• Singapore-flagged container ship Dali (IMO: 9697428) collided with a pillar of Baltimore's Francis Scott Key Bridge around 1:30 am local time.
• Collision caused 3km portion of the bridge to collapse, leading to vehicles and up to 20 individuals falling into the Patapsco River, with reports people are still missing.
• An initial estimate from AM Best suggests damage could run into billions of US dollars, with reinsurance arrangements set to be triggered.
• Skytek data indicates ship was travelling at over 7.5 knots when it collided with the bridge.
• Britannia P&I insures the vessel, according to the International Group of P&I Clubs database.
• Hong Kong's life industry saw a 1.8% decrease in new business premiums in 2023.
• Agent channel continued its upward trend, contrasting bancassurance and brokers which saw a year long decline.
• HSBC Life led the market in new business premiums, securing an 18.9% market share with HK$34.1bn.
• Individual life and annuity (non-linked) business grew by 2.6%, while linked business and retirement scheme business lines saw declines of 16.8% and 34.3%, respectively.
• Claims and benefits paid to policyholders rose by 11.6% to HK$332.4bn.
• The number of new life insurance policies increased to 958,533 in 2023, up from 815,164 in 2022.
• Mainland Chinese visitors contributed HK$59bn in new business premiums, 32.6% of the individual business segment
• Korean insurers ‘ net profit rose by 45.5% in 2023, reaching 13.35 trillion won (US$9.97bn).
• In June, AM Best’s Christie Lee told (Re)in Asia that different treatment of deferred acquisition costs under IFRS 17 would a positive influence on profits.
• Premium income for the industry fell by 6% to 237.6 trillion won.
• But life insurers’ net profit increased by 37.6% to 5.09 trillion won and non-life insurers’ profits rose by 50.9% to 8.26 trillion won.
• Fitch reports Chinese insurers are facing lower investment returns due to lower interest rates and higher stock market volatility.
• Investment yields for large listed Chinese insurers fell below three-year averages in the first nine months of 2023.
• Fitch predicts investment returns will not significantly increase in 2024 due to challenging investment environment.
• Despite concerns, Fitch does not expect significant losses in property-related investments for rated insurers.
• C-ROSS phase 2 has led insurers to adopt a cautious investment approach since Q1 2022.
• HDI Global reports 10% revenue increase to EUR 9.1bn, with COR improving to 91.5%, and operating profit rising by 4%.
• Singapore saw profitable growth alongside expansion into Political and Credit risk insurance.
• Asia plans include expanding Accident & Health footprint and explore new office locations.
• Australian operations now exceeds US$1B in Gross Premium and reported profitable growth alongside the launched of successful Motor Fleet product.
• The company spotlight strong performance in Professional Indemnity, Aviation, and Sports Leisure and Entertainment lines.
• Hannover Re to form a new specialty reinsurance business unit which combines cyber and digital underwriting expertise.
• Unit will be based in Hannover and will launch 1 April with experienced underwriters and specialists, who will collaborate with global market units and local offices.
• Hannover Re expects benefits will include enhanced underwriting, improved diversification, better cycle management, and expanded data analytics capabilities.
• Stefan Sperlich has been appointed as Managing Director of the new business unit.
• South Korean government plans to provide KRW 255 trillion (US$189.76bn) in trade insurance to exporters.
• Initiative aims to achieve a US$700bn export target for the year.
• Over the past five years, the trade insurance pool has grown by KRW 100 trillion (US$74.41bn).
• Government sets specific supply targets for different industries for the first time, such as information technology sector which will receive KRW 50 trillion (US$37.21bn) for EUV lithography equipment purchases.
• AM Best affirms Sun Hung Kai Properties Insurance Limited’s (SHKPI) IFS Rating at ‘A’ (Excellent) and ICR at ‘a’ (Excellent), with a stable outlook.
• SHKPI benefits from network of parent company , Sun Hung Kai Properties Limited.
• The company has a profitable niche within Hong Kong’s GI market, especially in employees’ compensation insurance.
• For FY 2023, SHKPI reported a net profit with improved investment and steady underwriting profit.
• Fitch Ratings upgraded Singapore Life's (SL) IFS rating to 'A+' and IDR to 'A'.
• Parent company Singapore Life Holdings also saw its IDR increase to 'A'.
• The rating upgrades follow SLH's acquisition by Sumitomo Life Insurance Company in March.
• Acquisition by Sumitomo Life highlights SLH's strategic importance to expanding into Southeast Asia.
• Fitch also noted financial reinsurance arrangement which contributed significantly to improved ROE in 2022.
Lie promoted from his role as Country Manager for Indonesia and will relocate to Singapore for the new role.
