• China and India are looking to develop domestic marine insurance markets in line with booming shipping industries.
• China became world’s largest ship-owning nation by gross tonnage in August, but COVID-19 highlighted gaps in domestic underwriting capacity.
• Foreign insurers and brokers are being encouraged to enter the country, with an onshore presence viewed as crucial for success.
• India is focused on establishing a domestic P&I Club to create more domestic resilience.
• Experts say this is a natural progression, but the establishment still has some hurdles to overcome.
• Malaysia's insurance and takaful sector saw a dip in profitability in 2H of 2023 compared to 1H 2023, with net underwriting losses in life insurance and family takaful funds.
• However, new business premiums, GI underwriting profit, and investment income saw growth.
• Profitability hit by medical claims payments increase to RM5.3bn (US$1.12bn) in 2H, up from RM4.7bn in 1H.
• The sector has begun staggered repricing exercises to manage the rise in claims while ensuring policies remain affordable.
• GI and takaful funds' operating profits rose to RM1.9bn in 2H, driven by motor.
• Reinsurance saw continuation of a hard market.
• NRMA and Suncorp will offer discounts on household insurance for users of the Bushfire Resilience Rating Home Self-Assessment App.
• The app, part of a AU$3m (US$1.98m) investment by the Australian Government in the Resilient Building Council (RBC), launched in October last year.
• Over 19,000 households have used the app to assess and improve their bushfire resilience.
• Discounts on insurance premiums will be based on the resilience rating achieved through the app.
• Ping An reported a 22.8% decrease in net profits for 2023, totalling CNY85.67bn (US$11.82bn), its lowest in five years.
• Life & health business saw a 3.2% drop in operating profits, though NBV rose 36.2%.
• P&C segment operating profits fell by 11.4% despite insurance revenue growth of 6.5%.
• Asset management saw net loss of CNY19.52bn (US$2.69bn) compared to gain of CNY3.8bn (US$520m) in 2022.
• Fitch Ratings has placed China United Property Insurance (CUPI) on Rating Watch Negative.
• Insurer currently has an 'A-' (Strong) Insurer Financial Strength rating.
• CUPI's rating watch follows downgrade of its parent company, China Orient Asset Management (COAM), to 'A-/RWN' in Jan 2024 and diminished capital strength.
• CUPI's combined ratio is expected to hit 100% in 2023, slightly up from 99% in 2022 due to rise in nat cats.
• The insurer's financial performance weakened in 2023, with a forecasted return on equity (ROE) drop below 6%.
• Risky assets accounted for about 71% of shareholders' capital at the end of 2023, up from 59% at the end of 2022.
• The General Insurance Association of Japan delivered updated 1 Jan Noto Peninsula Earthquake claims.
• As of 8 March, accepted claims reached 115,211, up from 76,497 reported on 31 Jan.
• Of the total claims, 95,601 investigations have been completed.
• 67,413 claim payments have been made, totalling ¥61bn.
• Ishikawa Prefecture reported the highest number of claims at 48,853, an increase from 31,816 on 31 Jan, but 31,371 claims have been processed and 40,144 investigations completed.
• The Insurance Authority (IA) banned a former insurance agent for 15 months due to fraudulent activities.
• The fraudulent actions led to life insurance policy being rescinded, leaving client without coverage following the life insured's death.
• The agent first falsely witnessed the signature of the client's husband, who was abroad.
• She then failed to name the client as the beneficiary as requested.
• To correct this, she committed a third transgression by fabricating a beneficiary change form after the husband's death.
