• Gallagher Re report highlights increased capacity availability for property catastrophe risk at 1.4 renewals.
• In Japan, cedents achieved order terms with flat to modest risk-adjusted rate reductions.
• Some reinsurers were disappointed with signings, with reinsurer appetite outstripping demand.
• Japan's property per risk and pro-rata segments saw a softening stance from reinsurers leading up to renewals.
• In India, rate increases typically aligned with inflation and GNPI.
• The Philippines saw reemerging competition among reinsurers, with some cedents taking proactive measures to mitigate property portfolio underperformance.
• ILS activity continues to grow globally, with potential for 2024 to set another record for cat bond issuance.
• Malaysia's general insurance industry saw gross written premiums rise by 7.8% in 2023 to RM21.4bn.
• But underwriting profit fell 26% to RM1.16bn.
• Motor saw GWP grow 9% to RM9.8bn, but reported a loss of RM156m.
• The Fire lines of business increased by 8% to RM4.4bn, but underwriting was impacted by weather events and higher reinsurance costs.
• Indonesian life insurance market to grow at 3.8% from 2024 to 2028, according to GlobalData, reaching DR187.2 trillion (US$12.1bn) in 2028.
• Market expected to decline by 2.0% in 2024, continuing from a 5.4% fall in 2023 and 6.1% decline in 2022.
• However a turnaround is expected from 2025 with demand for traditional life insurance, demographic changes, and positive regulatory adjustments.
• The Francis Scott Key Bridge collapsed on 26 March after a Singapore-flagged cargo ship, Dali, collided with a pillar.
• Incident could lead to the largest marine insurance claim in history, with estimates of insured losses in the billions of US dollars.
• Fitch Ratings said the accident is not expected to affect the credit ratings of global reinsurers as losses are likely to be spread across a wide network of reinsurers, including AXA XL, Munich Re, Swiss Re, SCOR, Hannover, and Lloyds.
• However, the incident is expected to contribute to ongoing price hardening in the marine insurance segment.
Reilly takes over from the retiring Daniel Neo and will continue in his role as Head of Tokyo alongside his new responsibilities.
Wong, who joined Swiss Re Corporate Solutions in 2022, took up her new role as of 1st April.
