Industry Segments: Non-life Page 6 / 14
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- March 25 2024
Fubon Insurance’s FY2023 underwriting results still weighed down by Covid claims
The insurer's net combined ratio for 2023 improved to 106.7%, from 237.1% a year ago, while its direct written premium for the period rose 7% to about US$2bn.
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- March 22 2024
Ping An P&C reports underwriting loss for 2023 as guarantee business, higher expenses bite
The P&C division of China's largest insurer reported a 6.5% increase in insurance revenue but its COR for the financial year edged up to 100.7%.
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- March 22 2024
Noto earthquake payouts top US$400m: GIAJ
The total number of accepted claims from the January 1 event has increased to 115,211 as of March 8.
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- March 19 2024
Singapore non-life domestic underwriting profit drops 11%: association
Gross written premiums for employer’s liability rose 10.2% from a year ago on the back of an expansion of resident and foreign labour market, the General Insurance Association said.
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- March 19 2024
Cathay Century returns to profitability in 2023 on strong premium growth, lower claims
Taiwan's second largest non-life insurer's premiums written grew 14.5% to US$1bn while claims payout dropped 22%.
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- March 15 2024
Asuransi Astra’s A- rating affirmed on strong balance sheet strength: AM Best
Indonesia's third-largest general insurer's A- rating was affirmed on its strong operating performance, with COR averaging 88.1% for the five years up to 2023.
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- March 14 2024
Sedgwick promotes Nicki Dunn to chief client officer for Asia
The global loss adjustor has concurrently promoted Irwin Wei and Kalnisha Velu, both have joined Dunn's team.
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- March 11 2024
Overseas premium of Korea’s four major non-life insurers surpasses trillion-won milestone in 2023: report
The country’s big four have doubled their international business in the last five years led by DB Insurance, which accounts for 50% of the overseas premium.
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- March 5 2024
Fitch cuts Construction Guarantee’s outlook to stable on member firm’s debt woes
The rating agency has maintained its "A" rating due in part to its strong underwriting performance. Its combined ratio averaged 62% during FY 2020-2022.
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- March 5 2024
Cyber, marine cargo and property to drive Singapore wholesale market in 2024: Howden
Claims inflation, war/conflict and talent are the three factors most likely to impact the market in the coming year, according to the broker's survey of insurers in Singapore and Malaysia.
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- February 27 2024
Allianz Insurance Lanka promotes Prashant Grover to CEO
Grover assumed his new role from February 1, taking over from Alan Smee who is leaving the company for personal reasons.
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- February 27 2024
Supply chain crisis looms large as Panama Canal dry spell lingers
With Tesla, Volvo and Michelin recently indicating production halts and Ikea warning of delays, the drought affecting the vital link between the Pacific and Atlantic oceans is reshaping seaborne trade flows.
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- February 26 2024
Suncorp’s H1 net profit up 5.4% on strong consumer business growth, investment gains
Its first-half GWP rose 16%, while COR edged up 95.7%. CEO Steve Johnston expects inflation to remain a challenge this year.
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- February 26 2024
IRDAI retains 4% obligatory cession for upcoming renewals
The cession, a percentage of the sum insured on all general insurance policies, has to be placed with the sole India reinsurer, the state-owned GIC Re, for FY 2025 starting April 1 this year.
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- February 20 2024
Taiwan’s regulator expects EV insurance reference rates to be finalised by Q2: report
Insurance policies for electric vehicles are expected to be ready for launch as early as the second-half this year after the industry association, regulator finalise the reference rates and terms for the non-life sector.
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- February 16 2024
Noto earthquake insurance payout reaches US$137m: industry association
Insurers have about a third of the 76,500 accepted claims settled as of January 31, according to GIAJ.
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- February 15 2024
Fubon Insurance shakes off Covid provision, logs record monthly premium in January
The non-life carrier recorded strong growth in commercial fire and engineering insurance in January, which bolstered direct written premium to US$221.9m.
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- February 13 2024
FSA orders Japan big four carriers to step up cross-holdings divestment: report
- Casualty
- Japan
- Aioi Nissay Dowa Insurance
- Mitsui Sumitomo Insurance
- MS&AD
- Sompo
- Tokio Marine & Nichido Fire
The four major non-life players at the centre of the price-fixing scandal must speed up unwinding their cross-shareholdings as the regulator tightens it scrutiny, Nikkei Asia reported.
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- February 9 2024
Fitch slashes Indonesian insurer Eka Lloyd’s outlook on lower capitalisation
The Indonesian insurer's “BBB+” rating is affirmed. Still, credit insurance, which accounts for the bulk of its premium, could add volatility to its reserve.
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- February 6 2024
Indonesia’s tougher minimum capital rules for (re)insurers to drive consolidation: Fitch
About 62% of Fitch's rated carriers, all non-life and reinsurers, will need to raise new capital to meet the minimum equity requirement, which could unleash a wave of M&A.
