This week in insurance: Zurich pays $19.8m US claim, GEH stays public, Japan approves new quake cover

Prudential also unveiled a new CEO for its Vietnam arm.

Asia-Pacific's insurance sector from 14 to 18 July saw notable executive appointments, new product rollouts, major claim settlements, regulatory approvals, and continued efforts in risk protection and capitalisation stability.

Zurich General Insurance (China) has paid $19.78m (RMB141.28m) under a commercial liability policy after a lawsuit in the US involving a defective remote control.

The case began in April 2023, when the insured reported that a six-year-old boy in the US had suffered permanent stomach injuries in July 2022 after swallowing a battery from an exported air conditioner remote.

Great Eastern Holdings (GEH) is expected to maintain its healthy capitalization and profitability, remaining unaffected from OCBC’s failed bid to privatize it.

Minority shareholders of GEH voted against OCBC’s proposal to privatize the insurer in July 2025. OCBC’s ownership of GEH will remain at 93.72%, although its voting shareholding will likely be revised as minority shareholders select either bonus ordinary shares or non-voting shares.

HDI Global SE, in collaboration with Descartes, received approval from the Japanese Financial Services Agency to offer next-generation parametric earthquake insurance in the country.

HDI Enablers, HDI Global’s dedicated risk finance division, also supported the initiative.

Prudential Vietnam has confirmed the appointment of Kevin Kwon as its new Chief Executive Officer, following regulatory approval from the Ministry of Finance.

MSIG Insurance (Hong Kong) settled US$44.33m (HK$347.98m) in claims across Hong Kong and Macau in 2024, with a claims settlement ratio of 94.5%, up from 92.4% in 2021. 

The company received only nine complaints during the year, down from 13 in 2023.

Singapore-based rental platform Rently has introduced complimentary home insurance for users of its Rently Care service living in non-landed properties. 

Launched on 4 April 2025, the plan covers home contents and offers up to three emergency repair services per coverage period, with each service valued at up to US$116.71 (S$150).

The Government of Lao PDR has signed a new sovereign disaster risk insurance policy with SEADRIF Insurance Company, offering up to $16m in financial protection over two years.

The policy covers multiple perils, including floods, tropical cyclones, earthquakes, landslides, and related events.