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Asian renewals see broad softening, but outcomes diverge by territory and loss experience
While overall demand remained stable, cedents in South Korea, India, China, and the Philippines capitalised on favourable terms and competitive pricing, with many exploring new structures and proportional protections.
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Record US$785bn of reinsurance capital drives APAC market softening during 1.4 renewals: Aon
Cat XoL pricing in Japan saw 15-18% reductions during the 1.4 renewals as capacity influx fuelled intense competition within the reinsurance market.
Record US$785bn of reinsurance capital drives APAC market softening during 1.4 renewals: Aon
Cat XoL pricing in Japan saw 15-18% reductions during the 1.4 renewals as capacity influx fuelled intense competition within the reinsurance market.
Cat XoL pricing in Japan saw 15-18% reductions during the 1.4 renewals as capacity influx fuelled intense competition within the reinsurance market.
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Howden appoints Mani Tsang as head of claims in Hong Kong
She brings over a decade of experience in complex claims, with expertise in property, construction, energy and liability lines.
Howden appoints Mani Tsang as head of claims in Hong Kong
She brings over a decade of experience in complex claims, with expertise in property, construction, energy and liability lines.
She brings over a decade of experience in complex claims, with expertise in property, construction, energy and liability lines.
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Kyung Tae Koo named Marsh Korea CEO
Seoul-based Koo will oversee the operations of Marsh Korea, including Marsh Risk and Mercer businesses.
Kyung Tae Koo named Marsh Korea CEO
Seoul-based Koo will oversee the operations of Marsh Korea, including Marsh Risk and Mercer businesses.
Seoul-based Koo will oversee the operations of Marsh Korea, including Marsh Risk and Mercer businesses.
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‘Firmly in an attractive buyers’ market’ with property rates down, casualty broadly stable at 1.4: Gallagher Re
Some of the biggest property decreases came in Japan, the US and the Philippines, with reductions of 15-25% for loss-free programs, according to the First View report.
‘Firmly in an attractive buyers’ market’ with property rates down, casualty broadly stable at 1.4: Gallagher Re
Some of the biggest property decreases came in Japan, the US and the Philippines, with reductions of 15-25% for loss-free programs, according to the First View report.
Some of the biggest property decreases came in Japan, the US and the Philippines, with reductions of 15-25% for loss-free programs, according to the First View report.
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Australia’s underinsurance to increase risk for banks, households: S&P
Rising inflation, extreme‑weather losses, and escalating energy costs are pushing home insurance out of reach for more Australians, widening the protection gap and increasing risks, according to a report by S&P Global Ratings.
Australia’s underinsurance to increase risk for banks, households: S&P
Rising inflation, extreme‑weather losses, and escalating energy costs are pushing home insurance out of reach for more Australians, widening the protection gap and increasing risks, according to a report by S&P Global Ratings.
Rising inflation, extreme‑weather losses, and escalating energy costs are pushing home insurance out of reach for more Australians, widening the protection gap and increasing risks, according to a report by S&P Global Ratings.
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Howden hires Axa’s Andy Buddell as Asia COO
Malaysia-based Buddell was previously director of operations for international markets at Axa, where he worked for seven years.
Howden hires Axa’s Andy Buddell as Asia COO
Malaysia-based Buddell was previously director of operations for international markets at Axa, where he worked for seven years.
Malaysia-based Buddell was previously director of operations for international markets at Axa, where he worked for seven years.
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Aon hands Nick Chapman expanded marine risk engineering lead role in Asia
Change extends his responsibilities beyond cargo and logistics, according to a LinkedIn update from regional head Stephen Rudman.
Aon hands Nick Chapman expanded marine risk engineering lead role in Asia
Change extends his responsibilities beyond cargo and logistics, according to a LinkedIn update from regional head Stephen Rudman.
Change extends his responsibilities beyond cargo and logistics, according to a LinkedIn update from regional head Stephen Rudman.
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MLX demerger from Market Lane makes ‘significant headway’
Australian MGA will 'very shortly' complete its demerger from its parent company, according to an update on Wednesday.
MLX demerger from Market Lane makes ‘significant headway’
Australian MGA will 'very shortly' complete its demerger from its parent company, according to an update on Wednesday.
Australian MGA will 'very shortly' complete its demerger from its parent company, according to an update on Wednesday.
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Japan Post Insurance inks block life reinsurance deals in time for new solvency regime
New asset intensive reinsurance deals with Aflac Re Bermuda and Talcott Life Re coincide with the arrival of Japan's new solvency regime.
