Members of the Asia Guarantee and Credit Insurance Association (AGCIA), the first association for guarantee and credit insurance insurers in Asia, could cooperate with each other to develop a customised credit insurance scheme for Asia, suggested Mr Nguyen Quang Hung, deputy CEO of BaoViet Insurance.
Premium and incurred claims costs have risen significantly for public liability insurance, professional indemnity and directors and officers insurance in the last few years, says the Australian Prudential Regulatory Authority (APRA).
Marsh, the world's leading insurance broker and risk advisor, has announced that companies in Asia can now be considered for preferred directors and officers (D&O) liability insurance policy terms and conditions, based on the strength of their environmental, social, and governance (ESG) risk frameworks.
Rates in the Directors & Officers (D&O) Liability market have continued on a downwards trajectory, following a trend reversal in mid-2022. This was driven primarily by an increase in insurer appetite and capacity out of London, which forced Australian markets to follow suit, says Mr Nathan Mauriello, senior client executive - Professional and Executive Risks at the international broking company Honan.
The recent high-profile closures of Signature Bank and Silicon Valley Bank are expected to have limited impact on Asian financial institutions according to credit ratings agency Moody's. Regulators in the US closed Signature Bank two days after shutting Silicon Valley Bank following mass withdrawals.
Nearly 50% of insurance professionals anticipate that their greatest long-term source of competitive advantage will be the way in which they leverage technological capabilities according to an industry-wide survey on the future of insurance by 2040 conducted by ACORD.
Reduced pricing, coupled with the loosening of pandemic controls in China, should result in a more favorable M&A environment and improved transactional risk insurance utilisation in Greater China in 2023, says Marsh, the world's biggest insurance broker.
The demand for W&I insurance in Southeast Asia remained consistent in 2022 while M&A deal activity was more muted than usual during certain times of the year, says the global leading insurance broker Marsh.
The average W&I insurance premium rate increased slightly in 2022 in Japan to 2.4% from 2.3% year on year, whereas the hike was bigger in South Korea, climbing to 3.1% in 2022 from 2.4% in 2021, notes Marsh which is the world's foremost insurance broker.
The Capital Market Authority (CMA) has organised a meeting to introduce insurers to the new standard credit life insurance policy.