Asia Pacific

Auckland declares state of emergency as torrential rain and flash floods hit

A state of emergency has been declared in New Zealand’s biggest city Auckland after torrential rain caused widespread flooding.

Axis takes $23mn hit in first Asia “deemed hospitalisation” loss of Q4

Axis Capital has become the first international (re)insurer to see its Q4 results hit by the latest wave of Covid-19 claims, with the Bermudian carrier recording a $23mn hit related to deemed hospitalisation cases in Japan.

Perils ups loss estimate for Australia floods in October to A$840mn

Loss aggregator Perils has disclosed its second industry loss estimate for the southeast Australia flooding in October last year, increasing its estimate to A$840mn ($597.2mn).

Chubb promotes Yoong to country president in Singapore

Chubb has promoted Hng Keng Yoong as country president for its general insurance operations in Singapore.

AM Best: Nippon rides Covid losses with credit rating affirmation

AM Best has affirmed the credit ratings and maintained a stable outlook on Japanese insurer Nippon Life Insurance (Nissay), with the ratings agency forecasting that the impact of Covid-19-related claims will “moderate significantly” and support core operating profit over the long term.

European and London (re)insurers brace for fresh wave of Asia Covid losses

As the long fourth quarter earnings season begins, there are growing fears that European and London market (re)insurers are facing a new barrage of Covid losses from Asia following the virus’ resurgence last year.

Insurer investment opportunities emerge despite recession fears: Mapfre Economics

Insurers will face business development challenges in 2023 that will be partially offset by improving profitability in investment portfolios, according to Mapfre Economics.

ARPC renews A$3.5bn 2023 terrorism retro program

The Australian Reinsurance Pool Corporation (ARPC) has completed the placement of its A$3.5bn ($2.46bn) terrorism retrocession program for 2023 at the same terms and conditions as 2022.

Dyson to become interim CEO of Lloyd’s Asia until Haddrill replacement appointed

Lloyd’s has appointed Mark Dyson as the interim CEO of Lloyd’s Asia and country manager for Singapore until a replacement for Tom Haddrill is appointed.

Markel expands India offering with Pradhan hire

Markel International has expanded its headcount in India with the appointment of Priyesh Pradhan as a financial lines underwriter for Markel India.

Australia’s Sure becomes latest member of ARPC’s cyclone reinsurance pool

Australia’s Sure Insurance has been unveiled as the latest participant in the Federal Government cyclone reinsurance pool.

Howden builds Asia Pacific CAP division with Evans hire

Howden has appointed Christopher Evans as executive director of its capital, advisory and placement business, Howden CAP.

MS Amlin launches $45mn Phoenix 3 Re reinsurance sidecar

The Singapore-based operation of Lloyd’s (re)insurer MS Amlin has launched its third local special purpose reinsurance vehicle (SPRV) – Phoenix 3 Re – with more than $45mn in collateralised capacity to support its Asian reinsurance portfolio.

Allianz Australia confirmed as first member of ARPC’s Cyclone Reinsurance Pool

Allianz Australia has joined the Australian Reinsurance Pool Corporation (ARPC)’s Cyclone Reinsurance Pool as its inaugural customer.

GC’s Enoizi urges industry to improve “blending” of risk adaptation and risk financing

The industry must focus its solution efforts on risk adaptation in addition to risk financing when it comes to dealing with the effects of climate change, Guy Carpenter’s Julian Enoizi has warned.

WTW to combine Asia and Australasia operations under Weaver

WTW has combined its Asia and Australasia operations into one Asia Pacific region under the leadership of Simon Weaver.

GC’s Priebe: Reinsurers’ reluctance to provide quotes created “late and fragmented” renewal

A combination of reinsurers’ inability to provide timely quotes and their demands for significant coverage changes contributed to a late and challenging 1.1 renewal, Guy Carpenter chairman David Priebe told The Insurer TV, with even some of the best relationships with cedants tested.

IAG almost doubles first event retention and confirms 2023 reinsurance rate hike

Australian carrier IAG has placed its A$10bn ($6.9bn) 1 January incepting cat reinsurance cover which featured a retention level on its main program that has climbed from A$250mn to A$500mn to reflect the increase in rate reinsurance rises.

Swiss Re Institute: India to grow to top six insurance market in next decade

India is one of the fastest growing insurance markets in the world and will be the sixth largest by 2032, according to the Swiss Re Institute.

Sompo Intl hires Howden Specialty Asia CEO O’Neill

Sompo International has hired the CEO of Howden Specialty’s Asia Pacific operations, Paul O’Neill, as its new president for commercial lines insurance in the region.

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