Latest China Headlines
All the headlines from our China Topic Page, ordered by recency.
Chinese Drywall: Builders, Subs Face Huge Uninsured Losses
Jun 15 2009 // Policy Exclusions Are a Problem, But Builders Can Be Protected General liability carriers specializing in contractor insurance for builders and drywall subcontractors (subs) are “sweating it out” over the...
RMS Completes Micro-Insurance Quake Project for Rural China
Jun 8 2009 // Risk Management Solutions has completed a new quantitative analysis, which “reveals that a micro-insurance system could be both technically and commercially viable to provide cover against catastrophic earthquake...
Ratings Roundup: Fortis, Patria Re, CIRe
Jun 5 2009 // Standard & Poor’s Rating Services said today that it affirmed its ‘A-‘ counterparty credit and financial strength ratings on Netherlands-based commercial lines insurer Fortis Corporate Insurance N.V....
Ratings: Allianz (Italy), Hatherley, Jamaica, China Ins. (Singapore), Arab Orient
Jun 2 2009 // A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa” of Allianz S.p.A. (Italy), both with stable outlooks. The ratings reflect the...
China’s CNinsure Acquires Hongzhengda
Jun 1 2009 // CNinsure Inc., China’s largest independent insurance intermediary, announced the “signing of definitive agreements to acquire 100 percent equity interest in Shenzhen Hongzhengda Insurance Surveyors & Loss...
European Union, China Rebuild Ties; Seek ‘New Global Order’
May 20 2009 // The European Union and China hope to relaunch their political and economic relations at a summit on Wednesday and create a “new global order” to combat the financial crisis, dwindling world trade and climate...
AIG Launches IPO Process for Asian ‘Crown Jewel’
May 18 2009 // American International Group said it would accelerate plans to separate its Asian subsidiary through an initial public offering as the bailed-out U.S. insurer seeks to raise cash and list the unit as soon as possible. The...
New H1N1 Flu Virus Not Quite a Pandemic-Yet, Says WHO
May 12 2009 // The new H1N1 virus shows no signs of sustained person-to-person spread outside of North America and so has not yet tipped over into a pandemic, a top World Health Organization official said Monday. Dr. Keiji Fukuda, acting...
Five Virginians Sue over Chinese Drywall
May 4 2009 // Five Hampton Roads homeowners are seeking more than $5 million in a lawsuit filed against a local developer, a distributor and a Chinese drywall manufacturer. The homeowners claim the companies were negligent for selling...
Amex, Allianz Raise $1.9 Billion in ICBC Stake Sales
Apr 28 2009 // German insurer Allianz and U.S. credit card group American Express raised a combined $1.9 billion on Tuesday through the sale of shares in Chinese banking giant Industrial and Commercial Bank of China (ICBC). The move was...
China, Taiwan Sign Landmark Financial Services Agreements
Apr 27 2009 // Taiwan and China signed a series of landmark agreements on Sunday laying the groundwork for a flood of investment in financial services to flow across the Taiwan Strait for the first time in six decades. The agreements are...
Moderate Earthquake Rattles Northwest China; No Injuries Reported
Apr 20 2009 // Chinese seismological authorities say a moderate earthquake registering a magnitude of 5.5 Sunday struck China’s far western Xinjiang region. No injuries were immediately reported. An official from the Xinjiang...
Lawmakers Seek to Ban Chinese Drywall
Apr 20 2009 // U.S. Sens. Bill Nelson, D.-Fla., and Mary Landrieu, D.-La., have filed federal legislation for a recall and immediate ban on tainted building products from China, as people around the country are reporting problems in...
Declarations
Apr 20 2009 // A Devastating Experience “Losing everything is an unimaginable and devastating experience. … Oklahoma’s professional agents and adjusters are poised to respond.” —Oklahoma Insurance Commissioner...
Credit Insurer Coface Downgrades 28 Countries, 19 on Negative Watch
Apr 10 2009 // Trade credit insurer Coface notes that the current “credit crisis, which entered its second phase in the fourth quarter of 2008, is worsening in all regions. After observing a decline in the average financial...
U.S. Lawmakers Seek Ban on Tainted Chinese Drywall
Apr 10 2009 // U.S. Sens. Bill Nelson, D.-Fla., and Mary Landrieu, D.-La., have filed legislation for a recall and immediate ban on tainted building products from China, as more and more people around the country are reporting problems...
Ratings Recap: Everest Re (Notes), Int’l. Hannover, China Int’l., Transmonde
Mar 20 2009 // Standard & Poor’s Ratings Services said that its ratings on Bermuda-based Everest Re Group Ltd. and its U.S.-based intermediary holding company, Everest Reinsurance Holdings Inc. (both rated ‘BBB+’...
Swiss Re <em>sigma</em> Study Tallies Catastrophic 2008
Mar 18 2009 // Swiss Re has just released its latest sigma study, which details the toll of disasters that made 2008 “one of the worst years for catastrophe losses” according to the report. More than 240,500 people lost their...
State Farm Recalls Promotional Teddy Bears Made in China
Mar 18 2009 // U.S. insurer State Farm said on Tuesday that more than 800,000 teddy bears given out in North America as part of a company promotion were being recalled because of a choking hazard. The toys, called the “State Farm...
U.S., China Most at Risk from Natural Disasters Linked to Climate Change
Mar 12 2009 // A new study, released by the UK-based Maplecroft, has determined that “the increase in both frequency and severity of climate related disasters is increasingly impacting upon developed and emerging...
