Wednesday 20 March 2024

• India's cyber insurance market is projected to grow at a 27-30% compound annual growth rate, according to Deloitte.

• India's digital economy is expected to rise to US$500bn by 2025, from US$200bn in 2019.

• However, reinsurance capacity constraints are limiting expansion of cyber insurance offerings in India.

• Reinsurers are cautious due to a lack of detailed risk assessment data and significant rate differences between India and Western markets.

• Efforts are being made to increase reinsurance capacity, including better technology infrastructure and robust cyber defences.

• Personal cyber coverage has seen success in the Indian market, indicating innovation and product specificity.

• Chubb launches global transactional risk platform, which will deliver transactional risk liability insurance products worldwide.

• Platform aims to unify offering, with team reporting to Edward Markovich.

• Josh Cowen is appointed as Senior Vice President, International Transactional Risk, who will be based in London and will spearhead growth outside of North America.

• Lloyd's, UNCDF, and Sustainable Markets Initiative’s Insurance Task Force will hold parametric workshops in Papua New Guinea and Fiji.

• Initiative follows MOU signed Sep 2023 to boost technical capacities of insurers in Least Developed Countries (LDCs), Small Island Developing States (SIDS), and climate-vulnerable nations.

• Workshops aim to enhance the development and understanding of parametric insurance among insurers, reinsurers, and central banks in Pacific Island countries.

• There are plans to replicate training models in other regions, including Asia and Africa.

• ICNZ report that 91% of 117,414 claims from Auckland Anniversary floods and Cyclone Gabrielle have been settled.

• 82% of NZ$3.75bn in claims value has been paid out.

• 92% of residential house claims and 94% of contents and motor claims have been fully resolved.

• The settlement process has been delayed in some cases due to extreme weather, a shortage of geo-tech specialists, and council-led recategorization processes.

• These delays have particularly impacted timely settlement of land claims under the Earthquake Commission Act.

• Fitch affirmed SINOSURE's IFS rating at 'A+' with a stable outlook.

• Established in 2001, the business is China's sole state-funded insurance company focused on export credit insurance.

• Fitch noted challenges in 2023 which resulted in higher incurred claims but expects SINOSURE to maintain its marginal underwriting earnings in the long term.

• SINOSURE's solvency ratio remains well above regulatory minimums, with net leverage improving to 2.0x by 2022.

• The insurer also adopts a cautious investment strategy, limiting risky asset allocation to about 28%, with 49% of its total invested assets in cash and bank deposits at end-2022.

• Fitch Ratings affirmed Kyobo Life's IFS Rating at 'A+' and its IDR rating at 'A', with stable outlooks.

• In 2023, Kyobo Life saw a 9% increase in new business contractual service margin (CSM), following a strategic emphasis on value-added protection-type products.

• Kyobo Life's capitalisation is rated 'Strong' under the Fitch Prism Model and IFRS17 and IFRS9 standards, with a regulatory capital ratio of 183.2% under K-ICS.

• The insurer's investment risk, including exposure to commercial real estate, is considered manageable and prudent.

Kea has fourteen years of marine insurance experience and has been with Aon since 2016.

Bronder joins from KPMG Switzerland where she is a Partner and her extensive experience includes time as Group Chief operating Officer at Swiss Re.