European insurance industry sees major promise in the east

China insurance market news

European insurance industry sets sights on China Many sectors in the global insurance industry have been experiencing exceptional growth in recent years. For European insurance giants, Asia is becoming the most attractive market in the world. Prudential, the largest insurer in Europe, claims that the best investments that the insurance industry can make are in Asia. Prudential CEO Tidjane Thiam notes that China, in particular, is home to the fastest growing sector of the insurance industry, making the country very attractive to investors despite some of the restrictions imposed on…

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European Union holds back on Iranian oil sanctions, considers exemptions for insurers

The European Union has been deliberating on how to handle sanctions imposed against Iran since late last year. Iran has been the target of oil sanctions from much of Europe and the U.S. These sanctions would have a significant impact of the transportation of oil from the country and much of the Middle East. One of the major problems that would arise from the sanctions concerns the insurance industry. If the sanctions are enacted, insurers in Europe and the U.S. will no longer be able to provide coverage for ships…

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India seeks alternatives to European maritime insurers as EU sanctions on Iran loom

As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…

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ING Group to abandon plans for combined insurance and investment operations in Europe and Asia

The ING Group, a Dutch financial institution working in the banking and insurance industries, has announced that it will be abandoning its plans for a combined European and Asian insurance investment operation. The company cites economic turmoil in the European region as the primary reason for its change of heart. Future investment and insurance plans are still a possibility for the future, if the European financial crisis is resolved appropriately. The company still has a keen interest in the Asian market, however, and plans to pursue alternative schemes to expand…

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Japanese Tokio Marine will acquire American Delphi Financial Group

The second biggest casualty insurance company in Japan, Tokio Marine is purchasing the American company Delphi Financial Services, which is based in Delaware. The acquisition will be for $2.7 billion, which places a valuation on the company which has a 73 percent premium, indicating that Asian companies may be taking their first steps into the U.S. marketplace as a diversification effort, following the disasters that have struck their own local markets. This acquisition is one of the five largest insurance purchases this year and is easily among the biggest ventures…

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Asian Operations to be Re-Organized, says Aegon

Aegon, a Dutch insurance company, is preparing to re-organize its company’s Asian operations. Since experiencing losses in Asia, they want to address their business in both Asia and Hong Kong to turn losses into growth. These are changes that have been on their horizon for some time, but are now ready to help move their Asia market into the spotlight. To begin the changes for 2011, Aegon has created a CEO position for Asia. Douglas Henck, the newly-hired CEO of Aegon Asia, plans to operate Asian insurance businesses as if…

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