South Korea is the world’s 11th largest economy and the 4th largest in Asia. AGCS estimates that the Asian non-life insurance market currently accounts for about 30% of global market premiums and AGCS expects this to grow approximately 5 per cent each year

From early November, U.S. sanctions will likely prevent members of the International Group of P&I from covering the global tanker fleet against risks including spills if they’re moving oil to or from Iran, Mike Salthouse, the chair of a sanctions committee for the IG Group, said on Monday.

Three of the main providers of cover to Iran’s main tanker fleet — Skuld, the Swedish Club and West of England Club — said they didn’t want to give any further guidance beyond what they published on their websites, saying the situation remains fluid.

The court said Wu illegally raised 65.2 billion yuan through the sale of insurance products beyond regulatory limits, and embezzled 10 billion yuan from Anbang’s insurance fund.