The (Re)in Essence
Friday 23 Feb 2024 edition
• A total of four ILS structures with a value of HK$4.4bn have been issued in the SAR.
• The Hong Kong regulator is looking to expand the type of issuance and deepen knowledge around ILS.
• The IA is also looking to expand the use of Hong Kong captive insurers by Mainland Chinese firms.
• Five insurers have been granted approval to implement a RBC regime ahead of its mid-2024 start date.
• India’s non-life insurers wrote 2134.86bn rupees (US$25.76bn) of insurance in 9M to December 2023, up 14.07% YoY.
• Country’s largest non-life insurer, NewIndia, reported gross direct premiums (GDP) of 284.52bn rupees.
• NAVI, the smallest, reported 480m rupees (US$5.79m).
• Marine dropped 0.30% to 37.55bn rupees (US$450 million), with 10 out of 21 providers reporting negative growth rates.
• Small liability insurance sub-sector contracted 4.99%. Crop insurance was flat for the period.
• NSW Government publishes Australia's first State Disaster Mitigation Plan (SDMP).
• Plan warns without mitigation, the cost of natural catastrophes in NSW could reach AU$9.1bn per year by 2060.
• SDMP aims to refocus government policy towards risk reduction and enhance community preparedness for nat cats like bushfires, floods, and storms.
• Plan includes measures such a reviews of building codes and insurance levy arrangements and the development of early warning systems.
• Fitch affirm TMNF's 'AA-' IFS rating, with a stable outlook.
• COR ratio improved to 103% for April to September 2023, from 105% in the same period in 2022.
• Nat cat premium rate adjustments are anticipated to improve COR in coming years.
• Fitch views allegations of "cartel activity" as manageable, attributing them to operational error.
• Parent company expects profits from international business to make up over 60% of total profits by end of FY24.
