Asia Pacific

ICA’s Hall warns of rising protection gap as reinsurers review nat cat appetite

Reinsurers are reassessing their appetite for nat cat risk in Australia following heightened loss activity, with Insurance Council of Australia CEO Andrew Hall warning that this will result in higher premiums and a widening protection gap.

Tower posts NZ$1.2mn FY23 loss as large weather claims rise

New Zealand insurer Tower has reported a loss of NZ$1.2mn (~$726,000) for the year to 30 September 2023, following catastrophic weather events that saw the Auckland-based insurer incur large-event costs of NZ$55.6mn.

GIC Re handed positive AM Best outlook on ERM turnaround

GIC Re has had the outlook on its long-term issuer credit rating revised to positive from negative by AM Best, which the rating agency said reflected an improvement in the state-backed reinsurer’s balance sheet strength and ERM fundamentals.

Tower partners with CelsiusPro to develop distribution platform for Pacific cyclone cover

New Zealand-based insurer Tower has partnered with CelsiusPro Group to develop a digital distribution platform for its cyclone response cover, a parametric product for policyholders in the Pacific.

Everest Insurance International bolsters Asia leadership with Latva-Kiskola and Mah

Everest Insurance International has bolstered its Asian leadership with the appointments of AIG’s Tomi Latva-Kiskola as Asia head of insurance and Swee Keong Mah as CEO of Everest Insurance Singapore.

MS&AD announces 37% emissions reduction target by 2030 for key Japanese clients

MS&AD Insurance Group – parent company of Lloyd’s (re)insurer MS Amlin – has unveiled a new interim target to reduce greenhouse gas emissions from underwriting and investment operations by 37 percent by 2030.

Ardonagh’s Envest secures Macquarie investment at A$1bn valuation

Ardonagh-owned Envest Group has secured investment from Macquarie in a deal which values the Australian insurance investment and distribution business at an enterprise value over A$1bn ($650mn).

Oneglobal Broking names Lim Singapore P&C head

Oneglobal Broking has appointed Joey Lim as head of property and casualty in Singapore.

GIC Re posts 116.9% CR in half year ended 30 September

India’s state-backed reinsurer GIC Re has reported a combined ratio of 116.9 percent for the half year ended 30 September 2023, a deterioration of 3 percentage points year on year.

IAG joins Australia’s Cyclone Reinsurance Pool

Australian insurer IAG has joined the federal government’s Cyclone Reinsurance Pool.

Digital distribution key to increasing insurance take-up in Asia: McKinsey

Premium growth is falling behind economic development in Asia as the sector struggles to respond to risks such as climate change and cyber, according to a report by McKinsey.

Shanghai Insurance Exchange pens first inward business agreement

The Shanghai Insurance Exchange’s international reinsurance platform has placed its first inward business agreement at this year’s China International Import Expo.

Arch launches Green-led Australian cyber practice

Arch Insurance Australia has established a new cyber insurance practice, with Rachel Green leading as as national cyber underwriting manager for Australia and the Pacific region.

Coalition launches Allianz-backed active cyber insurance cover in Australia

Coalition has expanded its active cyber insurance products to Australia, with capacity provided through a multi-year agreement with Allianz Australia.

Miller names Seccombe as Asian financial lines lead

Miller has continued its APAC expansion with the appointment of William Seccombe as head of its financial lines business in Asia.

Postcard from Singapore: Asia set to remain the industry’s growth engine

Singapore’s Marina Bay Sands is one of the most expensive pieces of real estate in the world, costing around $5.7bn when it was constructed in 2010. It has since become an iconic part of Singapore’s skyline, and as such serves as a symbol of the Lion City’s prosperity.

Steadfast sees EBITA surge 22.4% in fiscal Q1; reaffirms FY24 guidance

Australian broker Steadfast Group has reported a 22.4 percent year-on-year increase in earnings before interest, taxes, and amortisation (EBITA) for the first quarter of its fiscal full year 2024.

Miller to target M&A and organic growth in drive for fivefold Asia revenue increase

Miller is poised to continue its expansion across Asia, with the broker targeting a fivefold increase in its revenue in the region over the next five years, according to regional head Ron Whyte.

Beazley aiming for 20% annual growth in Asia as regional portfolio shifts to specialty

Beazley has targeted an annual growth rate of 20 percent in its Asian operations as it builds out a regional portfolio aligned to its global business mix, according to regional head Lucien Mounier.

Markel aims to grow Asia premiums to $500mn by 2028

Markel is aiming to grow the premium base of its Singapore-based Asia Pacific operations to $500mn by 2028 as it continues to expand its product suite in the region.

Region

Topics

Events & Conferences

Content Types