Liberty Mutual’s insurance businesses in Thailand and Vietnam, which include property and casualty consumer and commercial assets
Ping An Insurance to sell 41,9% stake in Autohome for $1.8 bn
Autohome, a Hong Kong-listed company, announced that Ping An Insurance will no longer be its controlling shareholder after selling a 41.91% stake for $1.8bn
Legal & General Group sells U.S. business to Meiji Yasuda Life Insurance for $2.3 bn
Legal & General Group plc agreed to sell its U.S. protection business to Meiji Yasuda Life Insurance Co. in a $2.3 billion deal
Suncorp Group finalized the sale of Asteron Life, its New Zealand life insurer
Suncorp Group has finalized the sale of Asteron Life, its New Zealand life insurance business, to Resolution Life NOHC for NZ$410 mn
ICA classified flooding in Queensland as a significant event and activated an Insurance Hub in Townsville
Severe storms and flooding have impacted northern Queensland and nearby areas in Australia since Jan. 29. The Insurance Council of Australia (ICA) classified it as a “significant event
Suncorp Group completed the sale of Asteron Life, its New Zealand life insurer, for NZ$410 mn
Suncorp Group Ltd. completed the sale of Asteron Life Ltd., its New Zealand life insurance business, to Resolution Life NOHC for NZ$410 mn
WTW introduced CyCore Asia, a cyber insurance facility in Singapore and Hong Kong
Willis Towers Watson (WTW) has introduced CyCore Asia, a cyber insurance facility designed for businesses in Singapore and Hong Kong
Re/insurance broker Miller expands in Asia with Miller Korea
Re/insurance broker Miller has strengthened its presence in Asia by launching Miller Korea, focusing on delivering global specialty expertise to the Korean market
Australian Competition & Consumer Commission moves to block hospital boycott of major insurers
The Australian Competition Commission intends to deny Catholic Health Australia’s request to allow its hospital members to boycott large private health insurers
AI Financial Technology expands into Japan’s crypto insurance market
AI Financial Technology (AIFT), which operates the insurtech platform OneDegree, announced plans to expand into Japan following its rebranding last year
South Korea debates health insurance rewards as other nations incentivize aging well
South Korea weighs health incentives for older adults while countries like Singapore, Japan, Germany and the Netherlands already reward healthy aging
Ping An plans to acquire the remaining shares of Ping An Healthcare for $1.7 bn
Ping An Group plans to acquire the remaining shares of Ping An Healthcare and Technology Co. for HK$13.23 bn ($1.70 bn
Jeju Air crash Boeing 737-800 in South Korea covered by $1 bn insurance policy
Jeju Air’s insurance policy, covering the crash of its commercial jet in South Korea on Dec. 29, provides up to $1 bn in per-event coverage
Insurance Australia Group secured a catastrophe reinsurance program for 2025
Insurance Australia Group Ltd. (IAG) secured a catastrophe reinsurance program for 2025 and provided up to A$10 bn ($6.25 bn) in coverage
PERILS releases final insured loss report for Australia Christmas Storms
PERILS has released its fourth and final estimate for the industry losses caused by the Australia Christmas Storms that impacted Victoria, New South Wales, and Queensland
OCBC Hong Kong to sell stake in Hong Kong Life for $75 mn
OCBC Bank (Hong Kong) announced it will sell its entire 33.33% stake in Hong Kong Life Insurance for approximately HK$589.3 mn ($75 mn) to Yue Xiu Enterprises (Holdings)
PERILS releases final insured loss estimate for Australia Christmas Storms
PERILS, an independent Zurich-based organization, has released its fourth and final industry loss estimate for the Australia Christmas Storms
Insurtech Zhibao Technology launches longevity risk lab in Shanghai
Zhibao Technology, an InsurTech company, unveiled the Longevity Risk Lab (LRL) in Shanghai at its inaugural Longevity Risk Conference
Hanwha Life Insurance acquires the parent company of Velocity Clearing
Hanwha Life Insurance plans to acquire a 75% stake in the parent company of Velocity Clearing. This move provides the South Korean life insurer with a foothold in the U.S.
