This week in insurance: Great Eastern delists, Income Insurance covers Jetstar-affected, Sout Korea general insurers stable

Tokio Marine also appointed new leaders whilst India’s life insurance market recorded growth.

Asia-Pacific's insurance sector from 9 to 13 June saw big industry moves from new product launches to delisting of shares.

GCash has launched a new initiative that provides free health and accident insurance to users who buy prepaid mobile load using its Buy Load feature. 

The insurance is also underwritten by FPG Insurance and made available through GCash’s GInsure platform.

Oversea-Chinese Banking Corporation Limited (OCBC) announced it will support Great Eastern Holdings Limited’s (GEH) proposal to delist from the Singapore Exchange (SGX) through a conditional exit offer of $0.7b (S$0.9b). 

The offer, priced at $23.52 (S$30.15) per share, targets the remaining 6.28% of GEH shares not already owned by OCBC. GEH shares have been suspended from trading since 15 July 2024, after its public float fell below the required 10%.

Tokio Marine Life Insurance Singapore Ltd (TMLS) has appointed Joanne Yeo as Chief Financial Officer and Koh Wei Lee as Chief Executive Officer of Tokio Marine Financial Advisers Singapore Pte Ltd (TMFAS).

Following Jetstar Asia’s closure, Income Insurance announced it will fully cover affected travel insurance customers, even though the event is not listed as an insured peril.

Customers with flight bookings made after 31 July will be reimbursed 100% for accommodation, theme park tickets, and transport expenses—provided they can show non-refundable proof. The Qantas Group-owned airline is a Singapore based low-cost carrier.

The use of representations and warranties (R&W) insurance in Asia is expected to grow significantly in 2025, according to Norton Rose Fulbright’s latest Global M&A Trends and Risks report. 

In South and Southeast Asia, 45% of respondents foresee a notable increase in the use of deal insurance, marking one of the highest projected upticks globally.

India’s life insurance industry reported a year-on-year growth of 12.7% in May, with total premiums reaching Rs30,463.2 crore. 

The increase was higher than April’s 8.4% growth but lower than the 15.1% expansion recorded in May 2024, as the impact of revised surrender value regulations, implemented in October 2024, continues to affect the market.

AM Best has maintained a stable outlook for South Korea’s non-life insurance sector, citing strong capital management efforts, moderate growth in long-term and general insurance, and strategic profitability measures, despite economic headwinds and pressures in the auto segment.

Ongoing regulatory changes from the Financial Supervisory Service, including lower discount rates and a potential core capital requirement under K-ICS, are driving insurers to strengthen capital through longer-duration assets, selective capital issuance, and reinsurance.