Industry Segments: Non-life Page 2 / 14
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- November 1 2024
Japanese watchdog fines non-life insurers US$13m for price fixing
The report highlighted the summary of violations of antitrust rules by Mitsui Sumitomo, Sompo Japan , Aioi Nissay Dowa and Tokio Marine & Nichido Fire.
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- November 1 2024
APAC reinsurers prioritise profit amid slower premium growth: AM Best
Asian reinsurers have restructured their retro programs, leading to adjustments in cat capacity and a reduction in cat exposure accumulation, says AM Best’s Christie Lee.
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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 25 2024
Pacific rates drop 6% in Q3 driven by declines in finpro, cyber and property lines: Marsh
Finpro premiums was down 14%, while cyber cover saw a 11% disclose and property declined 6% as increased competition and capacity weighed on ratings.
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- October 22 2024
Allianz looks to exit decades-old India JV with Bajaj: report
It is eyeing an exit from life and general JVs because its Indian partner is not allowing the German insurer to raise its stakes at a discounted price.
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- October 16 2024
Vietnam’s Techcombank set to launch non-life carrier
Hanoi-headquartered Techcom Non-Life Insurance received approval from the Ministry of Finance and is expected to start operations early November.
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- October 7 2024
India’s Tata AIG General Insurance MD & CEO Neelesh Garg quits: report
Garg, who has been heading the joint venture between Tata Group and AIG for over nine years, will likely start his own venture, according to a local media report.
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- October 7 2024
SBI General Insurance names Vivek Mane as head of distribution, agency & broking
With two decades of experience, Mumbai-based Mane was most recently vice president & national manager for agency and retail broking at Liberty General Insurance.
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- October 3 2024
ICA extreme weather charter calls for collaboration with governments, community groups for delivery of services
The charter outlines disaster preparation, response and recovery recommendations for general insurers, who have paid out US$13bn in claims from 20 ICA-declared events since the Black Summer bushfires in 2019-20.
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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 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 18 2024
Taiwan non-life insurers to continue double-digit growth: AM Best
AM Best has revised its outlook on Taiwan’s non-life insurance segment to "stable" from "negative".
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- September 13 2024
Typhoon Yagi likely to impact earnings of Vietnamese insurers: AM Best
The reinsurance programmes will mitigate the impact on rated non-life insurers’ underwriting performance and would likely prevent capital events.
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- September 12 2024
China State Council issues opinion on deepening insurance reforms, preventing risk
The high level document by China's cabinet calls for deeper reforms for motor insurance focusing on new energy vehicles, and innovations for liability insurance and climate risk insurance.
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- September 12 2024
Continental Insurance Lanka’s good underwriting performance to sustain: Fitch Ratings
Fitch has revised its outlook to "positive" from "stable", reflecting the company's underwriting performance, improving market franchise and satisfactory regulatory capital position.
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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.
