Subject: Pricing Page 4 / 9
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- December 8 2023
North Australian home insurance rates ‘substantially more’ than rest of country despite cyclone pool: ACCC
Insurance prices in the north, across home, strata and SME covers, remain high but the rate increase in 2022–23 is less than in the rest of Australia, the competition regulator said.
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- November 21 2023
NorthStandard to increase its P&I and FD&D premiums in 2024-25
The club will apply 5% general increase to its premiums from February 2024 for the 2024-25 policy year to represent "a responsible approach to underwriting at a time of persistent shipping market uncertainties".
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- November 21 2023
Asia casualty programmes harder to place, says WTW’s MacCarthy
The covers have reduced substantively with a tightening of the limit belt, offering a range of US$25-$30m now compared with US$50m earlier.
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- November 14 2023
New Zealand fully implements doubled natural hazard cover for insured homes
EQcover provides first loss insurance for damages caused by volcanic eruptions, earthquakes, tsunamis, land slips, and hydrothermal activity, as well as some limited cover for damage to residential land from storms and floods.
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- November 14 2023
Tower nearly doubles discount lapse costs to US$10.3m, CEO apologises
The Kiwi insurer has now taken into account repayments to around 65,000 customers and also a potential regulatory penalty.
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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 7 2023
Asian insurance pricing hits financial lines headwinds, flattening cyber rates: Marsh
Except for a 2% growth in property, almost all other lines in APAC either remained flat or declined, according to Marsh Q3 global pricing index.
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- October 31 2023
SIRC: Low-level aggregate covers will not be in our appetite — Hannover Re’s Sharon Ooi
Talking to IAN, Ooi, who oversees APAC, says markets that don’t want to address pricing disconnects will struggle, but that she expects 'disciplined' capacity to be available.
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- October 23 2023
Strait of Hormuz in spotlight as Middle East war risks rise
With a huge amount of oil and gas passing through the strait everyday, Asia's marine (re)insurance market on high alert as regional tensions escalate and premiums rise.
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- October 12 2023
Suncorp’s Vero slapped with ‘largest’ ever FMA penalty over multi-policy discounts
The New Zealand regulator said the general insurer and its intermediaries overcharged 42,000 customers by US$6m in premiums between April 2014 and May 2022 on house and contents, vehicle and boat insurance.
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- October 4 2023
Lack of aggregate cover brings earnings volatility to APAC carriers
As rates soar, insurers are retaining more nat cat risk on their books, with the situation set to continue into the 2024 renewals.
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- September 12 2023
RVS Monte Carlo: APAC carriers hit by secondary peril volatility, but losses yet to impact reinsurers — Aon
Historic flood losses from around the region on the agenda as leading (re)insurance players gather in Monaco.
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- September 11 2023
Hannover Re expects APAC rates to harden further in 2024 after 1.4, 1.6 and 1.7 uplift
The reinsurer expects insurers to raise retentions for nat cats to counter increased costs, as it secured better prices and conditions, especially for non-proportional treaties.
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- September 11 2023
Asian reinsurance rates to stay high in FY 2023: Fitch
Rate increases and tighter renewal terms have offset the impact of inflation-induced rising claims.
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- August 25 2023
War risk premiums for Russian oil shipments on the rise: report
Rates have gone up from around 1% of the cargo's cost to some 1.20-1.25% hurting Asian importers who are the biggest importers of Russian crude.
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- August 11 2023
Munich Re saw ‘considerable’ price rises in Australia at July renewals
Prices across the Munich Re portfolio increased 5.1% at July 1, while overall P&C reinsurance H1 profits slipped 20.5%.
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- August 11 2023
Reinsurance costs surge 50% in the Philippines: report
Reinsurers have either withdrawn or reduced exposure leading to higher non-life product prices, according to Malayan Insurance's CUO.
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- August 10 2023
Hannover Re increases APAC Covid reserves to US$629m
In the 1.6 and 1.7 renewals, the German reinsurer saw rate increases and improved terms in Australia, while it reduced shares on some proportional business in Asia.
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- August 3 2023
Mixed picture for Asia’s P&C markets in Q2 as overall composite pricing flattens: Marsh
Hong Kong led the way in overall composite rate reductions at minus 6.6% and Taiwan climbed the highest at plus 24%.
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- August 1 2023
Asia saw ‘double-digit’ D&O price decreases in Q2 as cyber rose 8%: Marsh
Composite insurance pricing in the region was flat as hikes in property and cyber were offset by a decline in casualty and financial and professional lines rates.
