Industry Segments: P&C Page 19 / 57
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- November 20 2023
Kiwi carrier Tower exits commercial farm insurance
Commercial rural clients will be referred to AonAgri from February 1 as the carrier focuses on its direct personal and small business lines.
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- November 20 2023
Vietnam connects to Asean compulsory motor insurance system
Bao Viet Insurance is the only Vietnamese carrier approved to issue blue cards that prove that a vehicle has third-party liability cover to be used across Asean borders.
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- November 20 2023
Japan’s big three script domestic underwriting rebound
Rate increases, absence of Covid-19, large nat cat losses and increased investment income help Tokio Marine, MS&AD and Sompo improve their earnings in the first half of FY 2023.
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- November 17 2023
Oneglobal Broking appoints Joey Lim as Singapore P&C head
Lim, who starts on November 17, joins from Marsh and will lead the broker's corporate team in the Lion City.
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- November 17 2023
Malaysia’s MAA Group to sell 85% stake in Filipino subsidiary
The group will sell its share in MAA General Assurance Philippines to Triple P Philippines for US$49.3m with an option to sell the remaining 15% stake for US$8.7m within 14 months.
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- November 17 2023
Cover-More global CEO Cara Morton to run Zurich Global Ventures
Sydney-based Morton will relocate to Zurich and start in her new role on February 1, 2024 and will report directly to Zurich Insurance Group CEO Mario Greco.
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- November 16 2023
New South Wales’ emergency services levy reform to lower insurance costs
The abolition of the levy on insurance is expected to lower the cost of home cover by up to 15% on average, and for business cover by around 23%, according to the ICA.
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- November 14 2023
ICA panel to review general insurance code
The three-person panel led by former APRA deputy chair will complete the review in two phases deliver its findings by June 30, 2025.
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- November 14 2023
Kiwi carriers resilient despite record cat claims: AM Best
Solid premium growth on rate hikes and capital buffers afford a stable outlook for the industry, according to the rating agency.
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- November 13 2023
Peak Re to improve underwriting profitability in the next 12-18 months: Moody’s
The rating agency has affirmed its Baa1 rating taking into account the company’s a3 standalone credit profile, solid capitalisation, expanding product and geographic diversification and liquid investment portfolio.
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- November 10 2023
ZhongAn Online P&C to benefit from ability to integrate tech innovation into insurance operations: AM Best
The rating agency has affirmed the Chinese online-only insurer an A- (excellent) rating with a stable outlook taking into account its very strong balance sheet.
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- November 10 2023
Marine war premiums climb after fatal strike on Philippines-owned bulk carrier: report
Premiums have risen to 3% of the value of the vessel from around 1% before the attack on the vessel, which was insured for US$15m and damages seen at US$4m without liabilities for the crew, the report said.
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- November 10 2023
QBE Asia hands Cynthia Huang additional charge as Taiwan desk lead
Hong Kong-based Huang, who is also the head of financial lines for the carrier, will be responsible for distribution and business development.
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- November 9 2023
PICC is second largest fossil fuel insurer with US$1.45bn premium income in FY 2022
According to a report by Insure Our Future, global insurers earned around US$21.25 billion in 2022 from fossil fuels with the Lloyd’s market collectively contributing US$1.6 - US$2.2 billion.
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- November 9 2023
Axa XL appoints Adias Gerbaud as CUO for APAC, Europe
She assumes the role from Etienne Champion, who is taking on a new position at Axa Group as P&C Commercial Lines group chief underwriting officer.
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- November 9 2023
Reinsurers are there to protect cedents’ balance sheets, not P&L volatility: Axa XL Re’s Guidée
The chief executive flags up US casualty exposure concerns for APAC insurers as “risks are more interconnected”.
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- November 7 2023
BESS thermal runaway risks a hurdle to APAC’s ambitious energy transition goals
Growing fire losses at lithium-ion battery energy storage systems and the potential for liability risks emanating from it is a challenge for capacity in the region.
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- November 6 2023
Asian P&C carriers hit by falling profitability and slowing premium growth: McKinsey
CORs in emerging Asia reached or exceeded 100% every year from 2017 to 2022, primarily driven by a higher expense ratio, while insurance penetration has stagnated at 1- 2% over the past decade, a report by the consulting company shows.
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- November 3 2023
KB Insurance improving profitability, investment returns: AM Best
AM Best has affirmed its rating of A (excellent) with a stable outlook, citing the firm’s strong balance sheet, adequate operating performance, neutral business profile and parent support.
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- November 2 2023
FM Global names Ziad Tadmoury as executive VP to oversee APAC
The current manager of the mid-market division will oversee APAC, EMEA, Canada and specialty from January.