Prudential Hong Kong launched of digital underwriting tool MedScreen+
Prudential Hong Kong has advanced the insurance industry with the launch of MedScreen+, a digital underwriting tool created in partnership with RGA
Ardonagh Group completes acquisition of PSC Insurance, expanding APAC & UK platforms
The Ardonagh Group, a major independent insurance broking platform, has completed the acquisition of PSC Insurance Group Limited
Insurance Council of New Zealand urges government to strengthen Resource Management Act
The Insurance Council of New Zealand (ICNZ) is urging the government to ensure that changes to the Resource Management Act (RMA) will protect communities
Super Typhoon Yagi caused insured losses, estimated at $500 mn in China
Super Typhoon Yagi has caused substantial insured losses, estimated at 3.5 bn yuan ($500 mn) in China, according to Guy Carpenter, a reinsurance broker.
Earthquake struck off Japan’s southern coast, prompting a tsunami
A powerful earthquake struck off Japan’s southern coast, prompting a tsunami advisory from the Japan Meteorological Agency
Insurance market in China rised in Q1 2024 to $302.7 bn – CNFRA
Insurance market in China in the Q1 2024 reported primary insurance premium income of $302.7 bn, an increase of 5%
Ping An upgraded Ping An Family Doctor – health management system
Ping An Health’s upgraded “Ping An Family Doctor” introduces a comprehensive one-stop proactive health management services system
Storms and flooding in Asia/UAE causing significant insured losses
Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates, in April, causing significant economic and insured losses
LGI developed behaviour based insurance for insurtech Carrot
Insurtech Carrot General Insurance has partnered with Lippo General Insurance, Indonesia to develop a Behaviour Based Insurance solution.
PERILS releases final insurance industry loss footprint for Cyclone Gabrielle
PERILS has disclosed its fourth and final industry loss estimate for Cyclone Gabrielle which impacted the North Island of New Zealand
PERILS’ final estimate for insurance losses from North Island floods
PERILS, an independent organization based in Zurich, has released its final estimate of NZD 2,230 million for the insurance market losses from the North Island floods
Chris Mackinnon becomes Lloyd’s regional director for Asia Pacific Middle East & Africa
Chris Mackinnon, with over three decades of experience in the insurance industry, is poised to become Lloyd’s Regional Director for Asia Pacific, Middle East, and Africa
Aviva will receive an additional £80 mn from sale of Singapore Life
Aviva plc has announced expectations to receive an additional £80 million (approximately SGD 0.1 billion) from the sale of its shares in Singapore Life Holdings Pte Ltd (Singlife)
PERILS estimated loss from Babet-Aline floods & storms up to EUR 683 mm
PERILS has updated its loss estimate for floods and storms caused by low-pressure systems Babet (Viktor) and Aline (Wolfgang)
CoreLogic estimated the insured loss from the earthquake in Noto below $5 bn
A shallow magnitude (Mw) 7.5 earthquake hit western Japan on Jan. 1, 2024, according to the U.S. Geological Survey (USGS
Verisk Estimates Insured Losses for the Noto Peninsula Earthquake
The Noto Peninsula earthquake caused damage across an extensive area around and south of the epicenter. While most of heavy damage occurred in Ishikawa prefecture
Moody’s RMS Estimated Total Insured Losses from Noto Earthquake $3-6 bn
Moody’s RMS, the leading global catastrophe risk modeling and solutions company, estimates total insured losses between $3-6 bn
Generali becomed the 100% shareholder of Generali China Insurance
Generali enhances its strategic position in China, becoming the 100% shareholder of Generali China Insurance Company
Total insured losses from Japan earthquake set to reach $5-6bn
CoreLogic estimates that insured losses in the country from the quake could be between $1 billion and $5 billion. Karen Clark said that total insured losses will reach $6.4 bn
Potential for increased reinsurance prices in april renewals after Japan Earthquake
The earthquake on the west coast of Japan on January 1st has significant implications for the reinsurance market, particularly concerning the upcoming April 1 reinsurance renewals