Japan Post Insurance inks block life reinsurance deals in time for new solvency regime
New asset intensive reinsurance deals with Aflac Re Bermuda and Talcott Life Re coincide with the arrival of Japan's new solvency regime.
New asset intensive reinsurance deals with Aflac Re Bermuda and Talcott Life Re coincide with the arrival of Japan's new solvency regime.
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Exclusive: AIG’s Christopher Cheung departs after 6 years
He is a well known name within Hong Kong's cyber insurance market, although his new role and next destination remain unconfirmed.
Exclusive: AIG’s Christopher Cheung departs after 6 years
He is a well known name within Hong Kong's cyber insurance market, although his new role and next destination remain unconfirmed.
He is a well known name within Hong Kong's cyber insurance market, although his new role and next destination remain unconfirmed.
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Howden Re names Henry To as Hong Kong chairman
He will work closely with the senior leadership team, supporting the growth of the business and strengthening Howden Re's presence and capabilities in Hong Kong and the broader region.
Howden Re names Henry To as Hong Kong chairman
He will work closely with the senior leadership team, supporting the growth of the business and strengthening Howden Re's presence and capabilities in Hong Kong and the broader region.
He will work closely with the senior leadership team, supporting the growth of the business and strengthening Howden Re's presence and capabilities in Hong Kong and the broader region.
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Aon names Nathan Cheung as head of construction, power and infrastructure in Hong Kong
He has over 25 years of experience at international brokers, specialising in construction and engineering insurance.
Aon names Nathan Cheung as head of construction, power and infrastructure in Hong Kong
He has over 25 years of experience at international brokers, specialising in construction and engineering insurance.
He has over 25 years of experience at international brokers, specialising in construction and engineering insurance.
Popular posts:
- ‘Exciting times’ for Indian market as capacity influx drives steep softening at 1.4 renewals
- Korean broker Simon Global launches Hong Kong-based MGA SXG Underwriting
- David Brumpton returns to Marsh, Jonathon Fox takes on expanded APAC role
- Jio Financial Services targets 2026 entry into life, general insurance
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Capital optimisation key for Japanese insurers as new solvency regime arrives
New economic value-based solvency regime will replace the existing solvency margin ratio with an economic solvency ratio on Tuesday.
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Iran conflict imposes ‘squeeze’ on Asian PVT covers
Iran conflict has sparked a hardening of political violence and terrorism (PVT) insurance rates in Asia and a spike in demand for coverage, according to brokers and underwriters.
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Philippine cedents ‘buying smartly’ as market softens, proportional capacity returns
Reinsurance brokers are witnessing up to 15-20% rate reduction on a risk-adjusted basis at 1.4 renewals, as nat cat losses were manageable and less severe than anticipated.
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‘Exciting times’ for Indian market as capacity influx drives steep softening at 1.4 renewals
Status as a magnet for global reinsurance capacity is driving significant rate reductions despite the ongoing conflict in the Middle East, according to brokers.
Between The Lines
A fortnightly podcast that unpacks the pivotal stories and trends shaping the (re)insurance industry across Asia Pacific.
Spotlight
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‘A huge way to go in Asia’: region still land of opportunity, excitement, TMK Asia chief says
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‘No longer optional’: parametric climate cover gains urgency as Asia Pacific faces accelerating volatility
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‘Big expectations’ as Gift City branch gives Mapfre Re vehicle to drive India, APAC growth: Javier Sánchez Cea
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‘Exciting and new’: Specialist Risk Group aims to put itself on the map in Australia, Southeast Asia
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Cyber on the mind for ‘next few years’ as Asian ransomware attacks more than double as digitalisation outpaces defences
M&A
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MLX demerger from Market Lane makes ‘significant headway’
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JC Flowers acquires controlling stake in India’s Niyam Group
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Gallagher acquires Australia’s International Insurance Brokers
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Australian broker Envest merges transport specialist MGAs
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Berkshire Hathaway to pick up 2.5% of Tokio Marine for US$1.8bn, agree quota share deal
ESG
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QBE hands Mandy Chan expanded role as head of operational power generation, ESG for Asia
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Carbon credit specialist Oka launches in Singapore
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‘You can’t do it as a hobby’: ESG must be a clear business model with easily measurable targets
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Carbon specialist Kita expands into Australia
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Maritime decarbonisation efforts need liability certainty to stay on course amid ‘pressing challenge’
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Howden appoints Mani Tsang as head of claims in Hong Kong
She brings over a decade of experience in complex claims, with expertise in property, construction, energy and liability lines.
