A surge in disaster-related claims alongside rising inflation across Australia has driven insurance premiums higher; the ICA is urging the government to implement measures to reduce risk and maintain affordability....
Singapore's top ten largest reinsurers saw underwriting profits more than double in 2022 as they tightened underwriting terms and lowered losses, amid economic and catastrophe-induced volatility.
Despite a spike in nat cat losses and financial market volatility, APAC reinsurers saw a 8.1% increase in new written P&C premiums in 2022 and are expected to have further growth.
The latest GlobalData report shows that 15 of the top 20 insurers reported growth in 2022 — led by Dai-ichi Life, T&D Holdings, and Hanwha Life Insurance.
AM Best's latest global reinsurance rankings saw China Re slip two places when measured by life and non-life GWP, while the Asia region's combined ratio continues to hover above 100%.
Data from APRA show costs for public liability and professional indemnity premiums are skyrocketing, however a change in accounting methods could be a factor.
