Tuesday 19 March 2024

• For the third time in five years, Singapore’s general insurers recorded a loss on their motor and health lines of business, according to data from the General Insurance Association of Singapore. 

• Of the three biggest business lines, only property insurance recorded a profit over the last 12 months.

• Total general insurance written premiums were up in 2023 compared with 12 months earlier, though underwriting profits dipped slightly.

• Credit and surety profits were down despite an uptick in GWP for both business lines over the previous year.

• Sean Carmody delivered a keynote at the Future of Insurance conference in Sydney.

• APRA Executive acknowledged industry challenges, like nat cats, but stressed the importance of transparency and trust to help address widening protection gap.

• He also called for innovative products and fairer pricing.

• Carmody said insurance industry cannot face challenges alone, advocating for collaborative action across government, regulators, and the community.

• Sumitomo Life officially acquires Singlife following Dec 2023 announcement.

• Deal values Singlife at SG$4.6bn (US$3.44bn)

• Acquisition aims to expand Sumitomo Life's presence in Asia, with Singapore as a hub.

• Singlife's operations, including its name, brand, and management team, to remain unchanged.

• Acquisition to support Singlife's regional expansion and development as a financial services entity.

• Japan's top three life insurers are on track to meet profit forecasts for FY ending 30 March 2024, according to an analysis by S&P.

• Reduced COVID-19 claims have boosted insurers' performances, who also reported strong recovery in new business.

• Dai-ichi Life Holdings reported a nine-month net income of ¥217.95bn (US$1.46bn), 80% of its FY target.

• Japan Post Insurance's nine-month net income stood at ¥65.15bn (US$0.44bn), 90.5% of its annual forecast, but down 14.5% year-over-year.

• T&D Holdings recorded ¥64.81bn (US$434.23m) profit, a reversal from previous year's loss, while achieving 74.5% of its FY goal.

• GlobalData forecasts Indonesian GI sector to grow at CAGR of 11.3% to IDR170.39 trillion (US$10.84bn) GWP in 2028.

• Sector saw approx. 24% growth in 2023, the highest in a decade, with the market expected to grow by 14.8% in 2024.

• Growth being driven by regulatory reforms, demand for nat cat insurance, and support for MSMEs.

• Property, the country's largest segment, expected to grow by 19.9% in 2024 and a CAGR of 15.4% to 2028.

• Financial lines expected to grow at a CAGR of 9.2% over five years, while motor to slow to 5.8% growth in 2024.

• Australian MGA Agile receives in-principle approval from Lloyd's for Agile Syndicate 2427 (AUS 2427).

• Syndicate 2427, managed by Asta, plans to start operations in April 2024, under the 'syndicate-in-a-box' (SIAB) framework.

• Focus areas include liability, professional indemnity, accident and health, property, and travel insurance.

• Agile targets £34.1m (US$43.48m) in GWP for the 2024 account year, with an aim for £62.1m (US$79m) GWP in 2026.

• AM Best affirms Asuransi Astra's FSR at 'A-' (Excellent) and ICR at 'a-' (Excellent), both with a stable outlook.

• Asuransi Astra also receives Indonesia National Scale Rating of aaa.ID (Exceptional).

• AM Best noted insurer's strong operating performance noted, with a five-year average combined ratio of 88.1% and a return-on-equity ratio of 17.6% for 2019-2023.

• Net income increased to IDR 1.4 trillion (USD 109m) in 2023, from IDR 1.2 trillion in 2022.

• Risk-adjusted capitalisation at strongest, but investment portfolio and domestic reinsurance exposure carry moderate to elevated risks.

Ray succeeds Hadi Riachi, who is transitioning to the role of Head, Global Underwriting Centre for Swiss Re Corporate Solutions.

Smit is part of AXA XL's Cyber Center of Expertise, led by Global Chief Cyber Underwriting Officer, Anthony Dagostino.

Klipin joins from the Financial Services Council of New Zealand (FSC), where he also served as CEO.