Country: East Asia Page 44 / 215
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- October 20 2023
AM Best affirms Peak Re’s ratings as focus on risk selection helps earnings rebound
The rating agency has affirmed the Hong Kong-based reinsurer's financial strength rating of A- (Excellent) with a negative outlook.
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- October 20 2023
Record heat in 2023 spurs myriad APAC nat cat losses
15% of insured nat cat losses so far this year have been in Asia, with yet another US$100bn-plus loss year in the making, says Gallagher Re.
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- October 19 2023
Samsung Tugu to gain from Korean investments in Indonesia: AM Best
AM Best has affirmed the Jakarta-headquartered insurer a rating of A- (excellent) with a stable outlook after it posted a five-year average combined ratio of 57%.
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- October 19 2023
Most Asian economies to see an increase in insolvencies: Allianz Trade
Countries set for the largest rises include South Korea, Japan, Australia and New Zealand, but Hong Kong is set to see a decrease in 2024.
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- October 18 2023
Exclusive: Gallagher sees senior exits amid wider APAC leadership shake-up
There have been several changes to the broker's APAC management in recent months, including the departure of North Asia CEO Thomas Wang.
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- October 17 2023
China Taiping’s ratings upgraded on improving margins, risk control: S&P Global
The Chinese carrier's earnings will stabilise going forward and it will reduce debt in the next two years, the rating agency said.
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- October 17 2023
Swiss Re CorSo in China exploring mid-market opportunities
Specialist offerings like international program, parametrics, digitalisation and distribution partnerships key to its plans, according to Greater China CEO Jeffrey Pan.
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- October 16 2023
PICC injects US$280m into PICC Reinsurance
The company said the cash injection, which will boost capital to around US$760m, will help the reinsurer support business development and strengthen synergies.
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- October 16 2023
Opinion: Asian (re)insurers are waking up to a new typhoon loss reality
2023 has been a wet one across the region, while the size, intensity and frequency of windstorms appear to be increasing, especially in China.
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- October 13 2023
MoneyHero to list on Nasdaq following SPAC deal with Pacific Century and Thiel Capital
The deal gives the financial services platform, which operates in Singapore, Hong Kong, the Philippines, Malaysia and Taiwan, access to around US$100m of capital.
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- October 13 2023
China’s Urtrust Insurance could see loss ratios climb: Fitch Ratings
The rating agency has affirmed the insurer's rating of 'BBB' with a stable outlook.
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- October 11 2023
Extreme events in Greater China could lead to US$4.6tn economic losses over five years: Lloyd’s
This is the largest financial impact, closely followed by Asia Pacific with the losses worth US$4.5 trillion, says new Lloyd's systemic risk scenario that models food and water shocks.
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- October 11 2023
Zurich expands APAC M&A and business development team with senior hire
Hong Kong-based Cathy Lo becomes senior manager in regional M&A and business development team, reporting to Kevin Angelini, Asia Pacific head of strategy and M&A.
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- October 11 2023
Patrick Lam to head AIG Hong Kong motor & personal property
Lam joins from insurance platform boltech where he managed product and underwriting for motor.
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- October 10 2023
Berkley hires Tony Yu as Greater China claims manager
Yu will report to Sica Quan, head of claims for North Asia, and Roden Tong, chief executive of the Hong Kong branch.
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- October 10 2023
Hong Kong’s record rainstorms put focus on ‘overlooked’ water damage risks
Property and construction firms should prioritise protection from water, which causes more than half of all damage in the SAR, say leaders from Zurich and Lockton.
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- October 9 2023
Observatory raises T9 signal as typhoon slams Hong Kong after Taiwan hit
There have been multiple disruptions across the SAR including 90 flights being cancelled and a further 130 delayed.
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- October 5 2023
Peak Re scripts a turnaround with H1 profit of US$160m
The Hong Kong reinsurer posted a COR of 82.2% as against 108.4% a year ago.
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- October 4 2023
Hong Kong braces for more typhoon losses as Koinu heads to city via Taiwan
Southern Taiwan schools and urban areas closed, and over 70 domestic flights cancelled.
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- October 4 2023
Lack of aggregate cover brings earnings volatility to APAC carriers
As rates soar, insurers are retaining more nat cat risk on their books, with the situation set to continue into the 2024 renewals.
