FAIR Oil & Energy Insurance Syndicate has a strong balance sheet, as well as an adequate operating performance, neutral business profile and appropriate enterprise risk management, notes AM Best.
The claims impact from the Wuhan coronavirus outbreak is expected to be manageable for Southeast Asia-based insurance companies over the near term, says AM Best.
S&P Global Ratings has said that even though Swiss Re performed materially below its expectations, the international credit rating agency expects the group to maintain its risk-based capital above the 'AA' level, which supports the 'AA-' long-term ratings and stable outlook on its core operating entities.
Korean Re is set to grow its business in South America through a new office in Bogota, the capital of Colombia.
The central bank, Bank Indonesia, has said that it continued to record a deficit in the balance of payments for insurance services and pension funds last year.
Swiss Re has reported a 73% increase in group net income to $727m for 2019, although the group's property and casualty businesses were impacted by $2.7bn in large losses from natural catastrophes and man-made events, as well as by increased claims in US casualty.
The Indonesian insurance industry posted growth of 8% in terms of premiums last year, according to data from the Financial Services Authority (OJK), despite the ills afflicting the state-owned financially stricken life insurer Asuransi Jiwasraya.
Reinsurance placements and renewals for 2020 have been completed without any major problem for the insurance industry, according to industry sources.
The Zimbabwe reinsurance industry may fail to underwrite external business due to the Reserve Bank of Zimbabwe (RBZ)'s failure to settle foreign obligations in excess of $10m in retrocession premiums.
Many Australian insurers appear positioned to absorb losses from the recent bushfires, but the fires could affect earnings and reinsurance renewals, says Mr Alex Rafferty, AM Best associate director of analytics.