China News

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” …

China Drafts Rules for Insurers to Raise Private Equity Stakes; Trade Derivatives

China plans to double the amount insurers can invest in private equity and allow them to trade financial derivatives both at home and abroad as part of efforts to broaden their investment scope, according to a set of draft regulations …

AIR Analyzes Fallout from Heaviest Rainfall to Hit Beijing since 1951

According to catastrophe modeling firm AIR Worldwide, on Saturday, July 21, a heavy storm in China delivered as much as 18 inches [45.72 cms] of precipitation to parts of the country in and near the capital of Beijing (population 20 million). …

Flood Risks Rampant across Asia’s Factory Zones; Insurers Concerned

Global insurance companies are struggling to get a grip on their flood exposure in Asia nearly a year after one of the world’s costliest disasters hit Thailand, with executives fearing an even worse event may strike the region. Some firms …