The Insurance Authority's release of audited statistics confirms sharp increase in underwriting profit in 2022, despite modest growth of 3.11% in gross premiums.
Tokio Marine, Sompo Japan, Mitsui Sumitomo, and Aioi Nissay Dowa have reportedly found evidence of suspected fraud in 17,000 of the 53,000 claims examined so far.
The recently designated 'domestic systematically important insurer', had its stand-alone credit profile upgraded following its reduced use of leverage.
The National Financial Regulatory Administration has introduced a comprehensive, six chapter, fifty article framework, which aims to enhance consumer protection.
Despite substantial losses, AM Best has reaffirmed Cathay Century Insurance's financial rating, citing is motor business as a key contributor to its underwriting result.
