Strong capitalisation for Japan’s leading P&C insurers despite record cat losses

Strong capitalisation for Japan’s leading P&C insurers despite record cat losses

Strong capitalisation for Japan’s leading P&C insurers despite record cat losses

Despite record high domestic wind and flood catastrophe losses, Japan’s leading property and casualty (P&C) insurance groups remain profitable with strong capitalisation, according to Moody’s Japan KK. However, although the profitability of the three groups’ P&C businesses in Japan remains strong, it is peaking. The three P&C insurance groups are: Tokio Marine Holdings, Sompo Holdings, and MS&AD Insurance Group Holdings.…

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

Specialty commercial insurer CNA Hardy has announced that it will cease underwriting new business with immediate effect on its two Lloyd’s Asia platforms in Singapore and China. The insurer still intends to write business in Singapore and across the Asia-Pacific region but will do so from London. A memo sent to brokers from CNA Hardy chief executive Dave Brosnan suggested…

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

The risk of cyberattacks is slowing the implementation of Asia-Pacific financial institutions’ digital transformation plans, according to new research. A report based on a survey carried out by Microsoft and research firm Frost & Sullivan, Understanding the Cybersecurity Threat Landscape in Asia-Pacific: Securing the Modern Enterprise in a Digital World, reveals that almost two thirds (63%) of financial institutions have…

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to create an insurance holding company in China. The German insurer said that the company – Allianz (China) Insurance Holding Company Limited – will be the first-ever holding company in China to be wholly owned by a foreign insurer. The insurer said the Shanghai-based holding structure will…

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA has entered into an agreement with the current domestic shareholders of AXA Tianping Property & Casualty Insurance Company Ltd (AXA Tianping) to acquire the remaining 50% stake of the company and give it 100% ownership. The news from AXA comes as Allianz reveals that it has received approval from the China Banking and Insurance Regulatory Commission to create the…

From property surveying to claims assessments: the innovative ways insurers are using drones

From property surveying to claims assessments: the innovative ways insurers are using drones

From property surveying to claims assessments: the innovative ways insurers are using drones

Discussion of the use of drones has predominantly focused on insuring them and the regulations (or lack thereof) relating to their operation. An area of drone use that is starting to be discussed more is their use by insurers to further understand the risks they write and to respond to claims. Pre-loss The use of drones pre-loss could assist insurers…

Global economic growth supports premium growth but is slowing, says Swiss Re

Global economic growth supports premium growth but is slowing, says Swiss Re

Global economic growth supports premium growth but is slowing, says Swiss Re

Strong global economic growth during the next two years will support global insurance premiums, for both non-life and life, growing by more than 3% annually in the next two years in real terms, a one-percentage point increase from 2018, according to Swiss Re. Most demand will come from emerging Asian markets, where premiums are forecast to increase at more than…

Asia-Pacific execs fearful about growth and prosperity

Asia-Pacific execs fearful about growth and prosperity

Asia-Pacific execs fearful about growth and prosperity

Barely more than half (53%) of business leaders in Asia-Pacific have any confidence that their companies can grow and prosper, ranking the region as the second-least confident behind only Britain where fears over Brexit continue to erode business confidence, according to new research from CNA Hardy. Asia-Pacific also ranked high in terms of risk perception, with 82% of respondents stating…

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

A year of natural disasters has left Japan’s top three property and casualty (P&C) insurers with a bill expected to top JPY1trn ($8.7bn) by the end of the fiscal year, raising the prospect of a hike in premiums for the first time in years. The payments are likely to total more than $3.51bn from MS&AD Insurance and $2.63bn from Tokio…