All parties in the Japanese wind renewal are working to address a significant mismatch between the 50-80 percent rate increases reinsurers have been initially seeking from cedants that are unlikely to countenance paying 50+ percent more for cover at 1 April.
Coronavirus-related insurance coverage issues have been thrust into the spotlight as the (re)insurance industry continues to assess potential exposures to the spreading virus which has so far caused over 2100 fatalities in China alone.
A growth of public-private partnerships (PPP) in Japan’s public assets will generate $0.9bn annual premium income for the global property and casualty (P&C) insurance sectors as the Japanese government looks to hit its 2023 private sector funding target.
The World Bank, supported by the governments of Japan and Singapore, is set to launch an insurance scheme to protect public Asian infrastructure against natural disaster risks, with the first participating countries to be covered as early as this spring.
Loss aggregation firm Perils has pegged insured property losses emanating from the recent Australian bushfires at A$1.568bn ($1.054bn), providing further evidence of the loss being a significant reinsurance event.
China’s Hainan province has launched insurance cover alongside 12 leading domestic insurers to protect businesses from losses incurred by the coronavirus outbreak currently sweeping across the country.
Arch Re is looking to grow its book of life and accident and health business in the Asia Pacific region and has agreed a deal to take a majority stake in Precision Market Asia Pacific (PMAP) as part of that push.
Yesterday, Everest Re shares performed strongly in response to consensus-beating Q4 results, nudging up 2 percent to a new all-time high.
Huize Holding Limited, which operates an online insurance distribution platform in China, has raised $55mn in an initial public offering.
Severe storms which led to flooding in Australia’s Queensland and New South Wales regions have been allocated a catastrophe code relating to claims from 4 February, as the Insurance Council of Australia (ICA) pegs insured losses to date at A$100mn ($67.4mn).
Australian insurer IAG further lowered guidance for its full-year profit margin and increased its projection for net natural peril claim costs as it disclosed updated details of cat losses and its use of reinsurance.
Loss aggregation firm Perils has increased its estimate of insured losses stemming from Australia’s Townsville floods in January and February last year to A$1.24bn ($832.2mn), the highest insured flood loss since the Brisbane Floods in 2011.
The (re)insurance industry is beginning to assess potential exposures to the spreading Coronavirus arising from business interruption coverages.
A number of Florida domestic carriers are now close to exhausting their 2017 private market cat covers after further significant creep on Hurricane Irma losses, according to RenaissanceRe CEO Kevin O’Donnell.
Severe hailstorms that lashed Australia’s East Coast last month have rung up an insured loss bill of A$638mn ($428mn), according to the latest estimate from the Insurance Council of Australia (ICA).
International (re)insurer Swiss Re – along with a number of Lloyd’s syndicates – are the most exposed to potential losses emanating from the ongoing coronavirus outbreak in China, according to a note from analyst Jefferies.
MS Amlin, subsidiary of MS&AD, has promoted William Ho to the role of CEO of MS Amlin Asia Pacific, succeeding Simon Clarke who is stepping down after 10 years with the business.
Confirmed coronavirus cases in China have continued to grow, reaching 20,000 overnight with the first death in Hong Kong confirmed, however the latest analysis from Moody’s shows the insurers in the country face little exposure to the outbreak.
Blue-chip insurer Beazley has extended its electronic trading platform to the Asia Pacific region, allowing brokers in Hong Kong and Singapore to place cyber and management liability risks.
Suncorp has confirmed it expects to begin making recoveries from reinsurers under its main A$300mn ($202mn) aggregate cover because the devastating bushfires and January weather events in Australia combined with loss events the latter half of 2019 are set to fully erode the A$515mn ($346mn) deductible.