Global Briefs

Global Briefs – January 2019

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Asia – Insurance CEOs in the region seen as more intuitive

Russell Reynolds Associates, a leading global search and leadership advisory firm, announced the results of their study "Asia Insurance:The Next Generation CEO" which found that insurance CEOs in Asia outscored their global peers in seven out of eight C-suite differentiators, including being disruptive, risk-taking, heroic, galvanizing, reluctant, vulnerable and connecting. Russell Reynolds Associates combined benchmarking data from a dataset of 5.5 million people, its C-suite Leadership Span psychometric assessments, as well as interviews from 12 high-performing Asia insurance CEOs to develop this groundbreaking study. Download the report HERE

China – Regulator eyes opening market wider to foreign insurers

China will consider further opening up its financial markets this year to improve the sector’s competitiveness, the CBIRC has said. The government will research new opening-up measures and expand the scope of liberalization, with particular interest in allowing professional foreign insurers with strong compliance awareness to enter the Chinese market, Mr. Xiao Yuanqi, a CBIRC spokesperson said at a press conference. Mr. Xiao said China would not only like foreign firms to set up branches and invest in China, but also hoped for them to bring in specialists and technology, reported the Xinhua news agency. China introduced over 10 measures to open up its banking and insurance sectors last year, including easing ownership restrictions and enabling access to a number of niche markets.

China – Korean Re receives regulatory nod for a branch in China 

The CBIRC has given the green light for Korean Reinsurance Company from South Korea to set up a branch in China.

United States – P/C Insurers Report $4.7B Net Underwriting Gain in Nine-Months 2018

Private U.S. property/casualty insurers reported a $4.7 billion net underwriting gain in nine-months 2018, a sharp turnaround from a $21.0 billion net underwriting loss a year earlier, helped by a rare decline in overall losses and loss adjustment expenses (LLAE) and significant premium growth, according to ISO, a Verisk business, and the American Property Casualty Insurance Association (APCIA). Read more HERE

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