• Hong Kong's direct general insurance segment saw a 61.8% rise in underwriting profit to HK$625m (US$79.89m) in Q1.

• Segment saw a 2.6% increase in gross written premiums to HK$15.3bn (US$1.96bn).

• Accident & Health and Property segments experienced saw strong growth in gross written premiums but also faced substantial increases in gross claims paid.

• Pecuniary Loss and Shipping segments reported declines in gross written premiums.

• Insurance premium income in China was 2.2 trillion yuan (US$303.80bn), up 5.1% year-on-year; new policies issued rose 30.1% to 20.6bn.

• However, claims expenses totalled 735.2 billion yuan (US$101.49bn), representing a 47.8% year-on-year increase.

• Total assets of insurance companies reached 32.9 trillion yuan (US$4,542.23bn), up 4.4% from the start of the year.

• Swiss Re urges insurers to collaborate with EV manufacturers to address risks and underwriting challenges.

• Global EV sales are projected to grow 30% annually until 2030.

• EV repair costs are higher due to complex components, with studies showing repair costs 26.6%-35% higher than ICE vehicles, impacting underwriting profitability.

• Some EV manufacturers are acquiring insurance licences, while others are developer closer ties with insurers to develop customised insurance solutions.

• Westpac is suing 43 insurers to recoup AU$400m (US$266m), according to the Australian Financial Review.

• The legal case focuses on whether insurance policies cover the AU$1.3bn civil penalty imposed by AUSTRAC, an anti-money laundering watchdog, in 2020.

• AXA, Allianz, and Zurich said to me among insurers being taken to court.

• Chubb is merging its three Korean affiliates under the Lina brand for unified brand identity and operational efficiency.

• The rebranding includes Ace American Fire and Marine Insurance Company Korea, now Lina General Insurance, aligning with Lina Life Insurance and Lina One, its telemarketing subsidary.

• The move aims to enhance collaboration and customer-focused services.

• AM Best affirmed VINARE’s financial strength rating of B++ and long-term issuer credit rating of bbb+, with a stable outlook.

• The rating agency also assigned a Vietnam National Scale Rating of aaa.VN (Exceptional).

• VINARE’s strong operating performance is supported by a five-year average return-on-equity ratio of 10.2%, a combined ratio of 98% in 2023, and a net investment yield of 10.1%.

• Indian regulator’s 29 May 2024 master circular streamlines health insurance regulations, consolidating 55 previous circulars.

• Insurers must now provide cashless claim authorisation within one hour for emergencies and final authorisation within three hours of discharge requests.

• Among other changes, regulations include standardised grace periods, mandatory Customer Information Sheets, and provisions for No Claim Bonuses and policy cancellations.

• Bowtie ranked 10th in new individual paid policies through all channels in Q4 2023 and led the direct insurance channel for seven consecutive quarters.

• The insurer reached HK$90bn (US$11.5bn) in total protection and HK$250m in Annual Recurring Revenue.

• Last year insurer a 50% year-over-year customer base growth to 140,000.

Williams, currently Director of Finance for Allianz Commercial Canada Branch, will move to Singapore for the new role.