• Indian regulator mandates insurance policies be issued in electronic format from 1 April 2024.
• Electronic issuance required for policies with sums insured over 100 rupees (US$1.20) or premiums of at least 10 rupees.
• The directive covers all insurance types: life, health, and general.
• Insurers are required to have a Board-approved policy for issuing insurance policies in electronic form.
• Singapore's sovereign wealth fund, finalised acquisition of a majority stake in Miller, from Cinven.
• Deal first announced December 2023; financial details of the transaction remain undisclosed.
• GIC's acquisition follows an initial investment in Miller in 2021.
• The transaction aims to support Miller's strategic direction and expansion.
• Miller's revenue rose by 26% in 2023, reaching £240m, with company placing GWP of approximately US$4bn.
• Japan P&I Club reports a fourth consecutive year of tonnage decline for the policy year commencing 20 Feb 2024.
• Tonnage it covers is 85.6m (2023: 87.8m) for ocean-going vessels and 2.5m (2023: 2.6m) for coastal vessels.
• 1.4 renewals saw a 7.5% rate increase for ocean-going owners and 10% for coastal, which marks fifth consecutive year of rate increases for ocean-going vessels and third for coastal.
• Rate hikes are in response to inflationary pressures on claims costs and high reinsurance costs, the Club said.
• China's NFRA and MOF expanded government-supported natural catastrophe insurance.
• Coverage now includes typhoons, floods, torrential rains, mudslides, and landslides, in addition to earthquakes.
• Base coverage for Urban dwelling coverage doubled to CNY100,000 (US$13,850) per household, rural dwelling doubled to CNY40,000 per household.
• Circular also promoted the development of nat cat insurance solutions by the commercial sector.
• London High Court rules US$10bn aircraft lessor-reinsurer dispute to proceed in London.
• Dispute stems from aircraft stranded in Russia due to sanctions post-Ukraine invasion.
• Judge Andrew Henshaw cites fair trial concerns in Russia as reason.
• Settlements so far have reduced claims by over US$2.5bn.
• "Mega trial" scheduled for October in London to resolve remaining disputes.
• Korea Development Bank (KDB) pauses KDB Life Insurance sale.
• KDB has been trying to sell KDB Life since 2014
• Hana Financial Group was chosen as preferred bidder in July 2023, but withdrew bid in October.
• KDB is seeking a higher valuation.
• Sources told the Korea Economic Daily that KRW1 trillion (US$740m) may be required to improve insurer's financial health.
• Marsh has introduced Edgware Re, a Bermuda-based, cyber-only group captive insurance entity.
• Edgware Re aims to provide organisations with "more control and stability in their cyber insurance programs".
• Marsh will offer a comprehensive suite of services to Edgware Re, including captive management, incident response, vendor engagement, and claims advocacy.
• The entity will deal transactions exclusively with its members, offering up to US$10m in coverage, with limits expected to increase as Edgware Re's membership grows.
• Fitch predicts Japan’s monetary policy adjustment may modestly boost life insurers’ capital and earnings over 1-2 years.
• The BOJ will increase its benchmark interest rate in April, ceasing its yield-curve control, which should lead to a moderate rise in yen-denominated bond yield.
• Steeper yield curve for Japanese government bonds (JGBs) is seen as beneficial for life insurers, who have upped their ‘super-long’ JGB holdings in anticipation of new regime.
• Fitch notes that while capital adequacy improvements strengthen positions, they are unlikely to cause rating upgrades if BOJ’s tightening matches projections.
• AM Best affirms PVI insurance’s IFS Rating at ‘A-‘ (Excellent) and ICR at ‘a-‘ (Excellent) with a stable outlook.
• PVI also receives Vietnam National Scale Rating of aaa.VN (Exceptional).
• PVI Insurance has grown to be largest non-life insurer in Vietnam by direct premiums.
• Company had combined ratio of 92.7% in 2023.
• PVI Insurance maintains a strong balance sheet, but AM Best warns about high dividend payout ratio and significant reliance on reinsurance as counterbalancing considerations.
• Fitch Ratings maintains Helia Insurance's IFS Rating at 'A' with a stable outlook.
• GWP dropped 42% in 2023, but insurance revenue fell by only 9% due to the in-force book's longer earnings pattern.
• Combined ratio improved to 16% in 2023, from 36% in 2022.
• Fitch expects normalisation in performance, with claims reverting to standard due to economic pressures.
• Pressure expected on business volumes amidst challenges like higher interest rates and inflation.
• Helia has updated underwriting criteria, aiming to mitigate premium decline.
• AM Best affirms Nan Shan General Insurance's IFS rating at 'A-' (Excellent) and ICR at 'A-' (Excellent), with a stable outlook.
• In 2023, Nan Shan General reported double-digit growth in GWP, driven by voluntary motor, travel insurance, and commercial lines segments.
• Company saw an increase in premium retention in the voluntary motor line and anticipates an increase in net commission expense.
• A TWD 1.5bn (US$46m) capital injection from parent company, Nan Shan Life, enhanced the company's risk-adjusted capitalisation.
• Company faces heightened exposure to catastrophe risks due to increased retention levels in reinsurance arrangements.
Nguyen joins HDI Global as Senior Underwriter for Accident & Health following 3 and a half years with Canopius.
Trotter joins as Chief Sales Officer to help drive KoverNow's expansion beyond Singapore.
