Industry Segments: P&C Page 16 / 56
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- January 2 2024
Korea non-life market to rebound in 2024 with GWP set to cross US$100bn mark: Korean Re
Growth is likely to be supported by casualty lines of business, especially liability, amid increased awareness of the importance of corporate liability protection and the expansion of compulsory insurance.
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- December 22 2023
FSA to issue business improvement orders to Japan’s big four for price-fixing: report
- Legal/Regulatory
- Japan
- Aioi Nissay Dowa Insurance
- Mitsui Sumitomo Insurance
- Sompo
- Tokio Marine & Nichido Fire
The regulator has determined that there were deficiencies in the company's internal control system, including rampant transactions that could potentially constitute cartels.
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- December 22 2023
Tokio Marine board shake up will see new group chairman and CEO for Japan non-life arm
Hiroaki Shirota will take over as CEO of Tokio Marine & Nichido Fire from April 1 as current chief executive Shinichi Hirose is set to become chairman of the board of directors with Satoru Komiya stepping down.
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- December 21 2023
January 1 renewals seeing ‘flattish pricing’, better terms
Political risk and war will see the most challenging conversations with capacity available for other classes as reinsurance or retro markets have not been too affected by 2023 catastrophes.
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- December 21 2023
Korean P&C insurer Hana appoints Samsung Fire & Marine’s exec as new CEO
In his new role, Bae Seong-wan, who spent more than 30 years at Samsung Fire & Marine, is expected to contribute to the growth of the carrier's long-term insurance.
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- December 19 2023
Japan antitrust regulator carries out on-site investigation on big four insurers over price fixing allegations
Tokio Marine & Nichido Fire, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan confirmed in separate announcements that they are being probed by the Japan Fair Trade Commission.
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- December 19 2023
Tokio Marine Holdings’ managing executive officer Robert O’Leary resigns
O'Leary has also been serving as the chairperson of the Japanese insurance group's US subsidiary Philadelphia Consolidated Holding since January 2021 and was formerly its president and CEO.
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- December 19 2023
Beijing cold snap hit non-life insurers with US$7m losses: NAFR
Record low temperatures and blizzards in the capital city have seen property & casualty insurers receive 5,389 claims as of last Friday, according to the regulator.
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- December 19 2023
Malaysia’s non-life insurers likely to see pricing pressure due to detariffication: AM Best
The market's total GWP grew 11.7% last year to US$5.3bn with 31% of the growth coming from the general takaful segment.
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- December 18 2023
Thai carrier SMK barred from issuing new policies after bankruptcy court rejects rehabilitation plan
The country's bankruptcy court has asked the Covid-19-hit general insurer's management to resume responsibility and begin compensating the insureds.
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- December 18 2023
IAG handed ratings upgrade by S&P on strong capital adequacy
The core entities of the Australian carrier's ratings were changed to AA from AA- and long-term issuer credit ratings to A+ from A with a stable outlook.
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- December 15 2023
Shanghai Insurance Exchange sets template for reinsuring Greater Bay Area climate risks: Axa’s Sally Wan
Both Hong Kong and Shanghai have a role to play in helping (re)insurers manage risk and grow their P&C businesses, from climate to infrastructure risks, says the Greater China CEO.
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- December 14 2023
New India Assurance admits NHPC’s Sikkim flood claims
The state-owned power producer's projects damaged in the flood include Teesta-V Power Station (510 megawatt) and the under-construction Teesta-IV HE project (500 megawatt).
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- December 14 2023
PICC P&C’s agricultural business sees fastest growth for 11M2023
The government's initiative to expand coverage to more commodities should help non-lifers to uphold their growth dynamics in agri insurance, analysts said.
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- December 13 2023
IRDAI objects Reliance General Insurance owner’s plan to rejig ownership: report
The Indian insurance regulator has termed the move as “premature” and “sub-judice” as certain court cases are yet to be concluded.
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- December 11 2023
China Taiping HK bottomline to ride on investment income as underwriting performance remains marginal: AM Best
The Hong Kong insurer's rating of A (excellent) with a stable outlook has been affirmed by the rating agency, however, noted that COR has been above 100% despite a steady decline in loss ratios coupled with lowering expense ratios.
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- December 8 2023
Tune Protect Re’s balance sheet strong, operating performance to improve post Covid-19: AM Best
The rating agency has revised the outlook of travel-focused Malaysian carrier Tune Protect Re to positive from stable and affirmed the financial strength rating of B++ (good).
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- December 8 2023
Moody’s cut in China outlook hits Sinosure, PICC, CPIC P&C, China Life P&C and 2 captives
The downgrade warning reflects evidence that financial support will be provided to financially stressed local governments and SOEs, posing broad downside risks to the country's fiscal, economic and institutional strength, the rating agency said.
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- December 7 2023
China non-life premium growth ‘unlikely to accelerate’: Fitch
Underwriting results of smaller insurers to remain volatile because many of them are still in the midst of building their non-motor insurance portfolio.
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- December 5 2023
Asean insurers resilient to impacts of inflation, monetary tightening: Malaysian Re
Carriers reacted with a mix of measures including price hikes, tighter terms, reallocation of capacity and screening of their portfolios, according to the reinsurer's annual Asean insurance pulse publication.
