Monday 11 March 2024 edition
• HK's insurance industry saw a decline in premiums and profits in 2023 according to provisional data released by the Insurance Authority on 7 March.
• Underwriting profits dropped from HK$4.2bn (US$533m) in 2022 to HK$800m (US$101.6m) in 2023.
• Direct business and inward reinsurance underwriting profits plummeted, largely due to negative performance in A&H, property, and pecuniary loss.
• Extreme weather events in September, including Super Typhoon Saola and unprecedented rainfall, led to significant claims.
• Direct insurance underwriting profits fell by 95.4% to HK$100m (US$12.7m) while total gross premiums decreased by 1.1% to HK$549.7bn.
• QBE insurance surveyed 616 Hong Kong SME decision-makers from Dec 2023 to Jan 2024.
• 30% reported hacking incidents, up from 18% the previous year.
• Despite 63% worrying about business interruption, only 22% have coverage for this risk.
• 61% are concerned about loss of money through third parties, but only 25% are insured against it.
• 70% expect the economy to improve in 2024, with a similar number anticipating higher sales.
• Southeast Asia insurtech Sunday Insurance acquires 99% stake in Indonesian general insurer, PT KSK.
• PT KSK reported gross written premiums (GWP) of US$40m in 2023.
• The acquisition allows for strategic personal lines growth in motor, health, and other personal line products for the insurtech.
• Sunday's revenue will exceed US$100m post-acquisition, the company said.
• Insurance Council of Australia reports that claims from Victoria's severe 14 Feb storms have hit AU$104m (US$69m), with 85% of 19,932 claims related to home and contents damage.
• Severe thunderstorms involved intense rainfall, flooding, and strong winds.
• Nearly a third of the contents damage claims have been processed and closed.
• The 14 Feb event was classified as a 'Significant Event' by the ICA on Feb 16.
• New Zealand's FMA initiated civil proceedings against Tower Limited.
• The case concerns Tower's failure to apply promised multi policy discounts, leading to customer overcharges of NZ$9.5m, according to FMA.
• Action targets breaches of around 65,000 customers and 81,200 policies.
• Criterion Underwriting, an Australian MGA, announces expansion into New Zealand.
• The company specialises in the waste and recycling sector and other hard-to-place risks.
• The move aims to build upon Criterion's operations in Australia and the UK.
• Moody's affirms Allianz Taiwan's A1 insurance financial strength rating with a stable outlook.
• Underwriting profitability improving, expected to continue with scale expansion and product mix shift.
• Fee-based investment-linked products constitute 80% of total premiums in H1 2023.
• Risk-based capital (RBC) ratio exceeds 550% as of end-June 2023, well above regulatory minimum.
• AXA HK and Macau partner with Chiron Medical Group on "AXA Women’s Health Centre", marking first insurance-medical service collaboration in Hong Kong dedicated to women's health.
• Located in Tsim Sha Tsui, the centre has an all-female medical team and offers services focused on women's health, such as general practice, obstetrics, gynaecology, and clinical oncology.
• It also aims to address increasing cancer cases among women through awareness and tailored healthcare.
Leadership shift sees Das promoted to CEO to replace Sanjeev Srinivasan, who has moved to a board role at parent company ACKO Technologies.
