Berkshire Hathaway sees promise in Singapore’s insurance industry

Warren Buffett Berkshire Hathaway Insurance industry

Berkshire Hathaway to sell non-life insurance coverage in Singapore Berkshire Hathaway, one of the world’s leading insurance conglomerates, is planning to begin selling non-life insurance coverage in Singapore. The company has been granted a license to sell such coverage in the country and this coverage will be sold through Berkshire Hathaway Specialty Insurance. The subsidiary was launched last year in order to accommodate with needs in the commercial insurance market and will begin doing business in Singapore in the near future. Company will underwrite property, casualty, and liability coverage in…

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Munich Re makes a move on marine insurance

Marine Insurance

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…

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Typhoon Usagi Weakens Before Landfall in China’s Guangdong Province: AIR Worldwide

According to catastrophe modeling firm AIR Worldwide, Severe Typhoon Usagi, the 19th named storm to form in the Northwest Pacific this year, made landfall near the city of Shanwei (150 kilometers northeast of Hong Kong) in the Chinese province of Guangdong at 6 p.m. (local time) Sunday. Accompanied by heavy rains, a central pressure of 941 millibars, and 10-minute sustained winds of 85 knots (157 km/h) according to the Japan Meteorological Agency (JMA), Usagi struck as a strong Category 2 typhoon. Prior to landfall, the Hong Kong Observatory raised the…

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Health insurance industry shows concern for H7N9 flu virus

China Health Insurance agents

Health insurance companies are wary of new flu virus Last month, a new strain of the flu virus, dubbed H7N9, emerged in China. Since the emergence of the new flu strain, some 71 individuals have been diagnosed with H7N9 and 13 have reportedly died from the virus. The virus has caused many to recall the H1N1 influenza pandemic of 2009, which proved to be a particularly serious health concern for many people throughout Asia and served as a monumental challenge to the global health insurance industry. Kwiksure, a leading insurance…

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Hong Kong to install their first independent insurance authority

Hong Kong is home to the most authorized insurance companies in all of Asia. The insurance market in the fabled city-state has been experiencing wondrous growth for several years thanks to the relatively lax regulations imposed upon the industry. In fact, Hong Kong currently has no singular authority in charge of regulating the insurance industry. This will soon change, however, as the government prepares to the first independent insurance authority. Government officials are now consulting with several insurance experts to gain insight on the initiative. The overall aim of the…

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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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