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.
Heavy rains and floods over the past couple of weeks have forced Japanese carmaker Toyota Motor Corp. to suspend production at its Motomachi, Tsutsumi and Yoshiwara factories in Japans Aichi Prefecture for most of August.
Mutual marine insurer The Swedish Club has opened a new office in Singapore.
The Insurance Regulatory and Development Authority of India has tightened anti-money laundering and counter financing of terrorism regulations for all general, life and health insurers by launching an updated set of master guidelines, which will come into effect on Nov. 1.
Insurance Australia Group Ltd. is facing a class-action lawsuit by some investors for allegedly breaching its disclosure obligations and misleading the market about its exposure to COVID-19 related business interruption risks.
Australia is experiencing more frequent and severe natural catastrophes that have increased property insurance claims in the country, leading to higher loss ratios for property insurers.
Debt-ridden property developer China Evergrande Groups unit Evergrande Group (Nanchang) Co. Ltd. has been ordered to pay 7.3 billion Chinese yuan ($1.08 billion) to an unnamed guarantor for failing to fulfil its debt obligations.
A report by Marsh LLC said that insurance pricing in Asia increased 3% in the second quarter of the year.
The Insurance Council of Australia said that insured losses from floods that affected the east coast of Australia in February and March have surpassed $5.1 billion Australian ($3.6 billion), making it the second-costliest weather event in Australian insurance history.
Japanese telecommunications operator KDDI Corp. will take a hit of approximately 7.3 billion Japanese yen ($55 million) as it intends to compensate around 36 million customers for the service outage in early July.
The Insurance Council of New Zealand said that local insurers have paid approximately $200 million New Zealand ($125 million) in extreme weather claims in the year ended June 30.
Australia-based insurance broker Aviso Broking Pty Ltd. has acquired Macquarie Insurance Brokers (Australia) Pty Ltd. in Sydney.
New COVID-19 cases in Shenzhen, China, prompted local authorities to shut down the world's largest electronics market of Huaqiangbei until Sept. 2.
General insurers in Sri Lanka could be exposed to potential financial risks when settling insurance claims after an international reinsurer terminated its reinsurance contract with Sri Lankas only reinsurer National Insurance Trust Fund.
U.S.-based S&P Global Ratings Inc. predicts 8% growth in property and casualty insurance premium in New Zealand this year.
The Japan Meteorological Agency said that super typhoon Hinnamnor near Okinawa is expected to hit the Japanese islands soon.