Industry Segments: Motor Page 1 / 11
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- January 20 2025
Korean insurers to cut motor premiums despite worsening loss ratios: report
In the fourth consecutive year of rate reductions, major non-life insurance companies will reduce premiums by an average of 0.5-1% this year.
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- January 9 2025
Tibet earthquake payments top US$60,000 from Chinese insurers
- Earthquake
- China
- China Continent P&C
- China Pacific Insurance P&C
- China Re
- China Taiping
- PICC Property and Casualty
- Ping An
- Sunshine Insurance
88 reports, with a total of 20 claims, have been made to insurers, including PICC, China Continent, China Taiping and Sunshine.
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- January 7 2025
China’s big 3 motor insurers poised for further growth as NEVs pick up pace: AM Best
People’s Insurance Company of China (PICC), China Pacific Property Insurance and Ping An Insurance command over 70% of the motor premium share in China.
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- December 20 2024
Final Australia Christmas storms losses top US$1bn: Perils
Acute storms hit states of Victoria, New South Wales and Queensland in December 2023, with property accounting for 89% of the total industry loss.
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- December 20 2024
Roojai reignites DirectAsia Thailand acquisition
The deal for the Hiscox unit, which has been revived after being pulled in August, will strengthen the Asian carrier's Thai motor portfolio.
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- December 19 2024
Korean general insurance premiums grew 8.7% in H1 2024: Korean Re
Non-life insurers saw strong growth in long-terrm and retirements products, however, motor insurance premiums declined 1.2% year-on-year.
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- December 12 2024
Provident Insurance’s FY 2024 COR at 96.9%, operating performance supported by positive underwriting: AM Best
AM Best has upgraded the Kiwi niche mechanical breakdown and private motor vehicle carrier's financial strength rating to “B+” (good) and long-term issuer credit rating (LT ICR) to “bbb-” (good) with a stable outlook.
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- December 12 2024
Rising personal lines prices help stabilise global P&C sector: Moody’s
Pricing in China is unlikely to meaningfully improve, especially in motor, due to directives designed to reduce financial pressure on policyholders as well as mispricing risk for EVs.
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- December 5 2024
RAC Insurance engages Barrenjoey for strategic review: report
The review aims to identify growth opportunities and enhance competitiveness in a changing market. This includes potential expansions into areas such as driverless cars and smart home technologies.
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- December 2 2024
Allianz Australia acquires RAA’s general business for US$415m
Allianz will underwrite the carrier's general insurance policies excluding travel and manage product, pricing and claims while RAA will handle marketing and distribution and continue offering products and services under its brand.
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- November 28 2024
Taiwan’s CTBC Insurance to improve financials driven by personal lines, investment performance: AM Best
AM Best has assigned an insurer rating of B++ (good) with a stable outlook for the company.
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- November 15 2024
South Korea’s non-life insurance outlook stable on new regulations, strong P&C, motor results: AM Best
In terms of challenges faced by the segment, AM Best highlighted slower expansion of auto insurance owing to recent rate cuts and sluggish growth in motor vehicle registrations as a key factor.
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- November 7 2024
India’s Shriram General Insurance plans to list in 2-3 years: report
The firm is also planning to re-enter the crop insurance market, seven years after it exited the business, and intends to reduce reliance on motor line.
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- October 31 2024
Sompo, Bigmotor to investigate past claims frauds to compensate customers
Bigmotor has changed its name to BALM following the scandal and is planning to announce a concrete recovery strategy for customers next month.
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- October 23 2024
China’s EV transition to drive premium growth: Moody’s
However, rising claims costs, higher accident rates and expensive components could erode the industry’s underwriting margins.
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- October 8 2024
Compulsory motor third-party liability, high interest rates to benefit Indonesian P&C carriers: AM Best
The rating agency has revised its outlook for the country's non-life insurance segment from negative to stable, noting carriers' robust top-line results in Q1 2024.
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- October 2 2024
Reinsurers’ risk insights, modelling vital to taming escalating nat cat losses: Swiss Re
Besides providing capacity, the reinsurer's expertise and insights on risks related to climate change and renewable energy are key to its collaboration with insurers in limiting nat cat losses, says Victor Kuk.
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- September 30 2024
Dual New Zealand promotes Richard Robinson to head of motor
Auckland-based Robinson has worked at the Howden-owned MGA for three years and was senior property underwriter before the latest appointment.
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- September 19 2024
Health, EV insurance demand support China’s P&C sector ‘stable’ outlook: AM Best
The P&C sector's solvency ratios, which have stablised from the decline seen in 2022, also supports the outlook, the rating agency said.
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- September 10 2024
South Korean motor insurance net profit falls 40.2% as accidents rise
The number of accidents rose 3.4% to 1.84 million, as the segment's COR worsened by 2.4 percentage points to 96.6%, preliminary data from the Financial Supervisory Service shows.
