Country: East Asia Page 12 / 205
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- September 2 2024
Korean carriers report H1 2024 12.2% net income increase to US$4.3bn
Non-life premium income for the first half of 2024 increased 4.3% from a year ago to US$45.7bn, according to the Financial Supervisory Service data.
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- September 2 2024
Fubon Insurance returns to net profit, COR improves to 86.2% in H1 2024
The Taiwanese market leader's combined ratio dropped 37.2 percentage points from 123.4% a year ago as claims paid for the period more than halved.
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- September 2 2024
Aon hires Munich Re veteran as senior shipping specialist, Japan
In his new role, Hide Akagi will take on the role of business development for the shipping team in Tokyo and report to Stephen Rudman, head of marine for Asia.
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- September 2 2024
Typhoon Shanshan set to trigger significant BI, property losses, weigh on reinsurance market
While the impact on reinsurance is unclear now, repeated or severe cat events in the area in the future may prompt reinsurers to reduce their underwriting commitments or increase premiums.
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- September 2 2024
Toa Re America’s underwriting performance pressured by social inflation: AM Best
AM Best affirmed its "A" (excellent) financial strength rating and a stable outlook for Toa Re and its subsidiaries, including Toa Re's US subsidiary.
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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 31 2024
China Re H1 2024 insurance revenue of domestic P&C reinsurance up 17.5% to US$3.3bn
Overseas P&C reinsurance and Chaucer and P&C insurance divisions grew 10.2% and 2.6% year-on-year, respectively.
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- August 30 2024
Aon’s White Rock sues China Construction Bank over Vesttoo fraud, claims US$140m
The lawsuit is another step to maximise recoveries for clients impacted by the Vesttoo fraud and make the bank accountable for the harm it has caused, Aon spokesperson told IAN.
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- August 30 2024
China Pacific’s P&C underwriting profit jumps 47.6% to US$380m, COR improves to 97.1%
The company delivered primary insurance premiums at US$15.7bn in the first six months, a 7.8% growth year-on-year.
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- August 29 2024
Korea’s FSC urges insurers to speed up claims payment
Head of the FSC Kim Byoung-hwan also called on insurers to digitalise their insurance claim services by October.
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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 29 2024
Typhoon Shanshan makes landfall in southern Japan as auto plants shut down
The typhoon landed in Kagoshima prefecture, leading to the shutting down of plants by Toyota and Nissan, cancellation of hundreds of flights and suspension of high-speed train services.
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- August 28 2024
PICC P&C H1 underwriting profit down 5% as liability insurance losses bite
Underwriting profit for China's largest P&C insurer totalled US$1.26bn, as COR edged up 0.4 percentage points to 96.2%
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- August 28 2024
Peak Re reports US$124.2m profit in H1 2024, COR at 84.9%
The reinsurer has reported GWP of US$847.9m in 2024 H1, a slight 1.8% year-on-year increase, according to the company's unaudited earnings release.
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- August 28 2024
Data breach by Japan’s big 4 insurers affects over 2 million customer records: report
Tokio Marine & Nichido Fire Insurance, Sompo Japan, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa Insurance will need to submit reports to the financial regulator by the end of this week.
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- August 28 2024
Aon Hong Kong takes Naureen Rasul as director-financial services and professions group
In her new role, Rasul will be instrumental in driving the broker's growth in financial lines and cyber.
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- August 28 2024
Conduct exclusion wordings get scrutinised as Segantii’s insider dealing case unfolds
Ongoing criminal proceedings against one of Asia’s oldest hedge funds have highlighted the need for managers to constantly review policy coverage, limits and carriers' claims handling capability, according to financial lines underwriters.
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- August 27 2024
China Taiping’s H1 domestic P&C profit doubles as reinsurance business reverses losses
Its domestic China P&C’s operating profit surged to US$47.6m, as China's third-largest non-life reinsurer posted a US$63.9m operating profit for its reinsurance business.
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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.
