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- July 10 2024
Zurich turbocharges Hong Kong EV insurance business by courting used car owners
As a key growth area for the city, Zurich has dialled up its effort to attract EV policyholders to switch from competitors and is exploring more product opportunities for the Greater Bay Area, says Clement Hau, chief underwriting officer for general insurance, Hong Kong.
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- July 9 2024
Easing hard market cycle shifts carriers’ focus to APAC M&A, tech megatrends
More (re)insurers are riding on new tech trends to profit from over US$200bn premium potential, as there is also a growing interest in M&A opportunities in the region, according to Aon’s strategy and technology group.
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- July 8 2024
Pacific Islands captive PCRIC’s FY2023 net underwriting profit down 5%
Thanks to a World Bank grant support it recorded a US$1.4m surplus for the year. The company sold a total of eight policies while incurring zero claims.
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- July 5 2024
Minority shareholder of Chubb-backed Huatai Insurance puts US$10m stake up for sale
State-owned China General Nuclear Power Group is selling its 0.16% stake in the Beijing-based insurer, as Chubb gradually raised its ownership to 85.53% this year.
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- July 4 2024
Japan’s big 4 insurers see lackluster premium growth in H1 2024
Most insurers recorded total premium growth by 3% for the six months to June 2024, with compulsory motor liability insurance posting declines year-on-year while fire insurance registering growth.
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- July 4 2024
HKIA, HKFI welcome proposal to introduce re-domiciliation regime
A re-domiciliation regime will put Hong Kong in sync with developments in other (re)insurance hubs such as Singapore, and attract more insurers to set up their headquarters in the city.
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- July 2 2024
China Life P&C H1 cumulative claim payment rose 12% to US$4.6bn
The P&C arm of the world's second-largest life insurer said the bulk of 2024 H1 cumulative claim payment came from motor insurance, as it settled US$88m in nat cat related claims.
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- July 2 2024
AIG elevates Louise Wai as head of commercial property, Singapore
Wai rejoined AIG in April 2024 as underwriting manager for commercial property in Singapore. In her new role she reports to Scott Spaven, AIG Singapore president and CEO.
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- July 1 2024
Third loss estimate for Australia Christmas storms exceeds US$1bn: Perils
The bulk of the loss was incurred by personal lines property losses, followed by commercial lines property and motor losses.
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- July 1 2024
Gen AI prophecy turns reality as insurers count cost benefits
Artificial intelligence, blockchain and embedded solutions are delivering tangible cost savings and enabling more competitive premium rates, senior insurance executives told an industry forum.
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- June 30 2024
China revises emergency response law to alleviate nat cat shocks
The revised law calls for the establishment of a nat cat risk insurance system based on market principles, and instruct local governments to take out personal accident insurance for rescue teams.
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- June 25 2024
PICC pilots e-CNY use for motor insurance premium payments in Beijing: report
If the pilot project, launched in collaboration with the People's Bank of China, is successful, the financial services group plans to expand its use to life, health, and agricultural insurance.
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- June 24 2024
Insurance claims from southern China torrential rain and floods hit US$85m: NFRA
Insurers have received 18,400 claims so far and the meteorological bureau is expecting persistent rain after upgrading the rainstorm alert to red, the highest of the four-colour ranking system.
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- June 21 2024
China Re extends US$85.4bn cover to Belt & Road projects via reinsurance pool: report
Through China Belt & Road (B&R) Reinsurance Pool, the reinsurer has been providing risk protection to over 1,000 Chinese corporates' offshore projects over the past three years, president Zhuang Qianzhi says.
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- June 21 2024
Chinese insurtech Huize to buy controlling stake in Vietnamese startup Global Care
The deal marks Nasdaq-listed Huize's foray into the South-East Asia market and will introduce VinaCapital as a strategic shareholder of the Shenzhen-based insurtech.
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- June 20 2024
China’s financial regulator chief outlines growth blueprint for insurance sector
Li Yunze, head of the National Financial Regulatory Administration, said the watchdog will soon announce measures on further promoting the reinsurance trading platform of the Shanghai Insurance Exchange.
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- June 20 2024
Tackling data biases and low transparency key to AI adoption
Predictive modelling and machine learning hold big promises for improving accuracy of P&C underwriting, but risks such as AI’s black box problem and costs could impede their use.
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- June 17 2024
ICA calls for overhaul in financial hardship support, redefine ‘vulnerability’
In its submission to the General Insurance Code of Practice review, the Insurance Council of Australia is calling for changes on how hardship support, such as premium relief, should be extended.
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- June 17 2024
Cyber premium pool to outstrip other financial lines, says MSIG’s Andrew Taylor
Demand for cyber cover is rising in the region as AI is being exploited by criminals to launch more sophisticated attacks, while D&O, PI continue to face pricing pressure, says the regional head of financial lines.
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- June 14 2024
Chinese state-owned insurers extend US$427bn in Belt & Road cover: report
PICC, China Life, China Pacific Insurance, China Taiping Insurance and China Re have extended risk protection to back up the government's global infrastructure development strategy.
