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- September 5 2024
Lloyd’s logs best interim results since 2007 as H1 underwriting profit up 24%
The market’s COR improved to 83.7% from 85.2% a year ago, as its underwriting profit rose to US$4.07bn, thanks to premium growth and better investment returns.
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- September 4 2024
Indian government launches US$560m sale of 6.8% GIC Re stake
The secondary placement, being offered at a floor price of US$4.70 apiece over two days, is intended to reduce the government's stake in the reinsurer to meet the minimum public float requirements for Indian listed companies.
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- September 3 2024
Insurers brace for claims as wild weather hits southern Australia
The severe weather including damaging winds, major floods and coastal hazards caused widespread damage across Victoria and Tasmania and left more than 120,000 without power.
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- September 2 2024
Aon appoints Oliver Miloschewsky as head of shipping for Asia
Hong Kong-based Miloschewsky, who joins from MGA Nexus Underwriting, will report to Stephen Rudman, head of marine, Asia
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- September 2 2024
Roojai Group appoints Nicolas Fauvarque as group chief financial officer
For his new role, Fauvarque. who joins from the carrier P&V Group, has relocated to Thailand from Belgium.
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- September 2 2024
India’s Aditya Birla Group completes sale of insurance broking arm
Following the deal, the intermediary business will be rebranded as Edme Insurance Brokers.
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- September 2 2024
Hong Kong H1 2024 P&C underwriting profit climbs 34% to US$250m
The improvement came despite net claims incurred during the period rose 9.3% year-on-year, as growth in overall premiums and smaller losses recorded in third-party motor insurance helped the sector's results, provisional data from the HKIA shows.
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- August 30 2024
South Africa’s Santam to expand into Asia: report
The move follows the success of the general carrier's parent Sanlam in India, where it has been in partnership with Shriram Capital Group since 2005 and is recording about 17% of profit.
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- August 30 2024
Indonesian carrier Artarindo’s capital buffer sufficient to support expansion: Fitch
The rating agency also assigned a first-time national insurer financial strength rating of "A+(idn)" to the carrier with a stable outlook.
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- August 29 2024
AM Best upgrades Peak Re’s outlook to stable from negative following Fosun’s revised credit condition
The rating agency has also affirmed the rating of Peak Re Hong Kong and its subsidiary Peak Reinsurance AG (Switzerland) at A- (excellent) reflecting its very strong balance sheet, adequate operating performance.
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- August 29 2024
Korea’s FSC might review proposed change in insurers’ capitalisation rules: report
The Financial Supervisory Service had proposed that, starting next year, the discount rate for market valuation of insurance liabilities will be based on the 30-year government bond rate instead of the 20-year rate.
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- August 28 2024
Generali’s Indian JVs to rebrand following regulatory approvals on stake sale: report
The branding overhaul would see "Future" omitted from the name, and will likely take place after regulators approve the stake sale by Future Enterprises Limited, according to the local media.
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- August 27 2024
Japan’s big 4 plan to increase motor premiums by 3.5-5% in January 2025: report
The rate hikes have been triggered by higher payouts amidst rising prices and a growing number of nat cat events.
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- August 26 2024
Underwriting restructuring to help Korea P&I withstand severe losses: AM Best
The rating agency has affirmed the carrier's rating of B++ (good) with a stable outlook, driven by a strong balance sheet, adequate operating performance and the wide range of support it receives from the South Korean government.
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- August 26 2024
IRDAI urges carriers to devise strategies on affordable insurance products: report
The insurance regulator's appeal for more affordable products directed at the country's insurers is part of its move to achieve "Insurance for All" by 2047.
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- August 26 2024
South Korean government pushes ahead with EV battery certification scheme: report
Set to launch in October, the certification scheme seeks to alleviate growing public concerns about lethal fires caused by EV lithium batteries, as insurers are reviewing their existing motor policies to gauge the potential losses in their books.
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- August 23 2024
IAG releases climate action plan to meet FY 2030 emissions reduction targets
The carrier is focusing on phasing out underwriting for entities that are predominantly in the fossil fuels businesses and identifying, assessing and integrating climate resilience, decarbonisation, and other sustainability criteria, into its decisions.
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- August 23 2024
PSC Insurance FY2024 revenue up 15.5% on UK business growth
The ASX-listed broking group said it expects to complete its US$1.5bn sale to The Ardonagh Group by October 11.
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- August 22 2024
Central Bank of India wins bid for minority stake in Generali’s Indian JVs
The state-owned lender will acquire the stakes held by the insolvent Future Enterprises in the life and P&C businesses majority owned by the Italian insurance giant for a reported US$60.5m.
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- August 22 2024
Mega Insurance COR up 10 points to 97% as credit, motor claims climb
Fitch Ratings has affirmed an insurer rating of 'A+ for the company with a stable outlook as its GWP rose 75% in 2023.
