Country: Asia Pacific Page 134 / 502
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- August 23 2023
Asian reinsurers lag behind global peers in FY 2022 P&C premium growth: AM Best
The combined ratio for APAC reinsurers for FY 2022 stood at 100.8% against a global average of 95.6%.
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- August 22 2023
Aon confirms Qin Lu to lead mainland China, Hong Kong, Macau and Taiwan
Lu is overseeing risk and human capital and reinsurance, and will work with the broker's Greater China team which Aon describes as a 'sub-region' in APAC.
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- August 22 2023
AUB announces global restructure as Tysers CEO exits
AUB Group CEO Mike Emmett to become Tysers interim chief executive as the broker seeks to appoint heads of global retail, wholesale broking and underwriting agencies to align Australia, NZ and the UK operations.
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- August 22 2023
BMS names Tim Hewitt as head of Japan
Hewitt, who has two decades of legal experience, will focus on inbound-outbound M&A activity as growth in the Japanese market accelerates.
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- August 22 2023
AUB Group’s net profit zooms 74% in FY 2023
The Sydney-headquartered broker’s group revenues crossed the billion-Australian-dollar mark as Tysers’ earnings exceed forecasts.
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- August 22 2023
IAG reveals up to US$4.5bn potential Greensill exposure
Since February, proceedings involving 20 separate claims have commenced related to the collapse of the trade credit financier, with the Australian carrier insisting it has 'no net insurance exposure'.
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- August 22 2023
Mitsui Sumitomo pays out US$26m to ispace in lunar insurance claims
The Japanese space startup received the insurance payment on August 18 following the failure of its Hakuto-R Mission 1 lander mission in April this year.
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- August 22 2023
China adds US$69m to flood recovery fund as claims surpass 266,000
The funding will go towards compensation for property losses, damage to crops, animal and poultry farms, commercial forests, houses and agricultural machinery.
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- August 21 2023
Hyundai Insurance’s H1 underwriting income drops 30%
The Korean carrier's total direct premiums grew 4.21% year-on-year to US$6.25bn in the first six months of the year.
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- August 21 2023
IAG’s FY underwriting profit falls A$292m after nat cat miss
IAG's H2 COR in New Zealand was 111.8% as the insurer was hit by Cyclone Gabrielle and the Auckland floods, as group cat claims at A$1.2bn came in well above its FY 2023 allowance.
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- August 21 2023
Marsh swoops on Australia’s Honan Insurance
The TA Associates-backed specialist broker has reportedly been valued at US$450m.
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- August 21 2023
Australia’s broker commission disclosure debate heats up
While some brokers are already using fees, industry body NIBA says its changes to the code of conduct is the first step towards 'self-regulation'.
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- August 21 2023
DPL Insurance to sustain underwriting profitability: AM Best
Underwriting results improved over the past five years, with COR reducing to 77.4% in FY 2023 from 96% in FY 2019.
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- August 21 2023
Australian carriers paid out US$23bn in claims last year: ICA
In 2022, more than 300,000 disaster-related claims were lodged from four declared insurance events across the country, costing more than US$4.4bn in insured losses.
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- August 18 2023
US insurers have US$1.3bn exposure to China Construction Bank letters of credit: AM Best
The Chinese lender has seen a 1,560% year-on-year increase in reinsurance collateral LOCs issued.
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- August 18 2023
Court upholds MG Non-Life insolvent status, sale process to continue
With the majority shareholder JC Partners losing the case, state-owned KDIC is likely to resume the sale by the end of this month.
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- August 18 2023
AM Best downgrades Pakistan’s EFU following sovering rating downgrade
AM Best has given the general insurer a B- (fair) rating down from B (fair) while its outlook has been revised to negative from stable.
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- August 18 2023
AM Best expects Korea P&I Club’s ‘underwriting fundamentals’ to improve; affirms ratings
After a difficult few years, the Korean carrier has been taking action such as premium increases, the non-renewal of unprofitable policies and enhancing terms.
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- August 18 2023
Chung Kuo earnings to be hit by impairment losses from reinsurance recoverables: Moody’s
The rating agency affirmed the Taiwanese insurer's rating at A3 with a negative outlook.
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- August 18 2023
Indonesia’s Covid-hit credit (re)insurance market not yet out of the woods
Despite significant reserve strengthening and re-underwriting of policies, uncertainty around the ultimate claims position remains given the long duration of products.
