edition
• New Zealand's insurance rates are rising more quickly than inflation due to elevated construction costs, higher reinsurance premiums, and following significant natural catastrophes, including twin cats in 2023.
• The Reserve Bank of New Zealand (RBNZ) highlights a ‘logical’ shift towards risk-based pricing in insurance, driven by increased competition and improved data and modelling.
• However, the shift is putting affordability and accessibility at risk for those who need coverage most.
• The withdrawal of capacity in high-risk areas is also identified as longer-term concern.
• The RBNZ calls for collective action between governments, banks, insurers, and property owners to help address insurance affordability and availability.
• AIA Group reported a 31% increase in value of new business (VONB) for Q1 2024, reaching a record US$1.327bn.
• All reportable segments of AIA showed double-digit VONB growth.
•VONB margin across the group rose to 54.2% from 52.3% in Q1 2023.
• In Hong Kong, AIA saw a 43% increase in VONB; in China, a 38% increase.
• The company introduced a new capital management policy for greater clarity on capital returns and higher annual distributions to shareholders.
• Fitch assigns BRI Insurance a National Insurer Financial Strength (IFS) Rating of ‘AA(idn)’ with a Stable Outlook.
• BRI Insurance holds a 3% market share in the Indonesian non-life insurance sector as of 2023, with a focus mainly on property and credit insurance.
• Over 40% of BRI Insurance’s GWP in 2023 came from its relationship with PT Bank Rakyat Indonesia.
• The insurer’s profitability is stable, with a combined ratio of 55% and a return on equity averaging 26% over 2021-2023.
• Gross Written Premium (GWP) increased by 27% in 2023, driven by credit insurance business from BRI.
• Axle Asia changes name to Bolttech Insurance Broker.
• Change follows bolttech's acquisition of a majority stake in Axle Asia in 2022.
Schroder has been with QBE 5 years and brings a rich background in sustainability to her new role.
Upton moves following nearly 10 years at Zurich NZ, most recently as Financial Lines & Casualty Underwriting Manager.
