The insurance market in Korea is expected to decline by 0.7% in 2023 compared to an increase of 11.6% in 2022, with total premiums projected to reach KRW250.9tn ($186bn), according to a blog on the website of Korean Re.
Cathay Century Insurance's voluntary motor insurance branch, a major business line for the insurer, has contributed to an improving underwriting margin supported by better pricing and the insurer's ongoing efforts to refine the risk quality and product composition, says AM Best.
The insurance industry in the Philippines raked in a net income of PHP22.4bn ($393.5m) in the second quarter of 2023, 4.23% higher than in the corresponding period in 2022, according to data released by the Insurance Commission (IC).
The prospective underwriting performance of Sompo Japan Insurance's (SJ) domestic business is expected to be impacted positively by various underwriting initiatives, including shortening the policy duration and rate increases in its fire line, says AM Best.
Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) is expected to report a positive net result in 2023 but its underwriting operations would continue to make heavy losses, says Fitch Ratings.
Samsung Fire & Marine Insurance (SFM), South Korea's biggest general insurer, has a long-term track record of strong operating performance supported by highly stable underwriting performance with a low level of combined ratio compared with its peers and robust investment profits, says AM Best.
The prospective underwriting performance of National Reinsurance Corporation of the Philippines (Nat Re) is expected to be supported by ongoing portfolio remediation measures, including reduced participation and/or exiting from unprofitable non-life treaties, says AM Best.
China's removal of COVID-19 pandemic-containment measures has supported new business generation at life insurers in 2023, with PICC Life Insurance Company reporting strong growth in new business value (NBV) in 1H2023. NBV increased by 67% yoy to CNY2.5bn ($342m) in 1H2023, while the value of in-force business after cost of capital rose by about 3.9% to CNY34.8bn.
Almost four-fifths of Chinese personal pension funds are unprofitable after the first group of private pension plans was established nearly a year ago.
Global ocean hull premiums rose in 2022 by 5.7% to reach $8.4bn, the International Union of Marine Insurance (IUMI) has noted.