China's "dynamic zero-COVID" policy is expected to continue to be implemented well into 2023, says Fitch Ratings in a report released last week which is titled "APAC Exposure to Slower China Growth".
Global insured losses ($39bn) from natural disaster events in 1H2022 were above the 21st Century average, up 18%, according to preliminary estimates from Aon's 'Global Catastrophe Recap'. The report said losses were driven by persistent severe convective storm activity, predominantly in the US and Europe. Aon expects further loss development in the coming months as the full industry impact from several large events are realized.
One of the world's biggest reinsurers, Hannover Re, is strengthening its focus on Asia as a growth region.
While the pandemic changed the perception of insurance and more individuals felt the need to be prepared for unforeseen situations, the current surge in the cost of living, can impact it adversely.
Cyber security and data privacy followed by pandemics and other communicable diseases, and administration and fiduciary risks are now ranked as the top people-related risk by companies in Asia.
The Great Eastern Group has posted profits attributable to shareholders of S$502.9m ($364.4m) for the first half of this year, with a boost from the second quarter in which the profits rose 22% to S$282.9m year on year.
With Japan experiencing one of its hottest summers on record this year and thousands of Japanese hospitalised for heat-related medical issues, Japanese insurance companies have come up with daily coverage for heat stroke.
Insurance pricing in the second quarter of 2022 in Asia increased by 3%, the same pace as in 1Q2022, according to the 2Q2022 "Global Insurance Market Index" report released by leading global insurance broker Marsh.
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In total, the Asia-Pacific region accounted for $22bn of overall natural disaster losses in the first half of the year - higher than usual. Insured losses came to $8bn, says global reinsurer Munich Re.