edition
• Gen Z's unique life priorities and unique risks mean underwriters need to take note of the generation’s preferences.
• Cookie-cutter approaches will no longer be as effective.
• Gen Z travellers are more adept at mitigating risks on their own.
• They also spend more on insurance, making experiential guarantees a good insurance opportunity.
• Prepare for a market dominated by Gen Z, panellists at ITC Asia said: build a diverse workforce, adapt insurance policies that attract and retain this generation, and use data and technology to segment and personalise products.
• AM Best upgrades outlook for global reinsurance segment to ‘Positive’ from ‘Stable’ due to strong profit margins, underwriting discipline, and capitalisation.
• The segment has shown positive results for three consecutive years, with combined ratios below 90% and ROE figures exceeding 20% in 2023.
• ILS capacity, which had been flat for the last five years, has shown signs of expansion, mainly driven by record issuance of catastrophe bonds in 2023.
• Challenges include heightened natural catastrophe activity, cyber risks, and geopolitical uncertainty, but the segment remains adaptable and well-capitalised.
New global group to focus on capital raising, M&A advisory, and market capacity creation.
• AUB Group to acquire 40% stake in UK-based Momentum Broker Solutions, pending regulatory approval.
• Momentum, founded in 2010, supports over 100 Authorised Representative partners placing over £90m (US$114m) in premiums.
• AUB aims to expand its UK Retail broking footprint and enhance growth through this investment.
• Fitch affirmed Bolttech Insurance (Hong Kong) Company Limited’s IFS Rating at ‘BBB+’ with a stable outlook.
• Bolttech Insurance’s insurance service result rose to HK$54m in 2023, driven by lower insurance service expenses and reserve release, with a 5% average return on equity in 2022-2023.
• The insurer’s solvency ratio was 509% at end-2023, with low investment risk and adequate reinsurance coverage.
