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 ...
Two developments this week suggest that industry insured losses from October’s Typhoon Hagibis may not be as bad as first feared.
Korean Re is set to launch a branch office in Shanghai following approval from the regulatory authorities of the People’s Republic of China.
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).
Markel International has appointed Anirudh Singh as chief underwriting officer for India.
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.
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.
Charles Taylor Adjusting (CTA) has appointed Wee Loon Yong as chief executive officer of Asia, property and casualty.
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.
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 has continued its expansion in the Asian market with a minority stake in specialist Malaysian broker SP&G Insurance Brokers (SP&G).
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.
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).
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.
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).
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.
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
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.