Country: East Asia Page 36 / 217
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- April 3 2024
Taiwan rocked by strongest earthquake in 25 years
The 7.4 magnitude earthquake has caused at least nine fatalities, more than 100 building collapses, landslides, suspension of air and rail services, while AM Best has flagged that losses could come from business interruption coverage.
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- April 3 2024
APAC markets see stable renewals on ample capacity, reinsurer appetite: brokers
The supply-demand dynamics have shifted in favour of reinsurance buyers in the April renewals, leading to better pricing and easing of market conditions across Japan, India, Korea, the Philippines and China.
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- April 2 2024
Sompo’s Kenneth Reilly takes over from Daniel Neo as Asia Pacific CEO
Reilly, who will relocate to Singapore, will retain his current role as head of Tokyo office for the carrier.
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- April 2 2024
Noto earthquake is the only billion-dollar event in ‘benign’ Q1: Cresta
The January 1 earthquake in Japan has an estimated US$1.9bn insured loss, according to the insurance industry organisation.
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- April 2 2024
Malakut sets up Japanese insurance brokerage department, names Sogo Yasuda as head
Prior to joining Malakut, Yasuda was the chief commercial officer, Japan Global Solutions (Europe, Middle East and Africa) at AON for more than three years from October 2021.
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- April 2 2024
MS&AD completes US$200m dual-tranche Singapore cat bond for Japan nat cats
The bonds will provide Mitsui Sumitomo and Aioi Nissay Dowa with US$100m each of protection for four years.
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- April 2 2024
Peak Re returns to record profit in 2023 on higher rates, reduced US nat cat exposure
The Hong Kong reinsurer posted US$200m net income for the year and its P&C combined ratio improved notably to 87.3%, from 110.1% a year ago.
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- April 1 2024
China Pacific Insurance P&C 2023 net profit down 20% as investment income plunges
China’s third-largest P&C insurer by premiums saw its combined ratio edge up by nearly 1 percentage point to 97.7%. Its liability business was the only business line with an underwriting loss.
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- March 28 2024
China Re returns to profit on strong FY2023 primary P&C, overseas growth
China's largest P&C reinsurer said lower cat losses, and improved rate conditions at its wholly-owned Chaucer also helped it achieve a 18% growth in overseas reinsurance gross written premium.
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- March 28 2024
1.4: South Korean cedents to see single-digit rating increases
While the market has yet to fully recover from the past years’ big industrial and cat losses, reinsurers are comfortable with where the rates, terms and conditions are now.
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- March 27 2024
Marsh Asia appoints Alexander Pui to its climate and sustainability advisory team
Tokyo-based Pui was previously executive manager, climate scenario analytics, at Commonwealth Bank for nearly two years from March 2022
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- March 27 2024
China expands national nat cat pool to cover perils beyond earthquakes
The nat cat insurance mechanism will now also include typhoons, floods, torrential rains, mudslide and landslide, it will double limits per household, as well as support commercial cat cover.
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- March 27 2024
Japan 1.4 renewals ‘orderly’ with risk-rated hikes
While structures and terms and conditions are expected to stabilise, shrinking capacity from major Japanese players is forcing cedents to explore new capacity from global insurers.
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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 27 2024
Korean carriers turn around underwriting results with US$6.2bn insurance income
Even with a 70% drop in investment profit, the country’s non-life insurers posted a 51% increase in net income in 2023.
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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
Korea unveils US$190m trade insurance fund to promote exports
The fund will “drastically improve the terms regarding recipient eligibility" and benefit a wide range of sectors ranging from shipbuilding, petrochem to K-pop.
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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
Guy Carpenter appoints new Pacific CEO in regional leadership shake-up
The reinsurance broker has hired Ben Savill as Pacific chief executive and promoted Jeff Saper and Luc Morement as APAC head of fac and regional sales leader, respectively.
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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.
