South Korea’s non-life market recorded premium growth of 6.1% in 2020 despite concerns over an economic contraction, according to AM Best. It expects non-life companies to maintain a solid pace of expansion during the next 12 months, driven by stable growth in the long-term, auto, and general P&C insurance segments. As a result, Best has revised its outlook for the…
Some 414 of 576 global cities, more than 70%, are at high or extreme risk from environmental threats, according to new research from Verisk Maplecroft, with 99 of the top 100 most at-risk cities in Asia. Jakarta is top of the list of riskiest cities for environmental risks in the Verisk ranking, due to a combination of poor air quality,…
Insurance pricing in Asia in the first quarter of 2021 increased 8% year over year, down from 11%, according to Marsh’s Global Insurance Market Index. The report reveals that pricing in Asia was driven by property insurance and financial and professional lines. Property insurance pricing across Asia rose 10%, casualty insurance pricing remained generally flat, as it has for more…
Asia-Pacific (APAC) insurers in developed markets are spearheading efforts to address climate risks in the region, with a focus on incorporating environmental considerations in investments, underwriting and risk management, according to Fitch Ratings. However, the change is expected to be gradual, as the insurers’ environmental initiatives are still in the early stages, while the scope of commitment to address such…
Taiwan’s general insurance industry is forecast to grow at a compound annual growth rate of 4.3% during 2019-2024, supported by the gradual economic recovery, according to GlobalData. The analytics company said the insurance sector is projected to see gross written premiums grow from TWD188.6bn ($6.1bn) in 2019 to TWD232.7bn ($8.3bn) in 2024. Pratyusha Mekala, insurance analyst at GlobalData, said: “Stringent…
High geopolitical tensions are at risk of using corporates as collateral, warns a new report from intelligence firm Verisk Maplecroft, which says rising troubles between the US and China should be at the top of corporate risk radars. The Political Risk Outlook 2021 report says political rivals could use sanctions and export controls that will impact business because the corporate…
The Korean insurance industry reported KRW3,788.3bn in net income for the first half of 2020, growing 6.45% from the same period of 2019, according to Korean Re. Non-life insurers’ net income increased by 15.5% to KRW1,715.6bn, driven by a reduction in underwriting losses of KRW158.8bn from the previous year. Life insurers’ net income declined by 2.6% to KRW2072.7bn, largely due…
Russia was planning a major cyberattack on the 2020 Tokyo Olympic and Paralympic Games, which did not go ahead this summer because of the Covid-19 pandemic, according to intelligence collected by the UK’s National Cyber Security Centre (NCSC). The NCSC also disclosed that Russia’s GRU military intelligence service targeted the 2018 Winter Olympic and Paralympic Games in Korea. The NCSC…
Consistent favourable underwriting and investment performances by Taiwan’s non-life insurers, and their strong capitalisation, have seen AM Best assign a market segment outlook of stable to Taiwan’s non-life insurance market. This is despite some negative impacts from the Covid-19 pandemic. Best said that while many economies in the Asia-Pacific region continue to grapple with the challenges brought on by the…
The introduction of new rules to allow South Korean insurers to use coinsurance to cover interest rate risk as well as pure underwriting risk will clearly help alleviate capital pressures on the sector that have been exacerbated by the impact of the Covid-19 pandemic. But credit ratings agencies will monitor how the new rules will be used to make sure…