Shipping firms face stricter underwriting terms and rising costs as marine insurers react to heightened conflict risk in the Gulf and surrounding waters.
Korea led the region’s softening with a 17% composite rate drop, while Taiwan and Hong Kong SAR also posted double-digit declines, according to Marsh data.
Reinsurers compete aggressively for APAC business as record capital levels and benign loss experience drive double-digit rate reductions across the region.
The reforms target lower personal injury premiums, broader access to time-based motorcycle insurance, and the transfer of no-claims discounts when motorcycles are replaced.
China Taiping finds itself on both sides of the claims ledger following Hong Kong's deadly Tai Po fire, with its reinsurance subsidiary among three confirmed reinsurers backing the group's primary insurance...
