The combined impact of HK RBC and IFRS 17 has led to an improvement in: product mix, economic valuation, and corporate governance by insurers, says Chow Tai Fook CFO.
Watchdog reviewed products from 12 Hong Kong carriers, noting 40% premium differences and potential coverage gaps, while calling for more diversified products.
AM Best's APAC reinsurance composite shows combined ratio improved from 94.5% in 2022 to 91.6% in 2023, off the back of favourable earnings and absence of major cat events.
