Industry Segments: Property & Casualty Page 4 / 17
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- February 7 2025
LA wildfires unlikely to impact APAC (re)insurers due to ‘limited’ exposure: Fitch
Rating agency expects insured losses from the wildfires to significantly exceed previous records, with industry estimates ranging from US$35-50bn.
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- February 5 2025
Asia insurance rates decline 3% in Q4 2024, driven by cyber and finpro lines: Marsh
Cyber rates drop by 11%, while finpro falls 9%, both extending the previous quarterly declines in 2024, according to the latest Global Insurance Market Index by the broker.
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- February 5 2025
Pacific rates suffer largest drop in Q4 2024, driven by finpro, cyber and property lines: Marsh
Finpro premiums fell by 12%, while cyber and property declined by 8%, according to the Global Insurance Market Index.
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- February 3 2025
Great American elevates Vanessa Teo to deputy CEO of Singapore branch
Teo, most recently chief financial and operating officer, will continue to oversee finance and operations of the carrier's only Asian office, while also taking on broader strategic responsibilities.
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- January 23 2025
Tower names Paul Johnston as interim CEO
Johnston, who was most recently CFO for the New Zealand carrier, will succeed incumbent CEO Blair Turnbull effective from February 13.
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- January 3 2025
APAC 1.1 renewal dynamics tilt towards buyers: Gallagher Re’s Mark O’Brien
Reinsurers looking to write more and cedents holding limits or buying less drove down prices, said the broker's regional head.
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- December 30 2024
China’s PICC P&C announces continuation of deals with PICC Reinsurance, PICC HK
Reinsurance agreements include treaty and facultative reinsurance, covering all lines of property and casualty insurance risks.
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- December 20 2024
China Taiping promotes Yin Zhaojun to chairman
Yin, who was previously vice chairman, executive director and general manager, succeeds incumbent Wang Sidong who will retire.
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- December 12 2024
Rising personal lines prices help stabilise global P&C sector: Moody’s
Pricing in China is unlikely to meaningfully improve, especially in motor, due to directives designed to reduce financial pressure on policyholders as well as mispricing risk for EVs.
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- December 6 2024
Vietnam’s Petrolimex Insurance could see volatility ahead over Yagi losses: AM Best
AM Best has affirmed an insurer rating of B++ (good) with a stable outlook to PJICO.
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- December 4 2024
Despite challenges, Asia Pacific non-life insurers to benefit from rate hikes, costs control: Fitch
The rating agency has assigned a neutral outlook for the Asia Pacific insurance sector.
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- December 2 2024
Thermal runaway, manufacturing defects the most overlooked risks for lithium-ion batteries: QBE
Businesses should work with relevant stakeholders to mitigate disruption risks through robust supply chain management and compliance strategies, the carrier said in the latest report.
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- November 27 2024
Miller hires ex-UIB Konatsu Watanabe to strengthen Singapore P&C team
Watanabe brings valuable experience in areas such as facultative placements with a particular focus on Japanese business across Asia, according to the broker.
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- November 1 2024
Market’s willingness to deploy capacity is certainly back: Gallagher Re
Gallagher Re’s Mark O’Brien says negotiations around retentions, and terms and conditions to be a little easier in the coming renewals.
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- October 25 2024
Pacific rates drop 6% in Q3 driven by declines in finpro, cyber and property lines: Marsh
Finpro premiums was down 14%, while cyber cover saw a 11% disclose and property declined 6% as increased competition and capacity weighed on ratings.
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- October 24 2024
Asia insurance rates drop 4% in Q3 led by finpro and cyber lines: Marsh
Finpro lines have seen decreases up to 30% in some cases as continued lack of activity in the capital markets limited insurers' opportunities for new business, according to the latest Global Insurance Market Index by the broker.
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- October 15 2024
P&C insurers in Asia have much higher equity risks than US peers: Moody’s
Equity risks accounted for 32% and 24% of total required capital for Chinese and Taiwanese insurers and for 33% for Japanese insurers, compared to 10% for US carriers, according to Moody's latest Capital Tool analysis.
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- October 14 2024
WTW hands Ivy Lee an expanded role of Asia food and beverage industry leader
Singapore-based Lee will focus on developing bespoke risk financing solutions for complex F&B organisations across Asia while also retaining her current role as head of property for the region.
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- September 27 2024
Samsung P&C China to post underwriting losses for next two years: S&P Global
S&P Global Ratings affirmed its "A" rating on the insurer with a "stable" outlook under its revised capital model.
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- September 24 2024
India may consider a new turnaround plan for three general insurers: report
While solvency ratio, consistently high claims ratios and losses or low profitability were the concerns that need to be addressed by the state-owned carriers, the government is likely to provide fiscal support to companies showing profits.
