Industry Segments: Pandemic Page 2 / 15
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- April 14 2023
Taiwan P&C carriers seek lifeline from owners after regulatory rebuke
Tokio Marine has taken majority control of its JV, while Fubon, Hotai, and CTBC parents are set to absorb losses.
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- April 11 2023
Taiwan regulator orders four insurers to raise capital or risk being taken over: report
Fubon, Tokio Marine Newa, Hotai and CTBC must restore their solvency levels by the end of June, or they would be taken over by the Financial Supervisory Commission within 90 days.
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- March 10 2023
Moody’s downgrades Fubon Insurance as pandemic hits profitability
The Taiwanese insurer's rating was changed to A2 from A1 with outlook changed to negative from stable.
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- March 10 2023
Hannover Re’s 2022 APAC P&C combined ratio surges to 126.1%
The German reinsurer was hit by floods in Australia and Malaysia, typhoons in Japan and South Korea and Covid losses in Taiwan and Thailand.
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- February 28 2023
Hong Kong ends mask mandate from March 1
The SAR is set to host several major events in March, including music festival Clockenflap, Art Basel and the Hong Kong Sevens.
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- February 15 2023
Covid, nat cat woes continue at Japan’s ‘big three’
Net profits at Tokio Marine fell 27.4%, with Sompo Holdings declining 79.5% and MS&AD dropping 57% for the first nine months of FY 2022.
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- February 14 2023
Thai Re could tighten terms to limit underwriting losses: Fitch
Thai Reinsurance’s financial strength rating has been affirmed at 'A-' (strong) with a stable outlook.
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- February 8 2023
Light at end of tunnel for Taiwan’s Covid blues
P&C carriers paid out US$7bn in 2022, however, the expiration of policies in June could be a turning point for the market.
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- February 6 2023
ICICI Lombard cuts down underwriting losses: AM Best
The global rating agency has affirmed a financial strength rating of B++ (good) with a stable outlook.
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- February 6 2023
AM Best downgrades Fubon Insurance’s credit rating as Covid losses mount
The Taiwan P&C carrier's rating has been changed to “A” (excellent) from “A+” and is under review with negative implications.
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- January 20 2023
Vietnam’s PTI capital adequacy weak: AM Best
The firm suffered from underwriting losses associated with Covid-19 insurance policies.
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- January 20 2023
Hong Kong P&C, specialty prospects brighten as China reopens
Revival in GBA investments and travel to drive cyber, D&O, M&A, PI and energy lines.
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- January 16 2023
Taiwan’s South China Insurance sees COR improve to 95.2%: AM Best
The company is exposed to a low and controlled level of claims arising from pandemic-related insurance products.
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- December 13 2022
Hong Kong relaxes Covid travel curbs
The new rules, which will give visitors and travelers greater freedoms, start on Wednesday, December 14.
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- December 9 2022
Covid restrictions help Lonpac improve COR: AM Best
The general insurer posted a five-year average combined ratio of 66.1%.
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- December 5 2022
Nan Shan General to see through Covid claims damage: AM Best
The Taiwanese P&C carrier had reported a net loss of US$426m primarily due to pandemic claims
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- October 27 2022
Policy wording failure key reason for Covid BI exposure: APRA
Insurers dithered because of a perceived “first-mover'' disadvantage of losing business if policies were adjusted to reflect Quarantine Act changes.
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- October 21 2022
Cathay Financial to inject US$300m into Cathay Century
The fundraise will help the Taiwanese P&C player absorb rising losses on pandemic policies and mark-to-market losses on their investments.
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- October 14 2022
Australian High Court dismisses Covid BI test case appeals
IAG's shares halted trading after the insurer sought time to consider the impact of the dismissal of its appeal.
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- September 22 2022
Analytics: Asia marine premium growth offset by higher claims
Vessel activity returns to pre-Covid levels, rates flatten and inflation pushes up cost of repairs.
