Korean Re

Korean Re faces activist backlash over “loopholes” in new coal restrictions

2022-12-06T09:36:00+00:00

Korean Re, Asia’s second-largest reinsurance company, has become the latest reinsurer to unveil new restrictions on coverage for coal mining and power plant construction as part of a broader adoption of coal, oil and gas exclusions to reach net-zero targets.

UK P&I Club

UK P&I Club bolsters APAC presence with Lovseth promotion

2022-12-05T13:26:00+00:00

Mutual marine liability insurer UK P&I Club has appointed Amy Lovseth as syndicate manager in its Hong Kong office.

John Morley – Aon

Aon names EY’s Morley to lead Strategy and Technology Group in Asia Pacific

2022-12-02T07:57:00+00:00

Aon has appointed John Morley as Asia Pacific growth leader for its Strategy and Technology Group.

David Griffiths and Xuanlun Cai – West P&I

P&I club West makes dual promotion to strengthen Asia offering

2022-12-02T16:40:00+00:00

P&I club West of England has announced two promotions in its Singapore and Hong Kong offices.

Igloo

Insurtech Igloo lifts Series B raise to $46mn

2022-11-30T12:13:00+00:00

Singapore-based insurtech Igloo has raised an additional $27mn in Series B funding, bringing the round’s total to $46mn.

Robert De Souza on the left. John Carroll – Aon

Aon names De Souza APAC president for Reinsurance Solutions

2022-11-29T12:04:00+00:00

Aon has expanded Robert De Souza’s existing responsibilities to become president of Asia Pacific for its Reinsurance Solutions business.

Tokio Marine

Tokio Marine lifts stake in Indonesian JV to 80%

2022-11-28T10:59:00+00:00

Tokio Marine Holdings has acquired a further 20 percent stake in PT Asuransi Tokio Marine Indonesia (TMI), increasing its shareholding to 80 percent.

Cecilia Viet Mei Chang – Generali

Generali bolsters Hong Kong branch with Chang promotion

2022-11-25T13:08:00+00:00

Generali Asia has appointed Cecilia Chang as CEO of Generali Life Hong Kong and general manager of the insurer’s Hong Kong branch.

Munich Re – Shanghai

Munich Re launches research and development centre in China

2022-11-24T10:20:00+00:00

Munich Re has announced the launch of a new Shanghai-based research and development (R&D) centre, in a move designed to enable the reinsurer to strengthen its market knowledge in China.

Irdai – India

India’s insurance regulator ups pressure on underinsurance

2022-11-23T14:28:00+00:00

The Insurance Regulatory and Development Authority of India (Irdai) has stepped up its drive to tackle underinsurance in the country with the watchdog meeting with executives to review the performance of the industry.

Markel Hong Kong

Markel expands Hong Kong presence with AGCS’ Fok

2022-11-21T13:43:00+00:00

Markel Hong Kong has appointed Crysten Fok as specialist financial lines underwriter as the firm looks to further expand its presence and offering across Asia Pacific.

Chubb Huatai

Chubb builds stake in China’s Huatai

2022-11-18T13:10:00+00:00

Chubb has received regulatory approval from the China Banking and Insurance Regulatory Commission to purchase an additional 35.9 percent stake in Huatai Insurance Group Company Limited.

Iradi – India

India’s Irdai in talks with govt to relax insurer capital requirements

2022-11-15T08:10:00+00:00

India’s insurance regulator is lobbying the country’s government to ease minimum capital requirements for new (re)insurers, the latest in a series of moves designed to open up the domestic insurance market and encourage greater investment from overseas carriers.

ICA

ICA bolsters board with Schreuder and Sofronoff

2022-11-03T08:05:00+00:00

The Insurance Council of Australia (ICA) has strengthened its board with the appointments of Youi Insurance CEO Hugo Schreuder and RACTI chief insurance officer Paul Sofronoff.

Typhoon Nanmadol – Perils

Perils estimates Typhoon Nanmadol losses at lower-than-expected ¥114bn

2022-11-01T07:57:00+00:00

Loss aggregator Perils has issued an initial industry loss estimate of ¥114bn ($772.5mn) for Typhoon Nanmadol, the 14th named storm of the 2022 western north Pacific typhoon season.

Insurance Council of Australia

Australia’s insurers welcome A$800mn NSW flood resilience package

2022-10-31T08:14:00+00:00

Australia’s federal and New South Wales governments have announced the launch of an A$800mn ($512.8mn) Resilient Homes Program to make properties in the Northern Rivers region more resilient to flood, in a move welcomed by the country’s insurance sector.

Perils

Perils drops loss bill from southern Australia severe storms to A$972mn

2022-10-31T07:44:00+00:00

Loss aggregator Perils has modestly lowered its insured property market loss estimate for last October’s severe storms in southern Australia to A$972mn ($623mn).

ICA copy 3

ICA: Southeast flooding claims already total 11,000+ in latest cat event

2022-10-26T14:33:00+01:00

Insurers have so far received a total of 11,758 claims related to the recent severe flooding across Victoria, New South Wales and northern Tasmania, the Insurance Council of Australia (ICA) has said.

GIC

India mulls plans to remove first refusal right to GIC Re in boost to foreign reinsurers

2022-10-26T13:30:34.613+01:00

India’s state-backed reinsurer GIC Re will no longer have the right of first refusal on domestic reinsurance contracts if new plans being proposed by the country’s insurance regulator are approved, The Insurer understands.

IM-WarburgPincus-Oona-SouthEastAsia

Warburg Pincus invests $350mn to set up SE Asia digital insurer Oona

2022-10-21T21:07:00+01:00

Private equity firm Warburg Pincus has made a $350mn equity commitment in partnership with former FWD executive Abhishek Bhatia to establish Oona Insurance, a digital general insurance platform in Southeast Asia.