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.
Mutual marine liability insurer UK P&I Club has appointed Amy Lovseth as syndicate manager in its Hong Kong office.
Aon has appointed John Morley as Asia Pacific growth leader for its Strategy and Technology Group.
P&I club West of England has announced two promotions in its Singapore and Hong Kong offices.
Singapore-based insurtech Igloo has raised an additional $27mn in Series B funding, bringing the round’s total to $46mn.
Aon has expanded Robert De Souza’s existing responsibilities to become president of Asia Pacific for its Reinsurance Solutions business.
Tokio Marine Holdings has acquired a further 20 percent stake in PT Asuransi Tokio Marine Indonesia (TMI), increasing its shareholding to 80 percent.
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 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.
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 has appointed Crysten Fok as specialist financial lines underwriter as the firm looks to further expand its presence and offering across Asia Pacific.
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.
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.
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.
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.
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.
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).
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.
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.
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.