Country: China Page 9 / 86
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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
Sunshine P&C’s FY 2023 COR improves to 98.7%, underwriting profit goes up 142.4%
While the group's P&C insurance revenue for the year increased 10.2% to CNY45.5bn (US$6.3bn), primarily due to non-motor business growth, net profit for the 12 month-period went down 36.1% to CNY978m, affected by a 49.5% decrease in investment income due to adoption of new accounting standard and volatile capital 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
Huatai P&C Insurance’s underwriting performance set to improve on Chubb’s support: Fitch
Fitch Ratings has upgraded Huatai P&C’s rating to 'A+' (strong) from 'A' following Chubb's move to raise its stake in its holding company, Huatai Insurance, to 85.5% in February.
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- March 25 2024
BOC Aviation assessing implications on insurance claims for two jets recovered from Russia last week
The Singaporean lessor has made US$258m in insurance recoveries for 11 aircraft, while the remaining six planes have net pre-tax write-down value of US$310m.
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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
China United Property Insurance put on negative rating watch: Fitch
The rating action is due to potential reduction in support from parent China Orient Asset Management and the insurer's weakening capital strength.
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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 18 2024
Ping An P&C improves underwriting with reduced credit and guarantee exposure, new motor policies: AM Best
The rating agency has affirmed the insurer rating of A (excellent) with a stable outlook.
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- March 11 2024
Berkley Insurance Asia restructures leadership to prepare for cyber growth
BIA appoints Heidi Zeng as head of cyber Asia and promotes Owen Yin and Jack Zhao as regional director of China and underwriting manager respectively.
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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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- February 26 2024
Allianz Asia Pacific’s property & casualty FY2023 operating profit up 26%
P&C contributed about one-fifth of the global insurer’s operating profit from the region, where operating profit rose 33%.
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- February 22 2024
Insurers lobby for removal of green infrastructure investing roadblock
The twin challenges of inflation and net-zero transition facing (re)insurers are highlighting the role that infrastructure assets can play in their portfolios, with infrastructure loan yielding as much as 600 bps in risk premium and equities returning 12%.
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- February 19 2024
Axa XL appoints AIG’s Chris Cheng as Hong Kong head of casualty
Cheng will be responsible for developing casualty portfolio across Hong Kong, China and Macau.
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- February 9 2024
Chubb’s Greenberg flags up tail risks from Asian geopolitical escalations
In an earnings call following the global carrier's 'the best in the history' fourth-quarter results led by Asia, the chief executive warned of wider global implications of regional conflicts, but reassured that 'all sides are seeking stability'.
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- February 8 2024
Panama Canal drought exacerbates supply chain woes for shippers hit by Red Sea troubles
Marine insurers fear further delays as canal disruptions impact Asian trade routes and the global supply chain as vital Asian goods remain gridlocked, say IUMI executives.
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- February 1 2024
Sunshine P&C Insurance to sustain underwriting profits, stable outlook: Fitch
The P&C arm of listed Sunshine Insurance Group should be able to sustain profits in the near-term due to tighter risk selection and reduced guarantee business.
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- January 25 2024
China’s parametric pilots for nat cat cover finding early success: Taiping Re CEO
Wider use of index-based insurance and ILS is key to finding much-needed capacity for (re)insurers and widening nat cat insurance, according to Sheldon Yu.
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- January 24 2024
China Re can absorb Great Wall AMC write-off hit: S&P Global
Losses from a potential full write-off of the reinsurer's 6.5% stake in the state-owned bad debt manager would be within the reinsurer's capital buffer backing its rating.
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- January 19 2024
Minority shareholder in Chubb-backed Huatai Insurance puts US$34m stake up for sale
The seller Lucky Film, an affiliate of state-owned space contractor China Aerospace Science and Tech Corp, will auction its shares on the Beijing exchange.
