edition
• 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.
