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• Asia's composite commercial insurance rates fell by 2% in Q1 2024, the first decline since Q1 2018.
• Property insurance rates decreased by 1%, though Japan, Taiwan, and the Philippines maintained stable rates due to high CAT exposure.
• Casualty insurance rates also reduced by 1%, influenced by ample insurance capacity.
• Liability insurance rates remained stable.
• Financial and professional lines saw a 6% rate decline - the same percentage decline as seen in Q4 2023.
• ‘All-in-one’ Bima Vistaar policy includes life insurance premium of 820 rupees, health at 500 rupees, personal accident at 100 rupees, and property insurance at 80 rupees.
• Policy offers a sum assured of 200,000 rupees for life, personal accident, and property, and up to 5,000 rupees for health.
• Property claims under Bima Vistaar will be settled using a parametric measure for quicker payouts, IRDAI said.
• Bima Vistaar forms key part of IRDAI’s plans to increase insurance penetration in the country, especially in rural areas.
• 19-23 April flooding in China’s Guangdong, Guangxi, and Jiangxi provinces may cause economic losses in the hundreds of millions of USD, Aon said.
• Over a million households impacted, with structural and infrastructural damage reported, and four reported deaths and 10 missing as of 24 April.
• Guangzhou City recorded 609 mm rainfall in April, a record high since records began in 1959.
• Agricultural losses estimated at CNY284.5m (US$40m) in Guangxi and CNY41m (US$5.7m) in Jiangxi.
• Asia's composite commercial insurance rates fell by 2% in Q1 2024, the first decline since Q1 2018.
• Property insurance rates decreased by 1%, though Japan, Taiwan, and the Philippines maintained stable rates due to high CAT exposure.
• Casualty insurance rates also reduced by 1%, influenced by ample insurance capacity.
• Liability insurance rates remained stable.
• Financial and professional lines saw a 6% rate decline - the same percentage decline as seen in Q4 2023.
• The National Financial Regulatory Administration issued Guiding Opinions to expand green insurance in China by 2030.
• Directives aim to align the insurance industry with China’s carbon peak and neutrality goals.
• By 2027, NFRA aims for a comprehensive green insurance policy and service system.
• Growth of green insurance and investments is expected to outpace overall industry growth in that year.
• By 2030, guidelines foresee advanced development in green insurance services and increased green investment.
• Various areas for improvement include increased risk protection for energy sector transformation, support for green technologies, and investments that incorporate ESG factors.
• AM Best affirms Tower Limited’s IFRS rating at ‘A-‘ (Excellent) and ICR at ‘a’ (Excellent), with a stable outlook.
• Auckland Anniversary Weekend floods and Cyclone Gabrielle led to a 2023 combined ratio of 103.2%, but effective risk selection, pricing strategies, and favourable investment returns should lead to medium-term recovery.
• The insurer’s balance sheet strength is rated as very strong, with a positive outlook on maintaining this strength.
• AM Best affirms Shinkong Insurance's IFS at 'A' and ICR at 'a', with ICR outlook upgraded to positive from stable.
• Underwriting profitability and ROE have outperformed the industry average over past five years.
• Positive rating outlook reflects strong operating performance, strategic underwriting, and disciplined expense management in light of challenging COVID-19 and capital markets environment.
• Insurer's investment portfolio characterised by liquidity and stability, with improvements in investment outcomes in 2023.
