Asia Pacific

QBE reports 95.2% CR as international performs strongly but US drags

QBE ended 2023 with its combined ratio improving 70bps to 95.2 percent supported by group-wide average premium rate increases that accelerated to 9.7 percent, with the company’s CEO Andrew Horton declaring there has been “meaningful progress” in the business’ bid to deliver greater resilience and consistency in its results.

Tower lifts underlying profit and GWP forecasts for FY24

New Zealand insurer Tower Limited expects to meet or exceed the upper end of its guidance between NZ$22mn and NZ$27mn for underlying net profit after tax for the year ended 30 September 2024.

Sompo overseas business books $575mn reserve charge

Sompo Holdings’ overseas (re)insurance business booked a $575mn reserve charge during the fourth quarter of its 2023 financial year to strengthen its legacy reserves.

WTW expands coverage area for Hawai'i coral reef policy, doubles minimum payout

WTW has upgraded its coral reef insurance policy with the Nature Conservancy to expand coverage to a larger area around the main Hawaiian islands, with the minimum payout doubling to $200,000.

Tokio Marine International reports 16% increase in 9M NWP to $15.6bn

Tokio Marine Holdings has reported adjusted net income of ¥520.3bn for the nine months ended 31 December 2023, supported by underwriting growth in its international business despite loss reserve development in overseas run-off reinsurance and increased nat cat impacts.

Perils pegs insured losses from Australian Christmas storms at A$1.395bn

Perils has issued an initial loss estimate of A$1.395bn for the storms which impacted the Australian states of Victoria, New South Wales, and Queensland between 23 and 29 December 2023.

Sompo International unveils $518.1mn 9M underwriting profit

Sompo International has reported net underwriting income of $518.1mn for the first nine months of its financial year, a $167.3mn increase on the prior-year period.

Tokio Marine leads P&C gains as Nikkei Stock Average closes at 34-year high

Japan’s three largest P&C insurers saw significant share price increases on Tuesday following a request from the Japanese regulator to accelerate the sale of cross-shareholding networks.

Japan to feature prominently in Axa's growth ambitions: Jefferies

Japan is likely to feature prominently in Axa’s upcoming strategic update, according to Jefferies, whose analysts have highlighted that the European insurance group’s existing operations alongside domestic market conditions are providing a tailwind to growth.

Noto earthquake won’t hinder Japan property insurers’ profitability: GlobalData

Japanese property insurers remain on track to maintain profitability in 2024 due to their ability to withstand losses from the 7.6 magnitude earthquake that hit the Noto Peninsula on New Year’s Day, according to GlobalData.

Gallagher paid $302mn for Australia’s My Plan Manager and budgets $3.5bn for M&A in 2024

The acquisition of My Plan Manager Group by Gallagher Bassett was disclosed by parent Arthur J Gallagher at a total recorded purchase price of $301.6mn, making it the fourth-biggest deal of 2023 by the expansive intermediary.

Reports: Fosun revives $1bn Peak Re sale plans

Fosun International has revived its plan to sell Hong Kong-based reinsurer Peak Re, with BNP Paribas SA advising on the process, according to reports.

Suncorp: Australia begins “long process” of disaster mitigation amid shifting risk appetite

Suncorp group CEO Steve Johnston has suggested that Australia has only just begun its process of mitigation and resilience investment.

Laos renews parametric flood cover with Seadrif

Laos has renewed its parametric flood insurance with the regional Southeast Asia Disaster Risk Insurance Facility.

ICA calls for rolling disaster funding programme, explores govt-backed cyber ri scheme

The Insurance Council of Australia has again lobbied the federal government for an extension of the Disaster Ready Fund, proposing a rolling 10-year programme to enable communities, insurers and governments to develop longer-term projects that help to lower premiums.

Perils issues NZ$2.23bn final loss estimate for New Zealand floods

Loss aggregator Perils has disclosed a fourth and final industry loss estimate of NZ$2.23bn ($1.37bn) for the flooding that hit New Zealand’s North Island between 27 January and 2 February last year.

Evergrande liquidation to test market appetite for Chinese risks

The liquidation of Chinese property giant Evergrande Group is unlikely to have any direct impact on the London (re)insurance market, but the collapse serves as a timely reminder of the market’s increasing scepticism towards Chinese risks.

ICA adds RAA CEO Page to board

The Insurance Council of Australia has added RAA Insurance CEO Tara Page to its board as a non-executive director.

Insurers up pressure on Australian govt for A$500mn buy-back funding

The Insurance Council of Australia has called on the Albanese government to ensure the next federal budget includes an ongoing fund of A$250mn ($165mn) a year to buy back and raise homes exposed to extreme flood risk.

AM Best maintains stable outlook for Japan’s non-life segment

AM Best has maintained its stable outlook for Japan’s non-life insurance segment, driven by more profitable and stable underwriting performance in spite of recent natural catastrophe losses.

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