Asia-Pacific life profitability outlook remains stable, though foreign exchange hedging costs may weigh on margins in Japan, says Swiss Re Institute (SRI) in a report on world insurance developments.
Global non-life premiums are expected to grow to $4.8tn in 2025 (2024: $4.6tn), with an 85%:15% split between advanced and emerging markets, according to Swiss Re Institute's latest Sigma report, titled 'World insurance in 2025: A riskier, more fragmented world order'.
Overall, APAC's life insurance sector overall has a 'neutral' outlook at the moment, Fitch Ratings head of APAC insurance ratings Jeffrey Liew said at the company's media briefing.
Canopius has appointed Ms Micia Yong as head of property and specialty treaty APAC.
Arch Capital Group has promoted Ms Ondine Bourrut Lacouture to the role of active underwriter of Arch Syndicate 1955 at Lloyd's.
Insurers, superannuation funds and banks in Australia will now need to meet higher standards of operational risk management as new requirements for operational risk management laid down by the Australian Prudential Regulation Authority (APRA) have come into force.
The plan by the Tasmanian Liberals to establish a state-owned insurance company would put significant financial risk onto the public balance sheet according to Insurance Council of Australia (ICA).
The Australian Securities and Investments Commission (ASIC) has warned the public to stay away from pushy sales tactics that recommend quick superannuation switches.
A total of 50 finalists has been revealed for the 10th Asia Trusted Life Agents & Advisers Awards. The finalists emerged from 13 markets and 47 different companies across the region.
The latest industry loss estimate for tropical cyclone Alfred, which affected the states of Queensland and New South Wales in Australia is A$2.25bn ($1.46bn), per independent industry CAT insurance data provider PERILS.