ASIA-PACIFIC
Tension between China and Taiwan has increased concerns for global insurers and financial services providers serving these regions, with many reportedly reviewing their contingency plans to stay prepared for the worst.
Typhoon Noru wreaked havoc in the Philippines, prompting authorities to suspend work, school and retail operations on Sept. 26, after it made landfall in the countrys main Luzon island.
The General Insurance Association of Indonesia said the local general insurance sector recorded 20% year-on-year growth in aggregate premium income to around 46 trillion Indonesian rupiah ($3.05 billion) in the first half of the year.
Japanese automaker Honda Motor Co. Ltd. has decided to cut production by up to 40% at two of its factories in Japan in October due to the semiconductor shortages and logistical problems driven by COVID-19 outbreaks.
Workers at South Koreas second-largest steelmaking company Hyundai Steel Co. Ltd. have threatened to strike over wages, raising concerns of steel supply chain disruptions that could have a wider impact on industries such as automotive, shipbuilding and construction.
Swiss insurance-linked securities manager Twelve Capital AG expects losses from Typhoon Nanmadol that struck Japan on Sept. 18 to run into several billion dollars.
Indian state of Karnataka has suffered an estimated 36 billion Indian rupees ($452 million) in infrastructure, home and crop damage during this years monsoon season.
Typhoon Muifa made its second landfall in China in Shanghais Fengxian district on Sept. 15 after making first landfall in Zhejiang province on Sept. 14, forcing the country to activate its highest typhoon emergency response level.
Independent Lloyds of London broker Ramon International Insurance Brokers Ltd. has opened an office in South Korea and has announced a new acquisition to drive its Asian business expansion.
China-based PICC Property and Casualty Co. Ltd. and Huaxin Insurance Broker Co., Ltd. have launched the first domestic emission reduction loss insurance plan.
According to U.S.-based A.M. Best Co. Inc., Japan-based Tokio Marine & Nichido Fire Insurance Co. Ltd. continues to maintain strong operating performance, mainly supported by strong premium growth.
South Korean insurer LK Insurance Services reinsurance arm LK Re Pte Ltd. has opened a new office in Singapore in a bid to further expand its operations in Southeast Asia.
U.K.-based Fitch Ratings Ltd. expects that the earnings and capital reserves of nonlife insurers in Asia-Pacific could come under pressure due to surging interest rates and inflation in 2023.
Singapore-based insurer Aseana Insurance PTE Ltd. has acquired a majority stake in Indonesian insurer PT Asuransi Bina Dana Arta (ABDA) for $59.5 million.
Carmakers Toyota Motor Corp. and Nissan Motor Co. Ltd. suspended production at their factories in Kyushu, Japan, on Sept. 5 and 6 as they braced for the seasons strongest typhoon.
U.K.-based Fitch Ratings Ltd. said that Sri Lankan reinsurer National Insurance Trust Fund faces increased risk in near-term, including uncertainty around the renewal of reinsurance contracts given the weak foreign-currency liquidity amid the economic crisis in Sri Lanka.
Data from Hong Kongs Insurance Authority show that local general insurers overall underwriting profit soared by more than 220% year-on-year to $2.55 billion Hong Kong ($324 million) in the first half of the year.
Swedish carmaker Volvo Car AB has suspended production at its factory in the Chinese city of Chengdu, after the city announced lockdown on Sept. 1 due to a COVID-19 outbreak.
Several businesses in South Korea, including SK Energy Co. Ltd., have decided to suspend operations, while airlines have canceled flights, as the country braces for the "very strong" Typhoon Hinnamnor.
A database belonging to Chinese technology company Hangzhou Xinai Elec Co. Ltd. and containing personal data of at least 800 million people in China was recently leaked online.
Pakistan-based firms Amreli Steels Ltd. and Bolan Castings Ltd. have halted production after devastating floods caused disruptions in demand for its products.
The Insurance Council of Australia said that the East Coast floods in February and March caused an estimated $5.28 billion Australian ($3.65 billion) in insured losses.
The Australian Prudential Regulation Authority said local general insurers net profits after tax inched up 0.3% year on year to $924 million Australian ($638 million) in the fiscal year ended June 30, driven by strong underwriting performance despite high claims expenses.