-
Kyung Tae Koo named Marsh Korea CEO
Seoul-based Koo will oversee the operations of Marsh Korea, including Marsh Risk and Mercer businesses.
-
Howden hires Axa’s Andy Buddell as Asia COO
Malaysia-based Buddell was previously director of operations for international markets at Axa, where he worked for seven years.
-
Aon hands Nick Chapman expanded marine risk engineering lead role in Asia
Change extends his responsibilities beyond cargo and logistics, according to a LinkedIn update from regional head Stephen Rudman.
-
Exclusive: AIG’s Christopher Cheung departs after 6 years
He is a well known name within Hong Kong's cyber insurance market, although his new role and next destination remain unconfirmed.
-
Howden Re names Henry To as Hong Kong chairman
He will work closely with the senior leadership team, supporting the growth of the business and strengthening Howden Re's presence and capabilities in Hong Kong and the broader region.
-
Aon names Nathan Cheung as head of construction, power and infrastructure in Hong Kong
He has over 25 years of experience at international brokers, specialising in construction and engineering insurance.
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Coface promotes Carmen Chow to head of commercial for Hong Kong
Chow has held commercial development for Japanese solutions roles since joining Coface.
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Aon names Nazirah Taouk as regional director for marine Asia
She joins Aon after almost seven years at Marsh.
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Kensuke Hirai succeeds Ken Unoki as MSIG Singapore’s MD
Unoki is taking up a role at MSIG's head office in Japan.
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W&I: "W&I is now being utilised with increasing frequency across a far broader range of deal sizes and geographies in the region. Coverage terms have broadened, retentions have fallen, and underwriting processes are being continually refined to become increasingly streamlined."
Keshaya Yap, Liberty Global Transaction Solutions
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Nuclear: "The insurance sector is poised to play a central and enabling role in Asia’s nuclear expansion. As countries in the region move from exploration to active planning and construction – especially with a focus on SMRs – they will require innovative risk transfer solutions."
Clifford Blayney, Markel International
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Lloyd’s Asia surpasses US$1bn GWP milestone in 2024 amid double-digit growth
Offshore fund demonstrates strong performance despite challenges in the Singapore unit and varied underwriting results across business lines.
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Hong Kong’s P&C reinsurance market narrows gap with Singapore
Hong Kong benefitted from RBC implementation in 2024, however, Singapore retained top spot in terms of GWP and underwriting results.
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Short-tail performance boost for Australia’s P&C carriers
APRA data shows general insurance COR improves in Q4 2024, while profit after tax almost doubles to US$1bn.
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Australian intermediated premiums grow 8.2% in 2023-24
While the GWP placed with Lloyd’s in the 12 months grew at a comparable pace, business placed with unauthorised foreign insurers declined marginally.
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Alternative risk solutions on the table for non-modelled perils at 1.1 renewals
The APAC reinsurance market is transitioning from a market of corrections to a market of solutions, Tony Gallagher, CEO, Asia Pacific, Guy Carpenter tells InsuranceAsia News.
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Hong Kong premium growth and claim frequency are converging to normal level: HKIA
According to 2023 data from the regulator, the SAR's general insurance business reported the worst overall loss ratio in five years at 62.8%, while COR sank to a near five-year low after an 8.3 percentage point deterioration year-on-year.
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APAC 2023 marine premiums up 7.5% as global trade recovery drives cargo insurance growth
While the upswing in trade is expected to help premium growth and and the overall claims impact remained stable, uncertainty posed by geopolitical tensions and regional economic outlook could impact the sector.
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Australian underwriters incur 23% lower public liability claims in 2023
Lloyd's public liability claims doubled and PI claims went up 13 times in the country in the last year while other insurers' PI claims were 9% higher year-on-year across all states, according to the 2023 claims data released by the Australian Prudential Regulation Authority.
Japanese non-life insurers to outperform life firms on fundamentals: Fitch’s Morinaga
Teruki Morinaga, director of insurance at Fitch Ratings in Tokyo, talks to InsuranceAsia News on the market forces shaping Japan's insurance sector.
Greater local investor participation in ILS needed: Peak Re’s Reynolds
Iain Reynolds, head of third party capital at Peak Re, talks to InsuranceAsia News about the development of Asia's insurance-linked securities market
Insurtech: "As the [AI] hype continues, so does the imperative for insurers, insurtechs and distributors to look beyond the noise to the underlying forces at play."
David Lynch, bolttech