Industry Segments: Non-life Page 1 / 12
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- September 11 2024
Japan, Australia are top two APAC markets most sensitive to rise in nat cat claims: S&P
Insured annual catastrophe losses averaged US$6.6 billion in Japan, and US$2.5 billion in Australia over a ten-year period. China ranked third in Asia, at US$1.7 billion, according to the rating agency.
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- September 10 2024
Sri Lankan People’s Insurance pressured by underwriting profitability: Fitch Ratings
The rating agency has affirmed its financial strength rating of “A-” and “stable” outlook, reflecting its favourable regulatory capital position compared to other domestic non-life insurers.
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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.
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- September 9 2024
Multi-peril risks fuel demand for cat coverage: Hannover Re
The reinsure anticipates prices and conditions to remain stable for the January 1, 2025, treaty renewals with supply and demand in most markets remaining balanced.
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- September 9 2024
HKIA to prioritise RBC review and re-domiciliation regime, says chairman
The Hong Kong Insurance Authority is aiming to attract insurers and brokers to place larger business volumes in Hong Kong, as it seeks to attract more overseas insurance groups to relocate their headquarters to the city, says chair Stephen Yiu.
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- September 9 2024
DB Insurance to benefit from strong internal capital generation: AM Best
The rating agency has affirmed the Korean non-life insurer's “A+” (superior) financial strength rating and "stable" outlook.
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- September 6 2024
Cathay Century’s capitalisation to benefit from retained earnings growth: AM Best
AM Best affirms the financial strength rating of "A" (Excellent) and the long-term issuer credit rating of “a” (Excellent) on Taiwan's second-largest non-life insurer with a stable outlook.
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- September 6 2024
APAC reinsurance composite’s 2023 COR improves to 91.6%: AM Best
Regional reinsurers saw revenue rise 8.8%, with much of the growth fuelled by China Re and its subsidiary Chaucer.
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- September 6 2024
Japanese P&C carriers 2023 underwriting profit rises 55% to US$1.2bn
Net premium income rose to US$63.3bn as net claims paid dropped by US$370m during the financial year, according to Toa Re's 2024 annual report citing results of 29 members of the General Insurance Association of Japan.
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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
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 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
Vietnam’s PVI Insurance gets greenlight to raise charter capital to US$157m: report
It is the second capital increase approved by the regulator in five months, as Vietnam's largest non-life insurer continues to grow its market share.
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- August 28 2024
Australian insurers urged to limit use of external experts to improve claims assessments
Carriers should not rely on external experts beyond their scope of expertise, as it could lead to poor claims decisions and disputes, according to an inquiry into the practice by six general insurers by the General Insurance Code Governance Committee.
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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.
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- August 26 2024
South Korean government pushes ahead with EV battery certification scheme: report
Set to launch in October, the certification scheme seeks to alleviate growing public concerns about lethal fires caused by EV lithium batteries, as insurers are reviewing their existing motor policies to gauge the potential losses in their books.
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- August 26 2024
Australia’s insurance affordability aggravated by 30% premium hike for nat cat-exposed properties: report
As more frequent extreme weather events are driving the premiums up, regions like southwest and southeast Queensland, NSW' Northern Rivers, regional Western Australia and the Northern Territory are among the most exposed to the risk of being underinsured.
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- August 23 2024
Ping An P&C H1 underwriting profit rises 15.7% on improved liability business
China's second-largest P&C insurer saw underwriting profit rise to US$49.5 million, as strong growth in its liability mitigated declines in its motor business, whose combined ratio was dampened by rainstorms.
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- August 22 2024
Climate change exposes banks to ‘silent’ risks as insurance gets more unaffordable: Aon
Banks can leverage on tools and datasets that insurers have been using for pricing climate risks. Alternative risk transfer tool such as parametrics can also provide additional protection, the broker said.
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- August 22 2024
Vietnam non-life carriers’ H1 2024 revenue grows 12% to US$1.6bn
The country’s biggest non-life insurer PVI grew its revenue 65.7% YoY in the first six months of the year, according to the most recent data published by the Insurance Association of Vietnam.
