edition
• Data from Guidewire suggests that cyber risks are higher in Asia Pac than Europe and North America.
• Asia Pac regulators have been slower than their global peers in imposing disclosure requirements, said a recent S&P Global Ratings’ report.
• The large concentration of manufacturing firms in Asia Pac gives the region specific risk characteristics ,said S&P.
• China’s recent move to expand AI’s use across multiple industries could further heighten cyber risk in the region .
• Net premiums written by major Japanese non-life insurers rose 5.8% to ¥12.78 trillion (US$80.93bn) for FY2024, driven by overseas business and the depreciation of the yen.
• Ordinary profits doubled to ¥1.75 trillion (US$11.08bn) from ¥835.9bn (US$5.29bn) in FY2023.
• The solvency margin ratio improved to 759.3%, driven by higher unrealised gains on securities.
Premium and other income for Japanese life insurers rose to ¥36.59 trillion (US$231.69bn) in FY 2024, up from ¥32.40 trillion (US$205.29bn) in FY 2023, driven by higher domestic interest rates.
• Core business profits increased to ¥3.73 trillion (US$23.63bn), while net income reached ¥1.99 trillion (US$12.60bn), attributed to lower COVID-19 hospitalisation benefit payments.
• The solvency margin ratio fell to 930.8% from 942.0%, mainly due to increased investment risk from rising stock prices.
NSW Government allocates AU$5.7bn over four years for flood recovery and resilience, including AU$525m for the Resilient Homes Fund.
• AU$303.5m dedicated to repairing and rebuilding water, sewerage, and community infrastructure, with AU$632.4m for new housing.
• The Insurance Council of Australia supports initiatives and welcomes NSW government’s recommitment to removing the Emergency Services Levy.
Houghton joins after 12 years with AXA XL, and will manage global specialty line growth from Singapore.
The MGA expands its specialty risk portfolio, with Xu appointed Executive Vice President and Chief Underwriting Officer, Reinsurance.
Dawson joins after 14 years with Chubb.
Covel joins AXA XL after over nine years at Allianz Australia.
