edition
• Zurich Insurance was third largest general insurer in Hong Kong by GWP in 2023, according to Insurance Authority data.
• AXA General and Bupa retained top 2 spots, with AXA GWP recording strong 8.8% premium growth to HK$4.8bn.
• Asia Insurance finished fifth but saw GWP jump 36%, trailing Zurich and China Taiping Insurance marginally.
• AIG reported the biggest increase in gross claims paid.
• Howden launches war risk cargo product which provides 12-month coverage term of up to US$50m, with Markel and Navium among lead underwriters.
• Product comes in response to increased attacks by Yemen's Houthis, which has led to a surge in rates and notices of cancellation.
• Increased drone activity and March missile attack on Chinese-linked vessel underlines risks, with some maritime operators choosing to reroute via the Cape of Good Hope in South Africa instead.
• Australia's personal accident and health market projected to grow at a CAGR of 6.4% to AU$41bn (US$27.8bn) by 2028, according to GlobalData.
• Market saw 6.4% growth in 2023, the highest in the past five years.
• Growth to be driven by higher health awareness post-COVID-19, rising healthcare costs, and an ageing population.
• Government approved a premium increase of 3.03% effective from 1 April 2024.
• Fitch affirms KDB Life's IFS Rating at 'BBB-' and IDR Rating at 'BB+', but concurrently withdraws ratings, citing commercial reasons.
• Ratings outlook remains negative due to concerns over capital buffer, financial leverage, and potential ownership changes.
• Efforts to sell KDB Life by Korea Development Bank have been paused, with plans to enhance value first.
• In 2023, KDB Life's Contractual Service Margin grew significantly, but net income was limited to KRW 23.9bn (US$17.17m).
• The company's capitalisation and solvency buffer fell below Fitch's 'Adequate' level at the end of 2023.
• Australia's Bureau of Meteorology (BoM) declared the end of El Niño on Tuesday, reporting a shift to neutral El Niño–Southern Oscillation (ENSO) conditions.
• Neutral ENSO conditions expected to persist until at least July 2024.
• Three out of seven models predict La Niña thresholds by July, though BoM cautions forecasts beyond July 2024 are less reliable.
• When La Niña conditions arrive, they could lead to more floods and cyclones, posing challenges for insurers in the Asia Pacific region.
Gautama is tasked with strengthening Markel's offering in the country, including the development of a new casualty portfolio.
Lau joins Sedgwick following nearly 3 years at Crawford & Co.
