edition
• New long-term insurance premium revenue jumped in 2023, topping 2019 for the first time.
• HSBC Life was the top provider of individual and group long-term new business for the second year in a row.
• Among the top 10, FT Life experienced the largest surge in individual business, with a surge of 232.7%.
• Group business, which has generally been more stable, contracted in 2023 with the total generated by 66 providers falling 32%.
• Commerical insurance rates for the Pacific region fell by 2% in Q1 2024.
• Financial and professional lines in the Pacific dropped by 10%.
• Property rates stayed steady for the second quarter in a row, following 26 quarters of increases prior.
• Casualty segment rates softened for the fourth consecutive quarter, despite a 3% increase.
• Cyber insurance rates declined by 2%, with greater competition among insurers offering more options for clients.
• Program aims to enhance resilience of strata title properties in North Queensland against cyclones.
• Funding split: AU$20m from federal government, AU$40m from state government.
• Provides financial assistance for disaster mitigation including strengthening roofs, upgrading doors, shutters, and screens.
• Japan’s corporate health insurance societies’ average premium rate to hit 9.32% in FY 2024.
• Forecast based on analysis of fiscal 2024 budgets from member societies of Kenporen, which represents health insurance groups for employees of large corporations and their dependents.
• 1,194 out of 1,379 societies also expect to pay more in claims than they collect in premiums, with anticipated total
• Rising healthcare costs for older populations key factor in financial pressures.
• The ICA said progress is being made to improve governance of the Motor Vehicle Insurance and Repair Industry (MVIRI) Code of Conduct.
• MVIRI Code Administration Committee (CAC) has set a goal of having a revised draft by mid-2024 for industry consultation.
• Revisions follows an independent review by Dr Michael Schaper, completed in May 2023.
• Taiwan experiences 6.1 and 6.0 magnitude earthquakes in Hualien County early this week, following a 7.2 magnitude quake on 3 April.
• Over 1,000 aftershocks recorded since the 3 April quake, with 200 between Monday and early Tuesday.
• Minor damage reported in Hualien County and Taipei; the Hotel Fouquet and General’s House collapsed but were empty.
• Chesley Williams from Moody’s RMS comments that aftershock sequences can last a year or more but will decrease in magnitude and frequency over time.
