Bushfires

XoLs safe for now as Australian bushfires imperil QS and agg covers

2020-01-08T17:33:00+00:00

Current losses from the wildfires ravaging vast swathes of Australia are not at a level to threaten excess-of-loss reinsurers, but the aggregate covers of the country’s big three carriers are set to be impacted. The latest estimate for insured losses from the current bushfires released by the ...

Typhhon Jebi

Recent comments suggest Hagibis is no return of Jebi

2019-12-13T08:15:00+00:00

Two developments this week suggest that industry insured losses from October’s Typhoon Hagibis may not be as bad as first feared.

Korean Re

Korean Re launches Shanghai branch

2020-01-15T15:21:00+00:00

Korean Re is set to launch a branch office in Shanghai following approval from the regulatory authorities of the People’s Republic of China.

ICA – California wildfire

Bushfire cat losses escalate to A$1bn: ICA

2020-01-10T09:46:00+00:00

Claims continue to mount after four months of damaging bushfires throughout Australia and have now reached 10,550, equating to insured losses of A$995mn ($687.3mn), according to the latest update from the Insurance Council of Australia (ICA).

Anirudh Singh – Markel

Markel takes QBE’s Singh for India CUO

2020-01-10T14:10:00+00:00

Markel International has appointed Anirudh Singh as chief underwriting officer for India.

Josh Frydenberg - Bushfires

Australia’s Treasury demands property loss data as bushfire costs mount

2020-01-10T09:00:00+00:00

Australia’s Federal Treasurer Josh Frydenberg has issued a call to insurers to provide the Treasury with an unparalleled amount of individual property claims data emanating from the devastating bushfires currently burning across the country.

Brisbane Bushfires

Mounting bushfire losses push Suncorp close to agg attachment

2020-01-10T05:37:00+00:00

Suncorp is as little as A$50mn away from meeting the attachment point of its A$300mn natural hazard aggregate protection (NHAP) cover as losses from the spate of bushfires currently ravaging Australia mount up.

Wee Loon Yong – Charles Taylor

Wee Loon new CEO for Charles Taylor in Asia

2020-01-09T08:44:00+00:00

Charles Taylor Adjusting (CTA) has appointed Wee Loon Yong as chief executive officer of Asia, property and casualty.

ICA – California wildfire

Commonwealth commits $1.4bn to Australian bushfire recovery as losses soar to $482mn: ICA

2020-01-07T11:56:00+00:00

The Commonwealth has donated A$2bn ($1.4bn) towards bushfire recovery efforts in Australia as resulting insured damage reaches A$700mn ($481.7mn), according to the third estimate from the Insurance Council of Australia (ICA) in the last week.

Australia wildfires

Australian bushfire losses climb to $300mn: ICA

2020-01-06T09:32:00+00:00

Insurers have now handled more than 6,000 claims this bushfire season, resulting in approximate insurance losses of A$431mn ($299.4mn), according to the latest calculation from the Insurance Council of Australia.

Gallagher

Gallagher builds Asian presence with SP&G stake

2020-01-06T09:33:00+00:00

Gallagher has continued its expansion in the Asian market with a minority stake in specialist Malaysian broker SP&G Insurance Brokers (SP&G).

ICA – California wildfire

Australian bushfire losses reach A$297mn: ICA

2020-01-02T11:33:00+00:00

Insured losses from damage caused by bushfires ravaging Australia have reached A$297mn ($208mn), with insurers logging 4299 claims since the events were declared a catastrophe on 8 November.

Anbang Insurance

Anbang tables $2.4bn Chengdu bank sale

2019-12-31T15:30:00+00:00

China’s Anbang Insurance Group has launched a fresh campaign to sell off its majority 35 percent holding in Chengdu Rural Commercial Bank, pricing the stake at 16.5bn yuan ($2.37bn).

Australia, forest fire

Reinsurers likely to escape significant Australian bushfire losses

2019-12-31T14:04:00+00:00

Despite being described as some of the worst series of bushfires ever seen in the country, reinsurers are unlikely to face significant losses as a result of the spate of wildfires ripping across wide areas of Australia.

Japan flooding

GIAJ pegs Hagibis and Faxai domestic claims at $6.7bn

2019-12-27T15:47:00+00:00

Damage from Typhoon Hagibis has cost domestic insurers 395.88bn yen ($3.6bn) in claims so far with the tally for Faxai reaching 334.13bn yen ($3.1bn), according to the latest estimate from the General Insurance Association of Japan (GIAJ).

Singapore, skyline

Sirius adds Asia Capital Re’s Singapore fac team

2019-12-24T00:35:00+00:00

Sirius International has added to its facultative capabilities in south east Asia, taking advantage of the fallout from the run-off of Asia Capital Re by acquiring its Singapore-based team.

TMK and RHB

RHB Insurance sale talks halted

2019-12-12T08:18:00+00:00

Malaysia’s fourth largest lender, RHB Bank, has called off talks to sell up to 94.7 percent of its shares in RHB Insurance to Tokio Marine Asia (TMA), a unit of Japan’s Tokio Marine Holdings

singapore skyline

Lloyd’s and MAS axe Singapore access scheme

2019-11-27T17:15:00+00:00

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.

Hagibis – Axis

Axis’ Hagibis loss estimate points to $162mn 4Q cat bill: KBW

2019-11-26T14:00:00+00:00

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.

Typhoon Hagibis Hits Japan

Axis pegs Hagibis loss at up to $110mn

2019-11-25T21:51:00+00:00

Bermudian carrier Axis Capital has said it expects to suffer pre-tax losses stemming from Typhoon Hagibis in the range of $90mn to $110mn.