edition
• Wealth of data generated from telematics is set to power usage-based insurance and underwriting, but widespread uptake remains a challenge.
• The agency distribution model is likely to complicate the uptake of usage-based plans.
• APAC consumers are less concerned with data privacy than others, but carmakers and insurers still need to be transparent about data usage and collection.
• UBI could catch on more quickly in China compared to other regions.
• Countries like Vietnam and Thailand also present emerging opportunities for cars and UBI.
• Insurance Authority and Independent Commission Against Corruption conducted joint operation targeting unlicensed sale of insurance policies to Mainland Chinese Visitors.
• Search warrants executed for four premises on 10 and 11 Apr, with a broker and referrer arrested.
• The broker company alleged to have used unlicensed referrers, paying them up to 90% commission.
• Investigation follows MOU signed between authorities in October 2023.
• MPA has received seven proposals for electric harbour craft insurance, following EOI issued Oct 2023.
• Aim is for all new craft from 2030 to be fully electric, use B100 biofuel, or support net zero fuels like hydrogen.
• Proposals came from Income Insurance, QBE, Shipowners’ Club, NorthStandard, and brokers Lockton, Tigermar, and Cambiaso Risso.
• Industry also proposed a range of measures to help ensure acceptable rates.
• CoreLogic revised its insurable loss estimates from US$5bn-US$8bn to US$500m-US$1.0bn.
• Data provider said it updated the estimate based on additional information.
• New estimate is more in line with other industry loss estimates; Aon’s provided an early loss estimate expecting losses to be in the hundreds of millions, while AM Best projected losses not to exceed US$500m.
• S&P Global Ratings affirms Sompo Singapore's IFS and ICR ratings at 'A' with a stable outlook.
• Sompo Singapore seen as a strategically important to group, with entity expected to play a central role in expanding commercial and speciality lines in Asia Pacific in next five years.
• In 2024, S&P expects Sompo Singapore to aim for modest underwriting performance while focusing on risk selection, fraud detection, and operational efficiency.
• AM Best affirms Tugu Insurance Company’s (TIC) IFS at ‘B+’ and ICR at ‘bbb-‘, with a stable outlook.
• The company experienced a decline in its loss ratio in 2021 and 2022, with an improvement noted in 2023.
• TIC’s operating expense ratio remains high due to a limited premium base.
• TIC has improved its ERM framework, incorporating refined risk appetite and policies, although AM Best suggests a longer period is needed to see a positive impact on operating performance.
Li (pictured left) will lead new team, suppported by Senior Actuaries Tony Zhong (pictured middle) and Min Zhang (pictured right).
Chu arrives with 30 years reinsurance experience and is tasked with supporting client relationships and driving new business development in APAC.
Murphy's previous experience includes time at FWD as well as tech giants Google and Microsoft.
Psut joins the Senior Partner Solutions team, bringing with her a rich background in general liability.
