The planned combination of Aon and Willis Towers Watson (WTW) will now be subject to a public consultation in Singapore as the local regulator determines whether the deal will result in a “substantial lessening” of competition.
International property reinsurance renewals at 1 April followed a pattern set at 1.1, as adequate capacity across the board and orderly negotiations over exclusionary language contributed to headline Japanese pricing that was broadly in line with expectations for wind and flood.
Estimated insured losses from flooding in New South Wales and southeast Queensland now total A$517mn ($389.6mn), according to the Insurance Council of Australia (ICA).
Guy Carpenter has launched a new capital advisory group in Asia Pacific led by Michael Owen and Hussain Ahmad.
Australian carriers may face a further tightening of terms and conditions at upcoming renewals if material losses are ceded to reinsurers from the ongoing flood event in New South Wales and southeast Queensland, according to AM Best.
Estimated insured losses from flooding in New South Wales and southeast Queensland have risen to A$438mn ($333.8mn), according to the Insurance Council of Australia (ICA).
Hong Kong-headquartered Peak Re has announced that managing director of global markets and co-head of P&C Chris Kershaw will retire on 2 April 2021.
The High Court of Australia has agreed to hear oral arguments supporting an insurance industry application to appeal the country’s first business interruption (BI) test case, which ruled against insurers.
Insurers have now received more than 22,000 claims related to flooding and severe weather impacts in New South Wales and South East Queensland, according to the Insurance Council of Australia.
More than 17,000 claims with an estimated value of A$254.2mn ($192.9mn) have now been lodged across New South Wales and South East Queensland due to ongoing flooding, according to the Insurance Council of Australia (ICA).
Further evacuations are expected as heavy rain continues to fall in New South Wales, with the claims tally expected to rise considerably in the coming days.
More than 5,000 claims have already been received by insurers following flooding in New South Wales, which has prompted the Insurance Council of Australia (ICA) to declare a catastrophe for the event.
Fairfax Financial’s Asian holding company, Fairfax Asia, has made a cash offer to acquire all of the issued and paid-up ordinary shares of Singapore Reinsurance Company Limited.
An Australian MP has urged the federal government to establish a national reinsurance pool to help reduce the cost of insurance premiums in north Queensland and across northern Australia.
Arch Capital Group has strengthened its position in the Australian mortgage insurance market after reaching a deal to acquire Westpac Lenders Mortgage Insurance Limited (WLMI).
London cyber-specialist MGA CFC has acquired Australian cyber security and incident response provider Insane Technologies.
Catastrophe insurance data firm Perils has established the first industry exposure database (IED) for Indonesia, the Philippines and Thailand.
Insurance Australia Group (IAG) has appointed Julie Batch as group executive of direct insurance Australia and Neil Morgan as group chief operating officer as part of an overhaul of its leadership team.
Munich Re has appointed Scott Hawkins to succeed Ralph Ronnenberg as managing director of Australasia.