Industry Segments: Motor Page 3 / 9
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- September 8 2023
Sompo Japan CEO Giichi Shirakawa steps down over Bigmotor scandal
The top executive will resign and take responsibility for the company’s handling of the insurance fraud, while a nomination committee has been constituted to find a successor.
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- September 4 2023
Typhoon Saola triggers claims across Hong Kong, Macau, China and the Philippines as Haikiu hits Taiwan
The storm to bring loss accumulation of tens of millions of dollars from flooding, crop damage, car and yacht write-offs, flight disruptions, fallen solar panels and trees.
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- August 31 2023
Three Japanese majors to raise motor premiums for first time in four years; Sompo Japan postpones hike: reports
TMNF, Mitsui Sumitomo and Aioi Nissay Dowa plan to raise rates by up to 3% in January, while Sompo to hold prices as it recovers from the Bigmotor fraud scandal.
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- August 10 2023
Zurich’s H1 APAC COR climbs to 93.4%; P&C GWP grows to US$1.82bn
On a like-for-like basis, commercial premium grew 11% and retail premium grew 17%, driven by Australia and Indonesia.
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- August 8 2023
Taishan P&C’s 2023 underwriting result hinges on motor claims: Fitch
Fitch Ratings has affirmed an insurer rating of 'BBB+' for the Chinese insurer, with a stable outlook.
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- June 29 2023
RACQ withdraws from Queensland CTP scheme
This decision follows a long-standing demand from the insurer to fix the scheme's lack of ‘equitable distribution of risk’.
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- June 20 2023
Indian government tells carriers to hold third-party motor rates: report
New premium rates for compulsory motor covers will take effect from August, with reductions in certain categories.
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- June 12 2023
Aioi Nissay Dowa Insurance’s COR to stay in mid-90s: AM Best
AM Best has affirmed the insurer rating of A+ (superior) to ADI along with an A- (excellent) to its Chinese affiliate.
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- June 8 2023
Sri Lankan insurers’ profits to be hit by inflation, currency devaluation: Fitch
Underwriting profit for P&C insurers to be squeezed by rising motor spare-part costs, while sparse foreign-currency liquidity is hampering firms.
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- June 2 2023
Union Insurance to sustain growth, solvency ratio despite Covid losses: AM Best
The rating agency has affirmed an insurer rating of A- (excellent) with a stable outlook for the Taiwanese carrier.
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- May 19 2023
Stewart Mirah joins HDI Global as senior underwriter
Brisbane-based Stewart will establish the specialty carrier's motor fleet portfolio in Queensland.
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- May 10 2023
Kyobo Life Insurance eyes general insurance re-entry via acquisition: report
The life insurer denied reports that it was in talks to acquire a 51% stake in digital carrier Kakao Pay Insurance.
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- May 1 2023
16 Hong Kong insurers launch GBA cross-border motor cover
Vehicles from the SAR travelling to Guangdong via the Hong Kong-Zhuhai-Macau Bridge are eligible from July 1 to buy unilateral recognition policy.
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- May 1 2023
Shinkong Insurance could sustain stable COR, positive underwriting results: AM Best
The insurer has been rated “a” (excellent) for its very strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.
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- April 4 2023
Target Insurance withdraws review plea against Insurance Authority
The Hong Kong insurer, which has been ordered by the High Court to be wound up, has agreed to pay the regulator's costs of the tribunal proceedings.
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- March 17 2023
Asuransi Astra to maintain strong capital, reports robust numbers: AM Best
The rating agency has assigned an A- (excellent) rating to the company with a stable outlook
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- March 6 2023
Queensland starts CTP review as it warns carriers may exit low-profit scheme
The regulatory review is focused on improving the sustainability of the scheme and will not change premium-setting processes and compensation benefits.
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- March 1 2023
Four insurers preparing GBA one-policy motor cover: report
Ping An, China Taiping, Zurich and Asia Insurance are looking to take advantage of a HK/Guangdong travel scheme.
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- February 23 2023
Hyundai Insurance’s premiums grow 5.8% to US$12.6bn
The Korean carrier's commercial arm's COR for FY 2022 was at 89.2%.
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- February 22 2023
Enstar Group in LPT deal with RACQ for 80% of motor liabilities up to accident year 2021
Under the reinsurance deal RACQ will cede net reserves of approximately US$264m.
