COR increased to 103% in 2023 due primarily to rise in motor loss ratio, but support of Agricultural Bank of China and strong capital position underscore ratings affirmation.
Watchdog reviewed products from 12 Hong Kong carriers, noting 40% premium differences and potential coverage gaps, while calling for more diversified products.
Ratings of Bank of Communications' Hong Kong-based captive remain stable, with moderate revenue growth and strong capitalisation balancing high operating expenses.
Chairman Stephen Yiu says IA is committed to enhancing prudential frameworks, focusing on RBC and group-wide supervision to attract more business and investment to Hong Kong.
Typhoon Yagi triggered deadly floods and landslides in the Philippines, leaving 15 dead and 21 missing, and causing millions of USD in agricultural losses.
Direct general insurance segment records HK$739.3m (US$94m) Q2 profit, driven by strong result in general liability, according to provisional data from the IA.
