Subject: P&C Page 34 / 73
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- August 18 2023
AM Best downgrades Pakistan’s EFU following sovering rating downgrade
AM Best has given the general insurer a B- (fair) rating down from B (fair) while its outlook has been revised to negative from stable.
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- August 18 2023
Chung Kuo earnings to be hit by impairment losses from reinsurance recoverables: Moody’s
The rating agency affirmed the Taiwanese insurer's rating at A3 with a negative outlook.
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- August 18 2023
Indonesia’s Covid-hit credit (re)insurance market not yet out of the woods
Despite significant reserve strengthening and re-underwriting of policies, uncertainty around the ultimate claims position remains given the long duration of products.
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- August 17 2023
Chubb announces new country heads for Japan, Korea
Edward Kopp has been named regional president for the Far East and country president, Japan, and Janice Mo takes over as country president for Korea.
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- August 17 2023
ASIC review pushes insurers to fix claims handling lapses
The regulatory review covering 218,000 claims lodged with six carriers, including Insurance Australia Group, QBE and Suncorp, saw shortcomings in communication, project management and resourcing.
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- August 16 2023
Sompo International eyes ‘wholesale’ route for APAC commercial lines growth
The carrier is exploring new markets and industries such as renewables and semiconductors, and is planning to double the wholesale team.
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- August 16 2023
DB Insurance underwriting profit drops 2.4% to US$681m
The carrier's direct written premiums increase 6.6% year-on-year to KRW8.4tn in the first half of 2023.
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- August 15 2023
Samsung Fire & Marine H1 insurance profit up 19.5% at US$950m
The South Korean carrier’s net profit for the first half of 2023 grew 27.4%, buoyed by investment profits.
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- August 15 2023
KB Insurance H1 2023 underwriting profit at US$400m
The Korean P&C carrier's direct written premiums for the period increased 4% year-on-year to KRW6.4tn.
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- August 14 2023
Axa XL appoints Aijiao Ruan as senior underwriter in Hong Kong
Ruan was previously at China Zenith Insurance Brokers, a Beijing-headquartered Lloyd's coverholder, for 15 years.
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- August 14 2023
Zurich makes two senior promotions in Hong Kong
Justina Tang (pictured left) is elevated to head of commercial claims and Christy Chau (pictured right) becomes head of direct, financial institutions and partnership.
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- August 14 2023
CBIC’s outlook stable over premium growth: AM Best
The rating agency has affirmed an A- insurer rating for Chinese-owned Hong Kong insurer with a stable outlook.
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- August 11 2023
Allianz records 15% P&C profit drop in APAC despite top line growth
The overall APAC COR including Australia deteriorated from 95.8% to 97.4%, as the group restructures in the region.
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- August 10 2023
Zurich’s H1 APAC COR climbs to 93.4%; P&C GWP grows to US$1.82bn
On a like-for-like basis, commercial premium grew 11% and retail premium grew 17%, driven by Australia and Indonesia.
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- August 9 2023
Fusion promotes Sabrina Chia to partner, underwriting & head of distribution APAC
Singapore-based Chia joined the specialty managing general agent in 2021.
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- August 9 2023
Will Field to rejoin Chubb as Asia head of casualty
Based in Singapore and starting in 2024, Field, most recently with Everest Insurance, will report to Chris Gough, head of P&C, Asia.
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- August 9 2023
MGA Delta Insurance hires D&O specialist
Glenn Dawson is based in Auckland and will assume the role of senior underwriter and D&O product manager.
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- August 8 2023
Taishan P&C’s 2023 underwriting result hinges on motor claims: Fitch
Fitch Ratings has affirmed an insurer rating of 'BBB+' for the Chinese insurer, with a stable outlook.
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- August 4 2023
China’s P&C underwriting to be hit by more extreme events after record Beijing rainfall: S&P
The rating agency expects the recent flooding event to result in "a modest hit" to the sector, but the country is still in the Q3 cat season.
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- August 4 2023
Falcon hires Jeff Sung as general manager as Furmen Chiu exits
Sung was most recently corporate business director, general insurance at Axa Hong Kong and Macau.