China Life Insurance and China Pacific saw declines in investment income
China Life Insurance and China Pacific Insurance (Group) saw sharp declines in investment income year over year through the first nine months of 2023
Cloud-based insurtech Novidea launches into the Southeast Asia
Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, launched into the Southeast Asian
Reinsurance costs for Asia-Pacific insurers are rising due to frequency of weather losses
Asia-Pacific insurers plan to increase asset allocations to fixed-income investments over the next 12-18 months, in order to take advantage of rising yields
HSBC Insurance Brokerage received fund sales licence in China
HSBC Holdings said its insurance brokerage unit in China had secured a license to sell a range of investment fund products in the country
Ping An Insurance will focus on the medical and healthcare in China
Ping An Insurance will focus on the medical and healthcare industry in China, hoping to turn its coverage for the ageing society into an engine of growth
K-ICS implementation will reshape South Korean insurers’ strategy
The implementation of the Korean Insurance Capital Standard (K-ICS) will continue to reshape Korean insurers’ operational strategy
China will cracking down on corruption in the health insurance
The National Health Commission (NHC) of China has committed to cracking down on corruption in the country’s health insurance
China’s insurers losses from floods & disasters totalled $1.4 bn
Estimated losses of the China’s insurance companies from floods and geological disasters has totalled 9.8 bn yuan ($1.4 bn)
Motor insurance industry of Malaysia will grow to $3 bn in 2027
The motor insurance industry of Malaysia is set for notable gains over the next few years, growing to US$3 billion in 2027
Finregulators warns insurers for promoting cancer insurance after Fukushima disaster
Financial Supervisory Service of South Korea warns to certain insurers in the country for promoting insurance sales based on the Fukushima nuclear disaster
Hong Kong insurtech OneDegree secured an additional $27 mn in Series B
Hong Kong-based digital insurtech OneDegree has secured an additional $27 mn in Series B funding, taking the total for this round to $55mn
Tokio Marine launch a sale of Southeast Asia life insurance business worth $1 bn
Japanese insurer Tokio Marine Holdings has picked Goldman Sachs and Jefferies to work on the sale of its Southeast Asia life insurance business worth $1 bn
Chubb launches Aviation Insurance Hub in Singapore
Chubb has announced the establishment of an aviation hub in Singapore, signalling its commitment to further developing its general aviation and aerospace business.
ZhongAn released AIGC/ChatGPT Insurance Industry White Paper
China’s ZhongAn Insurance and ZhongAn Technology have made a groundbreaking move in the insurance industry, releasing the first-ever white paper
Singapore life insurance industry will grow to $77 bn by 2027
Singapore’s life insurance industry is set to grow at a compound annual growth rate of 9.8% from $47.2 billion in 2022 to $77 billion in 2027
Hong Kong Federation of Insurers call to market more international reinsurers
Hong Kong Federation of Insurers (HKFI) has called for more incentives for international insurers to establish their regional headquarters in the city
China Pacific Insurance with Waterdrip Capital opens crypto funds in Hong Kong
China Pacific Insurance subsidiary CPIC Investment Management has opened two crypto funds in Hong Kong, in partnership with investment firm Waterdrip Capital
Thai insurtech Roojai raised $42 mn in a Series B led by HDI International
Thailand-based insurtech Roojai has raised $42 mn in a Series B fundraising round led by HDI International, a subsidiary of the German insurance company Talanx Group
Typhoon Nanmadol’s insurance industry loss estimated of $1 bn
PERILS, the provider industry-wide catastrophe insurance data, disclosed its third industry loss estimate for Typhoon No. 14
Chinese Reform of Health Insurance will help urban employees and retirees
Chinese localities are implementing a reform of health insurance for urban employees and retirees, drawing widespread attention
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