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- March 27 2024
China expands national nat cat pool to cover perils beyond earthquakes
The nat cat insurance mechanism will now also include typhoons, floods, torrential rains, mudslide and landslide, it will double limits per household, as well as support commercial cat cover.
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- March 27 2024
Japan 1.4 renewals ‘orderly’ with risk-rated hikes
While structures and terms and conditions are expected to stabilise, shrinking capacity from major Japanese players is forcing cedents to explore new capacity from global insurers.
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- March 27 2024
PICC P&C 2023 net profit drops as nat cats, post-Covid reopening aggravate claims
China's largest P&C insurer saw net profit for the financial year drop 15.6% and its combined ratio edge up to 97.8%
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- March 26 2024
Allianz Trade elevates James Lie as regional head of e-commerce
The appointment of Singapore-based Lie, who was previously the country manager for Indonesia, underlines the insurer's effort in tapping into the region’s fast-growing e-commerce credit insurance market.
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- March 26 2024
China Taiping posts strong 2023 overseas P&C profit growth as domestic business sags
The (re)insurer saw its China P&C insurance's operating profit plunge 71%, contrasting the 87% growth for its overseas business including Hong Kong.
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- March 25 2024
Fubon Insurance’s FY2023 underwriting results still weighed down by Covid claims
The insurer's net combined ratio for 2023 improved to 106.7%, from 237.1% a year ago, while its direct written premium for the period rose 7% to about US$2bn.
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- March 22 2024
Ping An P&C reports underwriting loss for 2023 as guarantee business, higher expenses bite
The P&C division of China's largest insurer reported a 6.5% increase in insurance revenue but its COR for the financial year edged up to 100.7%.
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- March 21 2024
Multi-jurisdictional cover, claims settlement top D&O insurance priority: survey
About 47% of Asia's respondents say their organisations buy US$10-49 million in D&O policy limits in non-indemnifiable loss, according to a survey by WTW and Clyde & Co.
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- March 20 2024
Insurers tread a fine line in next gen motor as EV poses uncharted risks
Recent interventions by regulators in China and Taiwan highlight the quagmire faced by insurers in dealing with the emerging risks from underwriting EV policies, but there is little room for inaction as governments' net-zero commitments mean the days of conventional vehicles are numbered.
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- March 19 2024
Cathay Century returns to profitability in 2023 on strong premium growth, lower claims
Taiwan's second largest non-life insurer's premiums written grew 14.5% to US$1bn while claims payout dropped 22%.
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- March 14 2024
Tokio Marine sets decarbonisation goal for 60 emission-heavy companies
Companies that fail to set up decarbonisation plans by 2030 will be cut off from its insurance underwriting, investment and financing, the Japanese insurance group said.
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- March 12 2024
Canopius 2023 net profit soars on improved Australia business, fewer cat events
The global specialty and P&C (re)insurer said fewer major cat events in Asia Pacific led to a 2.5% year-on-year drop in insurance service expenses in FY 2023.
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- March 12 2024
Scor restructures P&C, life & health with regional heads
Under the restructuring, Mukul Kishore will head the reinsurer's P&C business for Asia Pacific, while Chloe Wang and Dion Russell will head up life & health markets.
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- March 11 2024
Singapore expected to ease capital treatment for green infrastructure investing
An upcoming consultation by the MAS will likely propose a framework to allow insurers to invest in sustainable projects at more favourable risk charges, putting Singapore in line with other markets, says WTW.
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- March 7 2024
Crawford confirms Zakky Cheng as new Hong Kong country manager
In an expanded remit for the Taiwan managing director, Cheng will continue to focus on enhancing the firm's large and complex loss capability across the two markets.
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- March 7 2024
Japan, Thailand, China set to defy Asia’s P&C premium growth slowdown: S&P
Property & casualty gross premium growth in the region is cooling but will likely stay above 4% through 2025, according to S&P, while CORs are seen stablising from Covid-19 impact seen in previous years.
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- March 6 2024
ASIC urges insurers to improve claims handling as severe weather events increase
In a letter directed to general insurers, the Australian corporate regulator said events such as cyclone Jasper, and Christmas and New Year storms have highlighted their licence obligations to process claims fairly and in a timely fashion.
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- March 6 2024
China Re, PICC team up to form rule-setting body for typhoon, flood risks: report
The state-backed working group seeks to build a risk assessment platform to offer tailored insurance coverage for the two perils.
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- March 5 2024
Taiping Re counting on parametrics to rise to Hong Kong’s secondary peril challenges
CEO Sheldon Yu tells IAN that he believes index-based products will help address growing losses from non-peak perils in the city and the reinsurer is targeting to launch a pilot programme by 2025.
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- March 4 2024
Hong Kong Federation of Insurers commits to carbon neutrality by 2050 with climate charter
With 33 inaugural signatories, the climate charter introduces actionable goals across claims management, underwriting, societal engagement, investments, governance and disclosure.
