China News

How Iran’s Main Oil Buyers Deal with Insurance Sanctions

Insurance companies based in the EU are not allowed to provide cover for ships that carry Iranian cargo. The EU sanctions are aimed at the protection and indemnity (P&I) clubs based in the EU, which dominate the marine insurance industry. …

Willis to Open 22nd China Office in Harbin

Willis China, part of Willis Group Holdings, announced that the Chinese Insurance Regulatory Commission (CIRC) has granted approval for it to open a new office in Harbin, a first for a foreign broker and Willis’ 22nd office in the country. …

Fitch Notes Reinsurers More Risk-Focused For More Asian Catastrophes

Fitch Ratings has issued a statement which points out that the “spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to take stock of their existing portfolio and re-evaluate their underwriting approach and risk appetite.” As a …

Asia’s Iran Crude Oil Imports to Regain Levels Prior to EU Insurance Ban

Asia’s crude imports from Iran are set to recover in September to levels reached before a July 1 insurance ban by the European Union plunged trade with the Islamic Republic into uncertainty not seen in decades. Top Asian buyers — …

Best Upgrades NIPPONKOA’s Ratings to ‘A+’; Affirms Subs

A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A+’ (Superior) from ‘A’ (Excellent) and the issuer credit rating (ICR) to “aa-” from “a+” of Japan’s NIPPONKOA Insurance Company Ltd. Best also affirmed the FSR of ‘A’ (Excellent) …

AIR Update on Typhoon Haikui, as Storm Hits China

According to catastrophe modeling firm AIR Worldwide Typhoon Haikui, the 11th typhoon of 2012 Pacific season, made landfall in Hepu Township in Xiangshan County of China’s Zhejiang Province at 3:20 am local time Wednesday, August 8. Maximum sustained winds at …

China Braces for Another Typhoon; Japan on Alert: AIR Analysis

According to catastrophe modeling firm AIR Worldwide, residents along coastal cities in eastern China are preparing for their third typhoon in less than a week. Just last weekend, two powerful typhoons—Damrey and Saola—came ashore less than 10 hours apart, causing …

Aon Benfield Monthly Cat Report Highlights China Floods; Agriculture Losses

The latest report on the world’s catastrophes from Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, highlights flooding in China that generated more than $8.3 billion in economic losses across the country in July. Paradoxically the …

Typhoons Saola, Damrey Strike, Philippines, Taiwan, China: AIR Analysis

According to catastrophe modeling firm AIR Worldwide, Typhoon Saola, the ninth typhoon of the Northwest Pacific storm season, made its first landfall early Thursday morning local time in Hualien, Taiwan. AIR noted that the storm has since “been downgraded to …

Best Affirms Lloyd’s UK, China ‘A’ Ratings; Outlook Stable

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Lloyd’s and Lloyd’s Insurance Company (China) Limited (LICCL), as well as the ICR of “a” …