Country: Asia Pacific Page 64 / 515
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- August 27 2024
ZhongAn P&C H1 2024 underwriting profit drops 41% to US$44m as COR deteriorates to 97.9%
Insurance revenue for the P&C business for the first six months ended June 2024 increased 18.1% year-on-year to US$2.1bn.
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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 27 2024
Peak Re names Peter Hämmerli as head of business operations
Hämmerli will report directly to CEO Franz-Josef Hahn and play a key role in enhancing Peak Re's global operations as the reinsurer continues to expand globally.
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- August 27 2024
Aon Hong Kong appoints Phil Bautista Steel as director for growth & delivering Aon united
Steel joins Aon from CCW Global where he was most recently a sales manager. He is the former president of Hong Kong Insurers Club for four years since 2019.
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- August 27 2024
WTW taps Aon’s Felicia Tan as associate director for financial solutions in Singapore
In her new role, Singapore-based Tan will lead the broker's financial institutions business and grow the firm's overall portfolio.
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- August 27 2024
Opinion: Mpox cases with deadlier strain send jitters across Asian P&C market
While the number of cases is still limited in the region, a potential spreading of the virus, especially the mutated clade 1b strain, could disrupt fragile supply chains already impacted by the curtailment of shipping in the Red Sea and result in potential BI losses.
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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
Tune Protect Thailand appoints MSIG’s Sasivimol Choladda as CEO
Bangkok-based Choladda will report to the recently appointed company group CEO How Kim Lian.
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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 26 2024
Australia’s insurance affordability aggravated by 30% premium hike for nat cat-exposed properties: report
As more frequent extreme weather events are driving the premiums up, regions like southwest and southeast Queensland, NSW' Northern Rivers, regional Western Australia and the Northern Territory are among the most exposed to the risk of being underinsured.
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- August 26 2024
BHSI expands Asia team with two hires
Singapore-based Kiran Prakash's role has been expanded to head of first party lines, as Jessie Yuen has been promoted to head of energy Asia succeeding Ming Ong, who has relocated to London.
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- August 26 2024
Complex claims in Asia set to dictate future adjusting demand: Crawford’s Reichelt
The growing scale and complexity of losses in Asia mean that the global loss adjuster is ready to respond to the demand for assessing high-value, technical claims as it continues to build out technical expertise in Singapore and tailor claims processing for clients in Japan.
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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
AUB launches third strata MGA Rubix Underwriting as division’s pre-tax profit surges 58%
The new entity will have Lloyd's as the capacity provider and will allow the broker to grow its strata portfolio which already includes brands SUU and Longitude.
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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 23 2024
Taiwan’s Central Re H1 net profit up 58.7% to US$58.5m despite 6% dip in GWP
Taiwan's only domestic reinsurer saw net investment gains totalling US$62.5m and it reported a 4.3% year-on-year drop in claims paid.
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- August 23 2024
Howden launches new aviation hub in Singapore with Dorygel Calimlim in charge
Calimlim, who joins from Gallagher, will be the divisional director and head of aviation for Asia Pacific and will be looking to grow the team in the coming months, she told IAN.
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- August 23 2024
Analytics: 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.
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- August 23 2024
Ping An P&C H1 underwriting profit rises 15.7% on improved liability business
China's second-largest P&C insurer saw underwriting profit rise to US$49.5 million, as strong growth in its liability mitigated declines in its motor business, whose combined ratio was dampened by rainstorms.
