Lloyd’s and the Monetary Authority of Singapore have agreed to wind back the Lloyd’s Scheme, which gave underwriters authority to write Singaporean domiciled risks from London, by 1 November 2022.
Axis Capital’s revelation that it expects to suffer pre-tax losses of between $90mn and $110mn from Typhoon Hagibis points to a fourth quarter catastrophe bill of $162mn for the Bermudian carrier, according to Keefe, Bruyette & Woods.
Bermudian carrier Axis Capital has said it expects to suffer pre-tax losses stemming from Typhoon Hagibis in the range of $90mn to $110mn.
The four European reinsurance heavyweights – Swiss Re, Munich Re, Scor, and Hannover Re – are currently estimating a combined third quarter $2.1bn hit from Hurricane Dorian and Typhoon Faxai, analysis by The Insurer has shown.
The Insurance Council of Australia (ICA) has declared hailstorms across south-eastern Queensland as the sixth catastrophe to hit Australia this year and reported A$110mn ($75mn) of claims to date from the latest bushfires.
Allianz has received regulatory approval from the China Banking and Insurance Regulatory Commission (CBIRC) to begin operating as China’s first fully foreign-owned insurance holding company.
The Insurance Council of Australia has estimated insured losses from bushfires in New South Wales (NSW) and Queensland to be A$50mn ($34.1mn), after receiving 450 related claims already and more expected to follow in coming weeks.
The Chinese government is now in talks with investors to sell up to all of its 98 percent stake in state-owned insurer Dajia Insurance – which houses troubled Anbang – with the February 2020 takeover deadline just three months away.
Swiss Re has confirmed that it is considering a potential investment opportunity in a possible primary offering of shares by China Pacific Insurance Company (CPIC).
The Korean insurance market remains “persistently stagnant” amid a slowing economy and increasing market maturity, with declining trade volume and intensifying price competition forecast to stall new property and casualty (P&C) premiums over 2020, domestic carrier Korean Re has said.
Catastrophe risk modelling firm AIR Worldwide has released a multiple peril crop insurance (MPCI) model for India.
AIG’s general insurance CEO Peter Zaffino has revealed the insurer’s maximum net loss from Typhoon Hagibis is $75mn not including losses at Validus, which has a retro aggregate cover attaching at another $155mn in cat losses.
Zurich-based catastrophe modelling firm Perils has extended its market coverage to include New Zealand.
Chubb leads the insurance cover for the under-construction New Zealand International Convention Centre in Auckland, which has suffered extensive damage following a major fire on 22 October, The Insurer understands.
A joint venture between the BSE (formerly Bombay Stock Exchange) and insurance software provider Ebix has received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI) to act as a direct insurance broker.
The Insurance Council of Australia (ICA) has hit back against recent claims that “uninsurable” addresses in the country will double by the end of the century, saying the impacts of extreme weather could be prevented by “mitigation and adaptation” efforts funded by the Commonwealth.
As the industry assesses the damage from a second Japanese typhoon in a matter of weeks, there is a growing expectation that a significantly tighter retro market will add momentum to property cat reinsurance renewals at 1 January.
The strong reinsurance programmes of Japan’s biggest three insurers mean they are not likely to report an overall loss for the current fiscal year despite large typhoon losses exceeding catastrophe loss budgets, AM Best believes.
Insurance Australia Group (IAG) has agreed to sell its 26 percent stake in SBI General Insurance Group (SBIG), the joint venture it shares with the State Bank of India, for a total of A$640mn ($432.38m).
Everest Re and RenaissanceRe have become the latest Bermudians to preannounce third quarter loss estimates dominated by the impact of Hurricane Dorian and Typhoon Faxai.