Monday 04 Mar 2024 edition
• The Hong Kong Federation of Insurers (HKFI) launched the Insurance Industry Climate Charter on Feb 29 with support from 33 (re)insurers.
• The Climate Charter encourages sustainable practices in the insurance industry and aims to integrate climate considerations into operations, investments, and claims management.
• Tokio Marine, Sompo Japan, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa announce temporary executive pay cuts in wake of price-fixing scandal.
• Around 130 executives will have salaries reduced by up to 50%.
• The move followed an investigation by the FSA and FTC into allegations of collusion on co-insurance policies for corporate clients and government agencies.
• Along with pay cuts, insurers submitted business improvement plans which encompass additional measures like divesting of strategic shareholdings in client companies and halting the provision of assistance to clients in areas not related to insurance.
• Allianz GI Malaysia launched a new electric vehicle (EV) insurance product, EV Shield.
• EV Shield is an extension of the Private Car Comprehensive policy, provided at no extra cost to cover EV-specific risks.
• Allianz introduces 'EV Rangers' for on-the-go charging, aiding insureds with depleted batteries to reach the nearest charging station - an industry first, says the insurer.
• ICICI Lombard assigned National Scale Rating of aaa.IN (Exceptional); FSR and LTICR affirmed at 'B++' (Good) and 'bbb+' (Good), respectively.
• All ratings have a stable outlook.
• The company has a strategic focus on technology and analytics to improve underwriting and operational efficiency to remain competitive in the Indian market.
• While performing better than local peers, insurer has a five-year average COR of 104.8%.
• Investment income, including capital gains, is considered crucial to counterbalance underwriting deficits.
• AM Best maintiains FMG Insurance's FSR at A (Excellent) and LTICR "a" (Excellent) with a stable outlook.
• FMG Insurance holds about a 6% market share in New Zealand's non-life insurance sector, focusing on the rural market.
• Company faced negative underwriting and operating results in the last fiscal year, largely due to claims cost inflation and significant weather events.
• However, insurer is deemed to have a 'very strong' balance sheet and AM Best expects FMG Insurance's pricing strategy and investment returns to support its performance in the medium term.
Rungta will be promoted from his position as Deputy CEO and CFO and succeed the outgoing Bruce De Broize.
Kus will maintain her existing responsibilities as APAC's Head of Commercial Risk Solutions in addition to overseeing the broker's operations in Japan and Korea.
Boyd has been with AIG for over eight years.
