RACQ fined AU$10m (US$6.64m) after court found it had mislead 458,000 policyholders on discount entitlements, withholding approximately AU$86.5m.
Growth in health, agriculture, and resurgence in motor underpin AM Best's 'stable' outlook for China's non-life sector, but market faces drop in underwriting profit and slowing economy.
South Korean car insurance premiums are set to decrease by 3% as part of President Yoon Suk Yeol's economic initiative to support SMEs and low-income individuals.
AM Best maintains stable outlook for Vietnam's non-life market, anticipating long-term benefits from regulatory changes made in early 2023.
Bigmotor loses licence after investigations by Japan's Financial Services Agency on the company for a wide-reaching insurance fraud scandal.
Renato De Maria, former insurance broker and director of AIBS, receives permanent ban from the financial services industry following allegations of misappropriating AU$35m (US$29.97m) of client funds.
Vietnam has joined the ASEAN Compulsory Motor Insurance (ACMI) system to ensure seamless transit and insurance verification for motor vehicles across ASEAN borders.
FY23 profit increase helps maintain strong ratings in face of weakening combined ratio, rising nat cat concerns, and possible impacts of the banking arm sale.