Allianz gains regulatory nod for first foreign-controlled Chinese carrierGerman insurer Allianz has received approval from the Chinese financial regulator to launch an insurance holding company in China.
Failed NZ insurer CBL now accused of links to South American cartelNew Zealand insurer CBL Insurance – whose failure earlier this year led to the knock-on collapse of Danish insurer Alpha - was formally put into liquidation earlier today by the Auckland High Court amidst allegations of hidden insolvency and ties to an alleged international drug smuggling cartel.
London cannot ignore China: Ed's HearnAs London’s market share of premiums in developing nations dwindles the London market cannot afford to ignore the increasing economic power of China or its burgeoning position as an insurance center, the boss of London-headquartered broker Ed Steve Hearn has said.
RMS warns after worst Asian 3Q losses since 2011In the aftermath of the worst quarter for Asian cat reinsurers since 2011, the modelling firm RMS has warned the industry to expect “even more destructive events” from the region in the years ahead.
Reinsurers to push for Japan cat agg rate spikeIn contrast to other peak zones, cat reinsurers are increasingly confident of significant rate increases for the larger Japanese cat treaties that renew at 1.4.
TMK to shut down Hong Kong officeTokio Marine Kiln has announced plans to “reorganise” its Asian operations, closing down its Hong Kong office and placing business written out of the hub into run-off over the next six months.
Lloyd's warns of 'crippling' $160bn insurance gapAn estimated $163bn of assets are underinsured in the world today, leaving an exposure gap that poses a “significant threat” to livelihoods and global prosperity, according to new research from Lloyd’s and the Centre for Economics and Business Research (CEBR).
Perils launches Australia wind forecasting platformZurich-based catastrophe modelling firm Perils has expanded its wind cat forecasting platform to include Australia.
AIG expects as much as $1.7bn in Q3 catastrophe lossesUS insurance behemoth American International Group said it expects to report third quarter pre-tax catastrophe losses of as much as $1.5bn to $1.7bn from natural disasters including Hurricane Florence and typhoons Jebi and Trami.
S&P affirms Asia Capital Re’s ratingRatings agency Standard & Poor’s has reaffirmed the financial strength rating of Asia Capital Reinsurance Group at A- (Strong) with a stable outlook.
Chaucer boosts Asia treaty capabilities with Menon hireChaucer has appointed Rajeev Menon as regional treaty underwriter with responsibility for building the insurers treaty portfolio in Asia, the Middle East, North Africa and the Indian-Subcontinent.
Argo names Scala as Asia Pacific underwriting chiefLloyd’s insurer ArgoGlobal has appointed Michael Scala as chief underwriting officer for the Asia Pacific region.
Canopius names Phoon’s replacement in AsiaCanopius has named Natt Wattanaumphaipong Asia Pacific head of reinsurance.
Insured losses for Typhoon Mangkhut could hit $2bn: AIRCat risk modelling firm AIR Worldwide has said insured losses across mainland China, Hong Kong, and Macau from Typhoon Mangkhut are likely to be between $1bn and $2bn.
Lloyd’s China shrinks by 30 percent in one yearPremiums written on the Lloyd’s China platform have shrunk by 30 percent following the retrenchment by a number of syndicates in the past year.
Fears mount over scale of Typhoon Jebi lossTyphoon Jebi, which pounded Japan last week, looks set to hit the lower layers of the cat excess of loss treaties bought by the Japanese “big three” insurers MS&AD, Tokio Marine and Sompo Japan Nipponkoa.
$5bn-$6bn Typhoon Jebi to hit reinsurance treatiesTyphoon Jebi, which pounded Japan last week, is the largest cat loss of 2018 to date with early unofficial estimates of an insured loss of $5bn-$6bn.
The connected risk challengeIn the first of a two-part series on connected risk, Russell Group founder Suki Basi – who has spoken on the topic at the Bank of England and Chatham House – reveals a fault line in our interconnected world.
Peak Re top line swells 42% in first half of 2018Fosun-owned Asian Hong Kong-headquartered reinsurer Peak Re booked $671.2mn in gross written premium in the first six months of 2018, an increase of 42 percent compared to the first half of last year.
Steadfast books 5% organic growth in the last yearBrokers owned by Australia’s largest broking network Steadfast clocked 5 percent organic growth in net revenues in the 12 months leading up to the end of June.