Industry Segments: Non-life Page 2 / 14
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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.
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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.