Subject: P&C Page 32 / 73
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- September 18 2023
Hotai Insurance removed from ‘under review’ as Covid claims’ situation improves: AM Best
With pandemic claims stabilising, a capital injection and a recovery in investments, the Taiwanese P&C player released reserves during H1 2023 helping the firm to a US$37.5m profit.
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- September 15 2023
Taiwan P&C insurers resilient under cat risks, says regulator after stress test
The test results showed that the overall capital adequacy ratio of the island's P&C insurance was 337.2%, while net worth ratio stayed at 19.62%,
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- September 13 2023
Record rains add ‘further pressure’ on Hong Kong’s reinsurance renewals: AM Best
The impact of the black rainstorm is likely to be more of an earnings event for the market, rather than a material hit to capital adequacy, the rating agency noted.
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- September 13 2023
Indonesia’s Mega Insurance to pare credit insurance portfolio: Fitch
Fitch Ratings has affirmed an insurer rating of 'A+ for the company with a stable outlook while its COR improved to 87% in FY 2022 as against 93% in FY 2021.
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- September 13 2023
Axa XL appoints Laetitia Lebas to head of mid-market APAC, Europe
Paris-based Lebas will be responsible for the implementation of the French insurer's mid-market strategy in Asia and Australia,
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- September 13 2023
ICA reveals huge cost increase of losses if historic Australian disasters happened again
The April 1999 Sydney hailstorm which caused US$1.1bn in insured losses would see an estimated US$5.7bn claims' bill if it happened in 2023.
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- September 11 2023
Delta to expand underwriting capacity riding on growth: AM Best
AM Best has affirmed the performance assessment of PA-2 (excellent) to Delta Insurance New Zealand and Delta Underwriting Singapore with a stable outlook.
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- September 11 2023
Chubb elevates Nelson Turk to Thailand head of P&C
In his new role, Bangkok-based Turk will lead the carrier's growing portfolio in the country.
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- September 11 2023
Hong Kong to see most claims since 2018 typhoon after record rainfall; Shenzhen also hit
Rates to harden as insurers count costs of BI claims, damage to vehicles, flats, roads, hotels, shopping malls and metro stations caused by flooding, according to market experts.
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- September 8 2023
AIG hires BHSI’s senior exec Kathleen Warden as head of client and broker engagement, APAC & Australia
She will continue to be based in Sydney and is scheduled to begin the new assignment with effect from September 12.
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- September 7 2023
Seoul Guarantee Insurance plans Hong Kong, Singapore IPO roadshows
The state-owned insurer plans to hold domestic and international investor meeting till the middle of next month for listing as early as November.
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- September 7 2023
Chubb Singapore’s Jerry Ng to lead consumer and bancassurance, Eric Kwan handed distribution role
Both Ng and Kwan will report to Hng Keng Yoong, GI country president for Chubb, in their expanded roles.
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- September 7 2023
Analytics: Chinese P&C carriers focus on agri, liability offerings in acceleration away from motor
- Analytics
- China
- China Continent P&C
- China Pacific Insurance P&C
- PICC Property and Casualty
- Ping An
- Sunshine Insurance
Improved underwriting results, new products and a push from the government are driving growth, but an uncertain economic outlook has seen carriers rush to pare credit surety exposures.
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- September 5 2023
QBE elevates Peter Burton to group CUO
London-based Burton, who succeeds Sam Harrison, assumes responsibility for all global underwriting, pricing and reinsurance activities for the Australian carrier.
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- September 4 2023
Malayan Insurance’s long-term issuer rating downgraded: AM Best
The largest Filipino P&C carrier's five-year average COR up 1.4 points at 102.8% with capital adequacy under negative pressure after increased net retention following changes to its 2023 reinsurance programme.
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- September 1 2023
AM Best affirms Macau Insurance’s rating despite a 5% increase in COR
The rating agency has affirmed a rating of A- (excellent) with a stable outlook to the third-largest Macanese insurer on account of its very strong balance sheet.
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- September 1 2023
IAG may face class action suit over ‘loyalty tax’ on home insurance renewals
Collective action specialist firm Slater and Gordon has started an investigation into the alleged pricing misconduct by the insurer's subsidiaries.
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- August 31 2023
Hong Kong P&C overall underwriting profits dive 43% in H1 2023
Direct insurance business saw a 60% decline in underwriting results, while reinsurance inward business saw a 2.5% decline year-on-year.
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- August 30 2023
PICC P&C’s H1 underwriting profit for commercial property zooms 165%; overall COR at 95.8%
China's largest P&C carrier's H1 underwriting profits were up 7% to US$1.3bn, while its COR was flat.
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- August 30 2023
Starr International names Sean Chen as Singapore CEO
The experienced underwriter will report to APAC president Phil Finley who has relocated to Bangkok to oversee the firm's Thai operations.
