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.
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.
Predicted CAGR rate of 11.8% will catapult APAC's liability insurance industry from US$39.4bn to US$61.7bn, with China being the largest contributor, according
AM Best expected Beneficial to experience moderate underwriting growth, thanks primarily to the expansion of its central pet insurance line of business.
The Australian and New Zealand Institute of Finance and Insurance (ANZIIF) has announced the welcomed Tez, CEO of Resolution Life Australasia, and Phillips, General Manager at AIA, to its board.
The Tasmanian government has abolished the Fire Services Levy (FSL) on business insurance policies, prompting further calls for the NSW to do the same.
The four major Japanese insurers will report their findings to the FSA on Friday, with an anonymous source claiming 100 corporate clients have been affected by improper business practices.
